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Fair Value of Financial Assets and Liabilities (Tables) | 12 Months Ended
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Dec. 31, 2022
Disclosure Of Fair Value Measurement Text Block Abstract |
Schedule of financial assets and liabilities |
|  | As of December 31, |
|  | 2022 |  |  | 2021 |
|  | Book value |  |  | Fair value |  |  | Book value |  |  | Fair value |
|  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Financial assets for trading at FVTPL |  |  |  |  |  |  |  |  |  |  |  |
Financial derivative contracts |  |  | 11,672,960 |  |  |  | 11,672,960 |  |  |  | 9,494,471 |  |  |  | 9,494,471 |
Debt financial instruments |  |  | 154,046 |  |  |  | 154,046 |  |  |  | 73,347 |  |  |  | 73,347 |
Financial assets at FVOCI |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt financial instrument |  |  | 5,880,733 |  |  |  | 5,880,733 |  |  |  | 5,803,139 |  |  |  | 5,803,139 |
Other financial instruments |  |  | 142,306 |  |  |  | 142,306 |  |  |  | 105,437 |  |  |  | 99,375 |
Financial derivative contracts for hedge accounting |  |  | 477,762 |  |  |  | 477,762 |  |  |  | 629,136 |  |  |  | 629,136 |
Financial assets at amortised cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt financial instruments |  |  | 4,867,591 |  |  |  | 4,496,503 |  |  |  | 4,691,730 |  |  |  | 4,249,697 |
Interbank loans |  |  | 32,991 |  |  |  | 32,918 |  |  |  | 428 |  |  |  | 430 |
Loans and account receivable from customers |  |  | 38,696,410 |  |  |  | 39,181,962 |  |  |  | 35,477,200 |  |  |  | 35,654,706 |
Guarantee deposits (margin accounts) |  |  | 2,442,325 |  |  |  | 2,442,325 |  |  |  | 1,988,410 |  |  |  | 1,988,410 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial liabilities for trading at FVTPL |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial derivative contracts |  |  | 11,319,320 |  |  |  | 11,319,320 |  |  |  | 9,507,031 |  |  |  | 9,507,031 |
Financial derivative contracts for accounting hedges |  |  | 2,788,794 |  |  |  | 2,788,794 |  |  |  | 1,364,210 |  |  |  | 1,364,210 |
Financial liabilities at amortised cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits and other demand liabilities |  |  | 14,086,226 |  |  |  | 14,086,226 |  |  |  | 17,900,938 |  |  |  | 17,900,938 |
Time deposits and other time liabilities |  |  | 12,978,790 |  |  |  | 13,117,554 |  |  |  | 10,131,055 |  |  |  | 10,177,658 |
Interbank borrowings |  |  | 8,864,765 |  |  |  | 8,223,783 |  |  |  | 8,826,583 |  |  |  | 8,867,185 |
Issued debt instruments |  |  | 7,165,893 |  |  |  | 6,871,028 |  |  |  | 6,935,423 |  |  |  | 7,058,404 |
Other financial liabilities |  |  | 292,995 |  |  |  | 292,995 |  |  |  | 182,907 |  |  |  | 186,150 |
Regulatory capital financial instruments |  |  | 1,733,869 |  |  |  | 2,459,632 |  |  |  | 1,461,637 |  |  |  | 1,487,555 |
Guarantees received (margin accounts) |  |  | 1,017,968 |  |  |  | 1,017,968 |  |  |  | 857,679 |  |  |  | 857,679 |
Schedule of assets and liabilities on recurrent basis |
|  | Fair value measurement |
As of December 31, |  | 2022 |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
|  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Financial assets for trading at FVTPL |  |  |  |  |  |  |  |  |  |  |  |
Financial derivative contracts |  |  | 11,672,960 |  |  |  | - |  |  |  | 11,672,922 |  |  |  | 38 |
Debt financial instruments |  |  | 154,046 |  |  |  | 154,046 |  |  |  | - |  |  |  | - |
Financial assets at FVOCI |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt financial instrument |  |  | 5,880,733 |  |  |  | 5,870,407 |  |  |  | 9,894 |  |  |  | 432 |
Other financial instruments |  |  | 142,306 |  |  |  | - |  |  |  | - |  |  |  | 142,306 |
Financial derivative contracts for hedge accounting |  |  | 477,762 |  |  |  | - |  |  |  | 477,762 |  |  |  | - |
Guarantee deposits (margin accounts) |  |  | 2,442,327 |  |  |  |  |  |  |  | 2,442,327 |  |  |  | - |
Total |  |  | 20,770,134 |  |  |  | 6,024,453 |  |  |  | 14,602,905 |  |  |  | 142,776 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial liabilities for trading at FVTPL |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial derivative contracts |  |  | 11,319,320 |  |  |  | - |  |  |  | 11,319,320 |  |  |  | - |
Financial derivative contracts for accounting hedges |  |  | 2,788,794 |  |  |  | - |  |  |  | 2,788,794 |  |  |  | - |
Guarantees received (margin accounts) |  |  | 1,017,968 |  |  |  | - |  |  |  | 1,017,968 |  |  |  | - |
Total |  |  | 15,126,082 |  |  |  | - |  |  |  | 15,126,082 |  |  |  | - |
|  | Fair value measurement |
As of December 31, |  | 2021 |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
|  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Financial assets for trading at FVTPL |  |  |  |  |  |  |  |  |
Financial derivative contracts |  |  | 9,494,471 |  |  |  | - |  |  |  | 9,494,471 |  |  |  | - |
Debt financial instruments |  |  | 73,347 |  |  |  | 42,437 |  |  |  | 30,910 |  |  |  | - |
Financial assets at FVOCI |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt financial instrument |  |  | 5,803,139 |  |  |  | 5,789,050 |  |  |  | 13,534 |  |  |  | 555 |
Other financial instruments |  |  | 99,375 |  |  |  | - |  |  |  | - |  |  |  | 99,375 |
Financial derivative contracts for hedge accounting |  |  | 629,136 |  |  |  | - |  |  |  | 626,640 |  |  |  | 2,496 |
Guarantee deposits (margin accounts) |  |  | 1,988,410 |  |  |  | - |  |  |  | 1,988,410 |  |  |  | - |
Total |  |  | 18,087,878 |  |  |  | 5,831,487 |  |  |  | 12,153,965 |  |  |  | 102,426 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial liabilities for trading at FVTPL |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial derivative contracts |  |  | 9,507,031 |  |  |  | - |  |  |  | 9,507,031 |  |  |  | - |
Financial derivative contracts for accounting hedges |  |  | 1,364,210 |  |  |  | - |  |  |  | 1,364,210 |  |  |  | - |
Guarantees received (margin accounts) |  |  | 857,679 |  |  |  | - |  |  |  | 857,679 |  |  |  | - |
Total |  |  | 11,728,920 |  |  |  | - |  |  |  | 11,728,920 |  |  |  | - |
Schedule of assets or liabilities which are not measured at fair value |
|  | Fair value measurement |
As of December 31, |  | 2022 |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
|  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Financial assets at amortised cost |  |  |  |  |  |  |  |  |  |  |  |
Debt financial instruments |  |  | 4,496,503 |  |  |  | 4,496,503 |  |  |  | - |  |  |  | - |
Interbank loans |  |  | 32,918 |  |  |  | - |  |  |  | - |  |  |  | 32,918 |
Loans and account receivable from customers |  |  | 39,181,962 |  |  |  | - |  |  |  | - |  |  |  | 39,181,962 |
Total |  |  | 43,711,383 |  |  |  | 4,496,503 |  |  |  | - |  |  |  | 39,214,880 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial liabilities at amortised cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits and other demand liabilities |  |  | 14,086,226 |  |  |  | - |  |  |  | - |  |  |  | 14,086,226 |
Time deposits and other time liabilities |  |  | 13,117,554 |  |  |  | - |  |  |  | 13,117,554 |  |  |  | - |
Interbank borrowings |  |  | 8,223,783 |  |  |  | - |  |  |  | 8,223,783 |  |  |  | - |
Issued debt instruments |  |  | 6,871,028 |  |  |  | - |  |  |  | 6,871,028 |  |  |  | - |
Other financial liabilities |  |  | 292,995 |  |  |  | - |  |  |  | 292,995 |  |  |  | - |
Regulatory capital financial instruments |  |  | 2,459,632 |  |  |  | - |  |  |  | 2,459,632 |  |  |  | - |
Total |  |  | 45,051,218 |  |  |  | - |  |  |  | 30,964,992 |  |  |  | 14,086,226 |
|  | Fair value measurement |
As of December 31, |  | 2021 |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
|  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Financial assets at amortised cost |  |  |  |  |  |  |  |  |  |  |  |
Debt financial instruments |  |  | 4,249,697 |  |  |  | 4,249,697 |  |  |  | - |  |  |  | - |
Interbank loans |  |  | 430 |  |  |  | - |  |  |  | - |  |  |  | 430 |
Loans and account receivable from customers |  |  | 35,654,706 |  |  |  | - |  |  |  | - |  |  |  | 35,654,706 |
Total |  |  | 39,904,833 |  |  |  | 4,249,697 |  |  |  | - |  |  |  | 35,655,136 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial liabilities at amortised cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits and other demand liabilities |  |  | 17,983,282 |  |  |  | - |  |  |  | - |  |  |  | 17,900,938 |
Time deposits and other time liabilities |  |  | 10,177,658 |  |  |  | - |  |  |  | 10,221,663 |  |  |  | - |
Interbank borrowings |  |  | 8,867,185 |  |  |  | - |  |  |  | 8,905,524 |  |  |  | - |
Issued debt instruments |  |  | 7,058,404 |  |  |  | - |  |  |  | 7,058,404 |  |  |  | - |
Other financial liabilities |  |  | 186,150 |  |  |  | - |  |  |  | 186,150 |  |  |  | - |
Regulatory capital financial instruments |  |  | 1,487,555 |  |  |  | - |  |  |  | 1,487,555 |  |  |  | - |
Total |  |  | 45,760,234 |  |  |  | - |  |  |  | 27,859,296 |  |  |  | 17,900,938 |
Schedule of assets and liabilities measured at fair value on a recurrent basis using unobserved significant entries (Level 3) |
As of December 31, 2022
Instrument Level 3 | Valuation technique | Main unobservable inputs | Impacts (in MCh$) Sens, -1bp Unfavorable scenario | Impacts (in MCh$) Sens, +1bp Favorable scenario
Financial derivatives contracts | Present Value method | Curves on TAB (1) | (0.6) | 0.6
Debt financial instruments at FVOCI | Internal rate of return method | BR UF (2) | (0.07) | 0.07
As of December 31, 2021
Instrument Level 3 | Valuation technique | Main unobservable inputs | Impacts (in MCh$) Sens, -1bp Unfavorable scenario | Impacts (in MCh$) Sens, +1bp Favorable scenario
Financial derivatives contracts | Present Value method | Curves on TAB (1) | (0.6) | 0,6
Debt financial instruments at FVOCI | Internal rate of return method | BR UF (2) | (0.1) | 0.1
| (1) | TAB: “Tasa Activa Bancaria” (Active Bank Rate). Average interest rates on 30, 90, 180 and 360 day deposits published by the Chilean Association of Banks and Financial Institutions (ABIF) in nominal currency (Chilean peso) and in real terms, adjusted for inflation (in Chilean unit of account (Unidad de Fomento - UF)).
| (2) | BR: “Bonos de Reconocimiento” (Recognition Bonds). The Recognition Bond is an instrument of money provided by the State of Chile to workers who joined the new pension system, which began operating since 1981.
Schedule of assets and liabilities measured at fair value on a recurrent basis using unobserved significant entries (Level 3) |
|  | Assets |  |  | Liabilities |
|  | MCh$ |  |  | MCh$ |
As of January 1, 2022 |  | 102,426 |  |  | - |
Total realized and unrealized profits (losses) |  |  |  |  |  |
Included in statements of income |  |  | 139,848 |  |  |  | - |
Included in other comprehensive income |  |  | (99,498 | ) |  |  | - |
Purchases, issuances, and loans (net) |  |  | - |  |  |  | - |
Level transfer |  |  | - |  |  |  | - |
As of December 31, 2022 |  |  | 142,776 |  |  |  | - |
Total profits or losses included in comprehensive income for 2022 that are attributable to change in unrealized profit (losses) related to assets or liabilities as of December 31, 2022 |  |  | 40,350 |  |  |  | - |
|  | Assets |  |  | Liabilities |
|  | MCh$ |  |  | MCh$ |
As of January 1, 2021 |  |  | 77,458 |  |  |  | 2,760 |
Total realized and unrealized profits (losses) |  |  |  |  |  |  |  |
Included in statements of income |  |  | (4,711 | ) |  |  | - |
Included in other comprehensive income |  |  | 30,073 |  |  |  | - |
Purchases, issuances, and loans (net) |  |  | - |  |  |  | - |
Level transfer |  |  | (394 | ) |  |  | (2,760 | )
As of December 31, 2021 |  |  | 102,426 |  |  |  | - |
Total profits or losses included in comprehensive income for 2021 that are attributable to change in unrealized profit (losses) related to assets or liabilities as of December 31, 2021 |  |  | 24,968 |  |  |  | (2,760 | )
|  | Assets |  |  | Liabilities |
|  | MCh$ |  |  | MCh$ |
As of January 1, 2020 |  |  | 81,678 |  |  |  | 2,950 |
Total realized and unrealized profits (losses) |  |  |  |  |  |  |  |
Included in statements of income |  |  | (196 | ) |  |  | 1,012 |
Included in other comprehensive income |  |  | 3,087 |  |  |  | - |
Purchases, issuances, and loans (net) |  |  | - |  |  |  | - |
Level transfer |  |  | (7,111 | ) |  |  | (1,202 | )
As of December 31, 2020 |  |  | 77,458 |  |  |  | 2,760 |
Total profits or losses included in comprehensive income for 2020 that are attributable to change in unrealized profit (losses) related to assets or liabilities as of December 31, 2020 |  |  | (4,220 | ) |  |  | (190 | )
Schedule of financial instruments subject to compensation |
|  | On-balance sheet amounts with netting agreements |  |  |  |  |  |  |
Financial instruments |  | Gross amounts |  |  | Compensated in balance |  |  | Net amount presented in balance |  |  | Remaining financial instruments not subject to neeting agreements |  |  | Amount in Statements of Financial Position |
Assets |  | Ch$ Million |  |  | Ch$ Million |  |  | Ch$ Million |  |  | Ch$ Million |  |  | Ch$ Million |
Financial derivative contracts and hedge accounting (1) |  |  | 10,280,291 |  |  |  | - |  |  |  | 10,280,291 |  |  |  | 1,870,431 |  |  |  | 12,150,722 |
Loans and accounts receivable and interbank loans (2) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 37,692,840 |  |  |  | 37,692,840 |
Total |  |  | 10,280,291 |  |  |  | - |  |  |  | 10,280,291 |  |  |  | 39,563,271 |  |  |  | 49,843,562 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial derivative contracts and hedge accounting |  |  | 11,365,281 |  |  |  | - |  |  |  | 11,365,281 |  |  |  | 2,742,833 |  |  |  | 14,108,114 |
Investments under resale agreements |  |  | 315,355 |  |  |  | - |  |  |  | 315,355 |  |  |  | - |  |  |  | 315,355 |
Deposits and interbank borrowings |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 35,929,781 |  |  |  | 35,929,780 |
Total |  |  | 11,680,636 |  |  |  | - |  |  |  | 11,680,636 |  |  |  | 38,672,614 |  |  |  | 50,353,249 |
| (1) | Derivatives contract have guarantees associated for Ch$1,695,431 million and Ch$746,729, respectively.
| (2) | Loans and accounts receivable and interbank loans at amortised cost
| (3) | Include Deposits and other demand liabilities, Time deposits and other time liabilities and interbank borrowings
|  | On-balance sheet amounts with netting agreements |  |  |  |  |  |  |
Financial instruments |  | Gross amounts |  |  | Compensated in balance |  |  | Net amount presented in balance |  |  | Remaining financial instruments not subject to neeting agreements |  |  | Amount in Statements of Financial Position |
Assets |  | Ch$ Million |  |  | Ch$ Million |  |  | Ch$ Million |  |  | Ch$ Million |  |  | Ch$ Million |
Financial derivative contracts and hedge accounting (1) |  |  | 8,976,617 |  |  |  | - |  |  |  | 8,976,617 |  |  |  | 1,146,990 |  |  |  | 10,123,607 |
Loans and accounts receivable and interbank loans (2) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 35,477,628 |  |  |  | 35,477,628 |
Total |  |  | 8,976,617 |  |  |  | - |  |  |  | 8,976,617 |  |  |  | 36,624,618 |  |  |  | 45,601,235 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial derivative contracts and hedge accounting |  |  | 8,730,066 |  |  |  | - |  |  |  | 8,730,066 |  |  |  | 2,141,175 |  |  |  | 10,871,241 |
Investments under resale agreements |  |  | 86,634 |  |  |  | - |  |  |  | 86,634 |  |  |  | - |  |  |  | 86,634 |
Deposits and interbank borrowings (3) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 36,858,576 |  |  |  | 36,858,576 |
Total |  |  | 8,816,700 |  |  |  | - |  |  |  | 8,816,700 |  |  |  | 38,999,751 |  |  |  | 47,816,451 |
| (1) | Derivatives contract have guarantees associated for Ch$882,398 million and Ch$999,425, respectively.
| (2) | Loans and accounts receivable and interbank loans at amortised cost
| (3) | Include Deposits and other demand liabilities, Time deposits and other time liabilities and interbank borrowings
Schedule of credit exposure in its financial derivative operations |
|  | As of December 31, 2022 |  |  | As of December 31, 2021 |
|  | Assets |  |  | Liability |  |  | Assets |  |  | Liability |
Financial derivative contracts |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |
Financial derivative contracts with collateral agreement threshold equal to zero |  |  | 8,177,074 |  |  |  | 9,588,768 |  |  |  | 8,696,994 |  |  |  | 9,280,079 |
Financial derivative contracts with non-zero threshold collateral agreement |  |  | 440,091 |  |  |  | 536,318 |  |  |  | 1,124,413 |  |  |  | 906,479 |
Financial derivative contracts without collateral agreement |  |  | 3,533,557 |  |  |  | 3,983,028 |  |  |  | 302,200 |  |  |  | 684,683 |
Total |  |  | 12,150,722 |  |  |  | 14,108,114 |  |  |  | 10,123,607 |  |  |  | 10,871,241 |

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