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Equity

12 Months Ended

Dec. 31, 2021

Disclosure of share capital, reserves and other equity interest [text block] [Abstract]

NOTE 24

EQUITY

Capital

As of December 31, 2021, and 2020 the Bank had 188,446,126,794 shares outstanding, all of which are subscribed for and paid in full, amounting to Ch$ 891,303 million. All shares have the same rights and have no preferences or restrictions.

The activity with respect to shares during 2021, 2020 and 2019 was as follows:

	SHARES As of December 31,
	2021		2020		2019
Issued as of January 1		188,446,126,794		188,446,126,794		188,446,126,794
Issuance of paid shares		-		-		-
Issuance of outstanding shares		-		-		-
Stock options exercised		-		-		-
Issued as of December 31,		188,446,126,794		188,446,126,794		188,446,126,794

As of December 31, 2021, 2020 and 2019 the Bank does not have any of its own shares in treasury, nor do any of the consolidated companies.

As of December 31, 2021, the shareholder composition was as follows:

Corporate Name or Shareholder’s Name	Shares		ADRs (*)		Total		% of equity holding

Santander Chile Holding S.A.		66,822,519,695		-		66,822,519,695		35.46
Teatinos Siglo XXI Inversiones Limitada		59,770,481,573		-		59,770,481,573		31.72
The Bank New York Mellon		-		20,710,338,871		20,710,338,871		10.99
Banks on behalf of third parties		17,318,500,798		-		17,318,500,798		9.19
Pension funds (AFP) on behalf of third parties		11,949,134,854		-		11,949,134,854		6.34
Stock brokers on behalf of third parties		5,870,596,720		-		5,870,596,720		3.12
Other minority holders		6,004,554,283		-		6,004,554,283		3.18
Total		167,735,787,923		20,710,338,871		188,446,126,794		100.00

(*) American Depository Receipts (ADR) are certificates issued by a U.S. commercial bank to be traded on the U.S. securities markets.

As of December 31, 2020, the shareholder composition was as follows:

Corporate Name or Shareholder’s Name	Shares		ADRs (*)		Total		% of equity holding

Santander Chile Holding S.A.		66,822,519,695		-		66,822,519,695		35.46
Teatinos Siglo XXI Inversiones Limitada		59,770,481,573		-		59,770,481,573		31.72
The Bank New York Mellon		-		22,450,671,671		22,450,671,671		11.91
Banks on behalf of third parties		15,925,407,468		-		15,925,407,468		8.45
Pension funds (AFP) on behalf of third parties		9,929,343,874		-		9,929,343,874		5.27
Stock brokers on behalf of third parties		6,892,162,980		-		6,892,162,980		3.66
Other minority holders		6,655,539,533		-		6,655,539,533		3.53
Total		165,995,455,123		22,450,671,671		188,446,126,794		100.00

(*) American Depository Receipts (ADR) are certificates issued by a U.S. commercial bank to be traded on the U.S. securities markets.

As of December 31, 2019, the shareholder composition was as follows:

Corporate Name or Shareholder’s Name	Shares		ADRs (*)		Total		% of equity holding

Santander Chile Holding S.A.		66,822,519,695		-		66,822,519,695		35.46
Teatinos Siglo XXI Inversiones Limitada		59,770,481,573		-		59,770,481,573		31.72
The Bank New York Mellon		-		24,822,041,271		24,822,041,271		13.17
Banks on behalf of third parties		15,957,137,883		-		15,957,137,883		8.47
Pension funds (AFP) on behalf of third parties		9,995,705,956		-		9,995,705,956		5.30
Stock brokers on behalf of third parties		5,551,024,270		-		5,551,024,270		2.95
Other minority holders		5,527,216,146		-		5,527,216,146		2.93
Total		163,624,085,523		24,822,041,271		188,446,126,794		100.00

(*)

American Depository Receipts (ADR) are certificates issued by a U.S. commercial bank to be traded on the U.S. securities markets.

Reserves

During 2021, on the Shareholders Meeting held in April, it was agreed to capitalize on reserves 40% of retained earnings from previous years, equivalent to MCh$206,979 (MCh$ 220,838 and MCh$ 236,761 in the year 2020 and 2019 respectively).

Dividends

The distribution of dividends is detailed in the Consolidated Statements of Changes in Equity.

As of December 31, 2021, 2020 and 2019 the basic and diluted earnings per share were as follows:

	As of December 31,
	2021		2020		2019
	MCh$		MCh$		MCh$

a) Basic earnings per share
Total attributable to the shareholders of the Bank		845,645		547,614		619,091
Weighted average number of outstanding shares		188,446,126,794		188,446,126,794		188,446,126,794
Basic earnings per share (in Ch$)		4,487		2.906		3.285
Basic earnings per share from continuing operations (in Ch$)		4,487		2.906		3.276
Basic earnings per share from discontinued operations (in Ch$)		-		-		0.009

b) Diluted earnings per share
Total attributable to the shareholders of the Bank		845,645		547,614		619,091
Weighted average number of outstanding shares		188,446,126,794		188,446,126,794		188,446,126,794
Adjusted number of shares		188,446,126,794		188,446,126,794		188,446,126,794
Diluted earnings per share (in Ch$)		4,487		2,906		3,285
Diluted earnings per share from continuing operations (in Ch$)		4,487		2,906		3,276
Diluted earnings per share from discontinued operations (in Ch$)		-		-		0.009

As of December 31, 2021, 2020 and 2019 the Bank does not own instruments with dilutive effects.

Other comprehensive income from available for sale investments and cash flow hedges:

	For the years ended December 31,
	2021			2020			2019
	MCh$			MCh$			MCh$

Debt instruments at FVOCI
As of January 1,		102,855			29,184			6,962
Gain (losses) on the re-measurement of debt instruments at FVOCI, before tax		(233,109	)		30,062			(17,775	)
Recycling from other comprehensive income to income for the year		18,031			43,609			39,997
Subtotals		(215,078	)		73,671			22,222
Total		(112,223	)		102,855			29,184

Cash flow hedges
As of January 1,		(136,765	)		(40,435	)		9,803
Gains (losses) on the re-measurement of cash flow hedges, before tax		(211,122	)		(93,182	)		(49,163	)
Recycling adjustments on cash flow hedges, before tax		(25,694	)		(3,148	)		(1,075	)
Amounts removed from equity and included in carrying amount of non-financial asset (liability) which acquisition or incurrence was hedged as a highly probable transaction		-			-			-
Subtotals		(236,816	)		(96,330	)		(50,238	)
Total		(373,581	)		(136,765	)		(40,435	)

Other comprehensive income, before taxes		(485,804	)		(33,910	)		(11,251	)

Income tax related to other comprehensive income components
Income tax relating to debt instruments at FVOCI		31,650			(27,464	)		(7,756	)
Income tax relating to cash flow hedges		100,867			36,927			10,918
Total		132,517			9,463			3,162

Other comprehensive income, net of tax		(353,287	)		(24,447	)		(8,089	)
Attributable to:
Shareholders of the Bank		(353,849	)		(25,293	)		(8,856	)
Non-controlling interest		562			846			767

The Bank expects that the results included in “Other comprehensive income” will be reclassified to profit or loss when the specific conditions have been met.

Other equity instruments issued other than capital

On October 2021, the Bank issued a perpetual bond. As of December 31, 2021, the amount was as follow:

	As of December 31,
	2021		2020
	MCh$		MCh$

Perpetual bond		598,136		-

Totals		598,136		-

Debts classified as current are either demand obligations or will mature in one year or less. All other debts are classified as non-current, the Bank’s debts, both current and non-current, are summarized below:

	As of December 31, 2021
	Current		Non-current		Total
	MCh$		MCh$		MCh$

Perpetual bond		-		598,136		598,136

Total		-		598,136		598,136

The detail of perpetual bond is as follows:

	As of December 31,
	2021		2020
	MCh$		MCh$

US$ Bonds		598,136		-
Total		598,136		-

The placement of perpetual bond is as follows:

Series

Currency

Amount

Terms
(years)

Annual
Interest Rate

Issuance
date

Principal
Amount

Maturity
date

AT1 Bond

USD

700,000,000

4.63 annual

10-21-2021

700,000,000

Total USD

700,000,000

During 2021, no partial bond repurchases have been made.

As of December 31, 2021, the Bank accounted for transaction costs including issuance expenses for MCh$5,649, which are being deferred and amortized. The deferred expense for 2021 amounted to MCh$203.