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Risk Management (Tables) | 12 Months Ended
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Dec. 31, 2023
Risk Management [Abstract] |
Schedule of High, Low and Average Levels | High, low and average levels for each component for 2023 and 2022 were as follows:
VaR |  | 2023 USDMM |  |  | 2022 USDMM |
Consolidated |  |  |  |  |  |
High |  |  | 6.81 |  |  |  | 6.23 |
Low |  |  | 2.61 |  |  |  | 2.73 |
Average |  |  | 4.09 |  |  |  | 4.41 |
Fixed-income investments |  |  |  |  |  |  |  |
High |  |  | 5.06 |  |  |  | 5.78 |
Low |  |  | 2.11 |  |  |  | 2.75 |
Average |  |  | 3.15 |  |  |  | 4.20 |
Variable-income investments |  |  |  |  |  |  |  |
High |  |  | - |  |  |  | - |
Low |  |  | - |  |  |  | - |
Average |  |  | - |  |  |  | - |
Foreign currency investments |  |  |  |  |  |  |  |
High |  |  | 5.79 |  |  |  | 4.82 |
Low |  |  | 0.23 |  |  |  | 0.17 |
Average |  |  | 2.20 |  |  |  | 1.14 |
Schedule of Market Risk Financial Management Portfolio | Market risk – Financial management portfolio – December 31, 2023 and 2022
|  | 2023 |  |  | 2022 |
|  | Effect on financial income |  |  | Effect on capital |  |  | Effect on financial income |  |  | Effect on capital |
Financial management portfolio – local currency (MCh$) |  |  |  |  |  |  |  |  |  |  |  |
Loss limit |  |  | 124.904 |  |  |  | 353.718 |  |  |  | 33,550 |  |  |  | 95,710 |
High |  |  | 79.657 |  |  |  | 173.389 |  |  |  | 23,982 |  |  |  | 57,176 |
Low |  |  | 41.151 |  |  |  | 88.382 |  |  |  | 15,459 |  |  |  | 39,957 |
Average |  |  | 62.740 |  |  |  | 133.464 |  |  |  | 21,366 |  |  |  | 49,580 |
Financial management portfolio – foreign currency (Th$US) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loss limit |  |  | 157.400 |  |  |  | 174.889 |  |  |  | 38,231 |  |  |  | 43,329 |
High |  |  | 17.775 |  |  |  | 91.935 |  |  |  | 9,713 |  |  |  | 33,388 |
Low |  |  | 227 |  |  |  | 53.436 |  |  |  | 255 |  |  |  | 20,371 |
Average |  |  | 9.718 |  |  |  | 70.397 |  |  |  | 3,173 |  |  |  | 26,310 |
Financial management portfolio – consolidated (in MCh$) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loss limit |  |  | 124.904 |  |  |  | 353.718 |  |  |  | 33,550 |  |  |  | 95,710 |
High |  |  | 75.816 |  |  |  | 283.550 |  |  |  | 28,699 |  |  |  | 76,738 |
Low |  |  | 34.663 |  |  |  | 246.664 |  |  |  | 16,515 |  |  |  | 66,098 |
Average |  |  | 64.477 |  |  |  | 268.776 |  |  |  | 23,438 |  |  |  | 71,003 |
Schedule of Market Risk Exposure | The following table illustrates the exposure to market risk.
|  | As of december 31,
|  | 2023 |  | 2022
|  | MCh$ |  | MCh$
Market risk – trading protfolio |  |  |  |
Exposure to rate risk |  |  | 371,203 |  |  |  | 441,688 |
Exposure to currency risk |  |  | 9,130 |  |  |  | 1,535 |
Interest rate option risk |  |  | - |  |  |  | - |
Currency option risk |  |  | 3,167 |  |  |  | 1,145 |
Total exposure of trading portfolio |  |  | 383,500 |  |  |  | 444,368 |
10% of RWA |  |  | 479,374 |  |  |  | 555,460 |
Subtotal |  |  | 862,874 |  |  |  | 999,828 |
Limit = Regulatory capital |  |  | 6,978,733 |  |  |  | 6,759,047 |
Available margin |  |  | 6,115,859 |  |  |  | 5,759,219 |
Market risk – short-term financial management portfolio |  |  |  |  |  |  |  |
Short Term Exposure to Interest Rate Risk |  |  | 97,410 |  |  |  | 193,895 |
Exposure to Infaltion Risk |  |  | 161,222 |  |  |  | 112,523 |
Short-term exposure of financial management portfolio |  |  | 258,632 |  |  |  | 306,418 |
Limit = 35% net (net income from interest and readjustments + interest rates sensitive commissions) |  |  | 575,483 |  |  |  | 530,199 |
Available margin |  |  | 316,851 |  |  |  | 223,781 |
Market risk – long-term financial management portfolio |  |  |  |  |  |  |  |
Long Term Exposure to Interest Rate Risk |  |  | 1,057,637 |  |  |  | 1,194,181 |
Limit = 35% Regulatory capital |  |  | 2,442,556 |  |  |  | 2,365,666 |
Available margin |  |  | 1,384,919 |  |  |  | 1,171,485 |
Schedule of Quality Assets and its Related Provision | The following table shows quality assets and its related provision, based on our internal scoring policy as of December 31, 2023 and 2022:
December 31, 2023
Corporate loans
Corporate Portfolio |  | Stage 1 |  | Stage 2 |  | Stage 3 |  | Total Corporate |  | Percentage |  | Stage 1 |  | Stage 2 |  | Stage 3 |  | Total ECL Allowance (*) |  | Percentage
|  | MCh$ |  | MCh$ |  | MCh$ |  | MCh$ |  | % |  | MCh$ |  | MCh$ |  | MCh$ |  | MCh$ |  | %
A1 |  |  | 28,006 |  |  |  | - |  |  |  | - |  |  |  | 28,006 |  |  |  | 0.07 | % |  |  | 3 |  |  |  | - |  |  |  | - |  |  |  | 3 |  |  |  | 0.00 | %
A2 |  |  | 785,654 |  |  |  | - |  |  |  | - |  |  |  | 785,654 |  |  |  | 1.93 | % |  |  | 452 |  |  |  | - |  |  |  | - |  |  |  | 452 |  |  |  | 0.04 | %
A3 |  |  | 2,803,228 |  |  |  | 29,491 |  |  |  | - |  |  |  | 2,832,719 |  |  |  | 6.94 | % |  |  | 1,982 |  |  |  | 138 |  |  |  | - |  |  |  | 2,120 |  |  |  | 0.18 | %
A4 |  |  | 2,482,922 |  |  |  | 12,265 |  |  |  | - |  |  |  | 2,495,187 |  |  |  | 6.11 | % |  |  | 2,474 |  |  |  | 60 |  |  |  | - |  |  |  | 2,534 |  |  |  | 0.22 | %
A5 |  |  | 2,732,502 |  |  |  | 47,927 |  |  |  | 765 |  |  |  | 2,781,194 |  |  |  | 6.81 | % |  |  | 5,825 |  |  |  | 668 |  |  |  | 62 |  |  |  | 6,555 |  |  |  | 0.57 | %
A6 |  |  | 2,055,756 |  |  |  | 106,770 |  |  |  | - |  |  |  | 2,162,526 |  |  |  | 5.30 | % |  |  | 8,905 |  |  |  | 2,227 |  |  |  | - |  |  |  | 11,132 |  |  |  | 0.97 | %
B1 |  |  | 331,242 |  |  |  | 285,756 |  |  |  | 106 |  |  |  | 617,104 |  |  |  | 1.51 | % |  |  | 3,787 |  |  |  | 11,137 |  |  |  | 58 |  |  |  | 14,982 |  |  |  | 1.30 | %
B2 |  |  | 23,222 |  |  |  | 165,717 |  |  |  | 1,201 |  |  |  | 190,140 |  |  |  | 0.48 | % |  |  | 242 |  |  |  | 7,717 |  |  |  | 289 |  |  |  | 8,248 |  |  |  | 0.72 | %
B3 |  |  | - |  |  |  | 98,961 |  |  |  | 5,618 |  |  |  | 104,579 |  |  |  | 0.27 | % |  |  | - |  |  |  | 4,990 |  |  |  | 2,135 |  |  |  | 7,125 |  |  |  | 0.62 | %
B4 |  |  | - |  |  |  | 64,864 |  |  |  | 32,177 |  |  |  | 97,041 |  |  |  | 0.24 | % |  |  | - |  |  |  | 3,682 |  |  |  | 8,656 |  |  |  | 12,338 |  |  |  | 1.07 | %
C1 |  |  | - |  |  |  | 36,299 |  |  |  | 178,279 |  |  |  | 214,578 |  |  |  | 0.53 | % |  |  | - |  |  |  | 3,104 |  |  |  | 59,363 |  |  |  | 62,467 |  |  |  | 5.43 | %
C2 |  |  | - |  |  |  | 8,595 |  |  |  | 77,832 |  |  |  | 86,427 |  |  |  | 0.22 | % |  |  | - |  |  |  | 733 |  |  |  | 25,793 |  |  |  | 26,526 |  |  |  | 2.31 | %
C3 |  |  | - |  |  |  | 4,612 |  |  |  | 99,892 |  |  |  | 104,504 |  |  |  | 0.26 | % |  |  | - |  |  |  | 550 |  |  |  | 35,077 |  |  |  | 35,627 |  |  |  | 3.10 | %
C4 |  |  | - |  |  |  | 2,385 |  |  |  | 104,054 |  |  |  | 106,439 |  |  |  | 0.26 | % |  |  | - |  |  |  | 311 |  |  |  | 45,025 |  |  |  | 45,336 |  |  |  | 3.94 | %
C5 |  |  | - |  |  |  | 1,182 |  |  |  | 110,548 |  |  |  | 111,730 |  |  |  | 0.27 | % |  |  | - |  |  |  | 191 |  |  |  | 70,909 |  |  |  | 71,100 |  |  |  | 6.18 | %
C6 |  |  | - |  |  |  | 1,940 |  |  |  | 112,428 |  |  |  | 114,368 |  |  |  | 0.28 | % |  |  | - |  |  |  | 206 |  |  |  | 95,689 |  |  |  | 95,895 |  |  |  | 8.33 | %
Subtotal |  |  | 11,242,532 |  |  |  | 866,764 |  |  |  | 722,900 |  |  |  | 12,832,196 |  |  |  | 31.44 | % |  |  | 23,670 |  |  |  | 35,714 |  |  |  | 343,056 |  |  |  | 401,229 |  |  |  | 35.00 | %
|  | Other loans
|  | Stage 1 |  | Stage 2 |  | Stage 3 |  | Total Other loans |  | Percentage |  | Stage 1 |  | Stage 2 |  | Stage 3 |  | Total ECL Allowance |  | Percentage
|  | MCh$ |  | MCh$ |  | MCh$ |  | MCh$ |  | % |  | MCh$ |  | MCh$ |  | MCh$ |  | MCh$ |  | %
Other Commercial |  |  | 4,375,334 |  |  |  | 486,303 |  |  |  | 446,264 |  |  |  | 5,307,901 |  |  |  | 13.01 | % |  |  | 37,913 |  |  |  | 31,921 |  |  |  | 187,322 |  |  |  | 257,156 |  |  |  | 22.36 | %
Mortgage |  |  | 14,635,723 |  |  |  | 1,713,185 |  |  |  | 724,531 |  |  |  | 17,073,439 |  |  |  | 41.83 | % |  |  | 8,651 |  |  |  | 53,371 |  |  |  | 154,111 |  |  |  | 216,133 |  |  |  | 18.79 | %
Consumer |  |  | 4,512,156 |  |  |  | 790,276 |  |  |  | 295,918 |  |  |  | 5,598,350 |  |  |  | 13.72 | % |  |  | 57,429 |  |  |  | 83,897 |  |  |  | 132,936 |  |  |  | 274,262 |  |  |  | 23.85 | %
Subtotal |  |  | 23,523,213 |  |  |  | 2,989,764 |  |  |  | 1,466,713 |  |  |  | 27,979,690 |  |  |  | 68.56 | % |  |  | 103,993 |  |  |  | 169,189 |  |  |  | 474,369 |  |  |  | 747,551 |  |  |  | 65.00 | %
Total |  |  | 34,765,745 |  |  |  | 3,856,528 |  |  |  | 2,189,613 |  |  |  | 40,811,886 |  |  |  | 100.00 | % |  |  | 127,663 |  |  |  | 204,903 |  |  |  | 817,425 |  |  |  | 1,149,991 |  |  |  | 100.00 | %
| (*) | Include MCh$155,903 of ECL allowance calculated on an Individual basis.
December 31, 2022
Corporate loans
Corporate Portfolio |  | Stage 1 |  | Stage 2 |  | Stage 3 |  | Total Corporate |  | Percentage |  | Stage 1 |  | Stage 2 |  | Stage 3 |  | Total ECL Allowance (*) |  | Percentage
|  | MCh$ |  | MCh$ |  | MCh$ |  | MCh$ |  | % |  | MCh$ |  | MCh$ |  | MCh$ |  | MCh$ |  | %
A1 |  |  | 40,121 |  |  |  | - |  |  |  | - |  |  |  | 40,121 |  |  |  | 0.10 | % |  |  | 1 |  |  |  | - |  |  |  | - |  |  |  | 1 |  |  |  | 0.00 | %
A2 |  |  | 835,187 |  |  |  | - |  |  |  | - |  |  |  | 835,187 |  |  |  | 2.16 | % |  |  | 472 |  |  |  | - |  |  |  | - |  |  |  | 472 |  |  |  | 0.04 | %
A3 |  |  | 2,362,324 |  |  |  | 36 |  |  |  | - |  |  |  | 2,362,360 |  |  |  | 6.10 | % |  |  | 3,476 |  |  |  | 8 |  |  |  | - |  |  |  | 3,484 |  |  |  | 0.30 | %
A4 |  |  | 2,780,646 |  |  |  | 8 |  |  |  | - |  |  |  | 2,780,654 |  |  |  | 7.18 | % |  |  | 5,761 |  |  |  | - |  |  |  | - |  |  |  | 5,761 |  |  |  | 0.50 | %
A5 |  |  | 2,811,300 |  |  |  | 13,132 |  |  |  | 792 |  |  |  | 2,825,224 |  |  |  | 7.29 | % |  |  | 10,243 |  |  |  | 360 |  |  |  | 60 |  |  |  | 10,663 |  |  |  | 0.92 | %
A6 |  |  | 2,089,194 |  |  |  | 51,671 |  |  |  | 819 |  |  |  | 2,141,684 |  |  |  | 5.53 | % |  |  | 18,766 |  |  |  | 2,226 |  |  |  | 98 |  |  |  | 21,090 |  |  |  | 1.83 | %
B1 |  |  | - |  |  |  | 736,674 |  |  |  | 2,627 |  |  |  | 739,301 |  |  |  | 1.91 | % |  |  | - |  |  |  | 28,346 |  |  |  | 473 |  |  |  | 28,819 |  |  |  | 2.50 | %
B2 |  |  | - |  |  |  | 190,204 |  |  |  | 1,389 |  |  |  | 191,593 |  |  |  | 0.50 | % |  |  | - |  |  |  | 12,895 |  |  |  | 195 |  |  |  | 13,090 |  |  |  | 1.14 | %
B3 |  |  | - |  |  |  | 71,873 |  |  |  | 3,129 |  |  |  | 75,002 |  |  |  | 0.20 | % |  |  | - |  |  |  | 5,674 |  |  |  | 980 |  |  |  | 6,654 |  |  |  | 0.58 | %
B4 |  |  | - |  |  |  | 73,231 |  |  |  | 31,587 |  |  |  | 104,818 |  |  |  | 0.27 | % |  |  | - |  |  |  | 6,210 |  |  |  | 8,420 |  |  |  | 14,630 |  |  |  | 1.27 | %
C1 |  |  | - |  |  |  | 34,141 |  |  |  | 164,778 |  |  |  | 198,919 |  |  |  | 0.51 | % |  |  | - |  |  |  | 3,258 |  |  |  | 56,354 |  |  |  | 59,612 |  |  |  | 5.17 | %
C2 |  |  | - |  |  |  | 9,426 |  |  |  | 104,526 |  |  |  | 113,952 |  |  |  | 0.30 | % |  |  | - |  |  |  | 502 |  |  |  | 26,992 |  |  |  | 27,494 |  |  |  | 2.38 | %
C3 |  |  | - |  |  |  | 1,518 |  |  |  | 93,311 |  |  |  | 94,829 |  |  |  | 0.24 | % |  |  | - |  |  |  | 162 |  |  |  | 27,563 |  |  |  | 27,725 |  |  |  | 2.40 | %
C4 |  |  | - |  |  |  | 5,490 |  |  |  | 114,090 |  |  |  | 119,580 |  |  |  | 0.31 | % |  |  | - |  |  |  | 693 |  |  |  | 49,572 |  |  |  | 50,265 |  |  |  | 4.36 | %
C5 |  |  | - |  |  |  | 3,414 |  |  |  | 81,321 |  |  |  | 84,735 |  |  |  | 0.22 | % |  |  | - |  |  |  | 463 |  |  |  | 49,095 |  |  |  | 49,558 |  |  |  | 4.30 | %
C6 |  |  | - |  |  |  | 1,777 |  |  |  | 84,999 |  |  |  | 86,776 |  |  |  | 0.22 | % |  |  | - |  |  |  | 297 |  |  |  | 65,960 |  |  |  | 66,257 |  |  |  | 5.74 | %
Subtotal |  |  | 10,918,772 |  |  |  | 1,192,595 |  |  |  | 683,368 |  |  |  | 12,794,735 |  |  |  | 33.04 | % |  |  | 38,719 |  |  |  | 61,094 |  |  |  | 285,762 |  |  |  | 385,575 |  |  |  | 33.43 | %
|  | Other loans
|  | Stage 1 |  | Stage 2 |  | Stage 3 |  | Total other loans |  | Percentage |  | Stage 1 |  | Stage 2 |  | Stage 3 |  | Total ECL Allowance |  | Percentage
|  | MCh$ |  | MCh$ |  | MCh$ |  | MCh$ |  | % |  | MCh$ |  | MCh$ |  | MCh$ |  | MCh$ |  | %
Other Commercial |  |  | 4,258,677 |  |  |  | 229,571 |  |  |  | 434,597 |  |  |  | 4,922,845 |  |  |  | 12.71 | % |  |  | 44,535 |  |  |  | 30,262 |  |  |  | 201,195 |  |  |  | 275,992 |  |  |  | 23.93 | %
Mortgage |  |  | 14,672,080 |  |  |  | 367,467 |  |  |  | 689,462 |  |  |  | 15,729,009 |  |  |  | 40.61 | % |  |  | 19,388 |  |  |  | 10,462 |  |  |  | 132,906 |  |  |  | 162,756 |  |  |  | 14.11 | %
Consumer |  |  | 4,826,096 |  |  |  | 217,866 |  |  |  | 238,850 |  |  |  | 5,282,812 |  |  |  | 13.64 | % |  |  | 94,203 |  |  |  | 73,973 |  |  |  | 160,768 |  |  |  | 328,944 |  |  |  | 28.52 | %
Subtotal |  |  | 23,756,853 |  |  |  | 814,904 |  |  |  | 1,362,909 |  |  |  | 25,934,666 |  |  |  | 66.96 | % |  |  | 158,126 |  |  |  | 114,697 |  |  |  | 494,869 |  |  |  | 767,692 |  |  |  | 66.57 | %
Total |  |  | 34,675,625 |  |  |  | 2,007,499 |  |  |  | 2,046,277 |  |  |  | 38,729,401 |  |  |  | 100,00 | % |  |  | 196,845 |  |  |  | 175,791 |  |  |  | 780,631 |  |  |  | 1,153,267 |  |  |  | 100.00 | %
| (*) | Include MCh$105,837 of ECL allowance calculated on an Individual basis.
Schedule of Residual Maturity Over Measured that have not Expired |
Other commercial |  | Corporate loans
Mortgages |  | Other loans |  | Revolving (Credit cards) |  | SME |  | SME |  | Middle market |  | Corporate and Investment Banking
| 28.41 | % |  |  | 36.05 | % |  |  | 11.28 | % |  |  | 36.05 | % |  |  | 19.60 | % |  |  | 13.26 | % |  | Santander Group criteria
Other commercial |  | Corporate loans
Mortgages |  | Other loans |  | Revolving (Credit cards) |  | SME |  | SME |  | Middle market |  | Corporate and Investment Banking
| 28.19 | % |  |  | 49.32 | % |  |  | 16.91 | % |  |  | 49.32 | % |  |  | 18.50 | % |  |  | 16.36 | % |  | Santander Group criteria
Other commercial |  | Corporate loans
Mortgages |  | Other loans |  | Revolving (Credit cards) |  | SME |  | SME |  | Middle market |  | Corporate and Investment Banking
Irregular portfolio > 30 days |  | Irregular portfolio > 30 days |  | Irregular portfolio > 30 days |  | Irregular portfolio > 30 days |  | Irregular portfolio > 30 days |  | Irregular portfolio > 30 days |  | Irregular portfolio > 30 days
Restructured marked for monitoring |  | Restructured marked for monitoring |  | Restructured marked for monitoring |  | Restructured marked for monitoring |  | Restructured marked for monitoring |  | Restructured marked for monitoring |  | Restructured marked for monitoring
|  |  |  |  |  |  |  | Clients considered to be substandard or in incompliance (pre-legal action) |  | Clients considered to be substandard or in incompliance (pre-legal action) |  | Clients considered to be substandard or in incompliance (pre-legal action)
Schedule of Allowance and Exposure at Default (Ead) of the Loans | The following table shows the allowance and exposure at default (EAD) of the loans that meet the conditions:
|  | 2023 |  | 2022
|  | MCh$ |  | MCh$
Loans and account receivable |  |  | 347,477 |  |  |  | 308,586 |
Allowance for ECL – discounted cash flow methodology |  |  | 155,903 |  |  |  | 105,837 |
|  | 2023 |  | 2022
|  | MCh$ |  | MCh$
Loans and account receivable (commercial, mortgage and consumer loans) |  |  | 40,464,409 |  |  |  | 38,420,815 |
Allowance for ECL – collective basis |  |  | 994,088 |  |  |  | 1,074,430 |
Schedule of Modified Loans | The following table shows modification that results in deregonition and therefore and new operations:
|  | As of December 31, 2023 |  | As of December 31, 2022
|  | Stage 1 |  | Stage 2 |  | Stage 3 |  | Total |  | Stage 1 |  | Stage 2 |  | Stage 3 |  | Total
|  | MCh$ |  | MCh$ |  | MCh$ |  | MCh$ |  | MCh$ |  | MCh$ |  | MCh$ |  | MCh$
Gross carrying amount |  |  | 34.765.745 |  |  |  | 3.856.528 |  |  |  | 2.189.613 |  |  |  | 40.811.886 |  |  |  | 34,675,625 |  |  |  | 2,007,499 |  |  |  | 2,046,277 |  |  |  | 38,729,401 |
Modified loans |  |  | - |  |  |  | 739,474 |  |  |  | 1,026,843 |  |  |  | 1,766,317 |  |  |  | - |  |  |  | 679,496 |  |  |  | 799,559 |  |  |  | 1,479,055 |
% |  |  | - |  |  |  | 19,17 | % |  |  | 46,90 | % |  |  | 4,33 | % |  |  | - |  |  |  | 33.85 | % |  |  | 39.07 | % |  |  | 3.82 | %
ECL allowance |  |  | 127,663 |  |  |  | 204,903 |  |  |  | 817,425 |  |  |  | 1,149,991 |  |  |  | 196,845 |  |  |  | 175,791 |  |  |  | 780,631 |  |  |  | 1,153,267 |
Modified loans |  |  | - |  |  |  | 48.419 |  |  |  | 360.975 |  |  |  | 409.394 |  |  |  | - |  |  |  | 60,584 |  |  |  | 325,650 |  |  |  | 386,234 |
% |  |  | - |  |  |  | 23,63 | % |  |  | 44,16 | % |  |  | 35,60 | % |  |  | - |  |  |  | 34.46 | % |  |  | 41.72 | % |  |  | 33.49 | %
Schedule of Macro Economical Forward | The annual growth forecasts for the most relevant macroeconomic variables for each of our scenarios mainly used during 2023 are as follows:
|  | Average estimates 2023
|  | Unfavorable scenario 2 |  | Unfavorable scenario 1 |  | Base scenario |  | Favorable scenario 1 |  | Favorable scenario 2
Chilean Central Bank interest rates |  |  | 3.7 | % |  |  | 4.6 | % |  |  | 6.5 | % |  |  | 8.4 | % |  |  | 9.3 | %
Unemployment rate |  |  | 10.4 | % |  |  | 9.7 | % |  |  | 8.3 | % |  |  | 6.9 | % |  |  | 6.2 | %
Housing Price growth |  |  | (0.1 | )% |  |  | 0.9 | % |  |  | 2.9 | % |  |  | 5.0 | % |  |  | 6.0 | %
GDP growth |  |  | (2.7 | )% |  |  | (1.5 | )% |  |  | 0.8 | % |  |  | 3.1 | % |  |  | 4.3 | %
Consumer Price Index |  |  | 3.3 | % |  |  | 4.2 | % |  |  | 6.0 | % |  |  | 7.9 | % |  |  | 8.8 | %
The new macroeconomic variables are shown below:
|  | Average estimates 2024
|  | Unfavorable scenario 2 |  | Unfavorable scenario 1 |  | Base scenario |  | Favorable scenario 1 |  | Favorable scenario 2
Chilean Central Bank interest rates |  |  | 0.85 | % |  |  | 2.32 | % |  |  | 4.25 | % |  |  | 6.18 | % |  |  | 7.65 | %
Unemployment rate |  |  | 10.03 | % |  |  | 8.89 | % |  |  | 7.4 | % |  |  | 5.91 | % |  |  | 4.77 | %
Housing Price growth |  |  | (1.02 | )% |  |  | 0,62 | % |  |  | 2.78 | % |  |  | 4.94 | % |  |  | 6.59 | %
GDP growth |  |  | (0.8 | )% |  |  | 1.1 | % |  |  | 3.58 | % |  |  | 6.06 | % |  |  | 7.97 | %
Consumer Price Index |  |  | 1.07 | % |  |  | 0.67 | % |  |  | 3.00 | % |  |  | 5.33 | % |  |  | 7.07 | %
Schedule of Probabilities |
Local scenario |  | Global scenario
|  | Probability weighting |  |  |  | Probability weighting
Favorable scenario 2 |  |  | 10 | % |  | Favorable scenario 1 |  |  | 10 | %
Favorable scenario 1 |  |  | 15 | % |  | Base scenario |  |  | 20 | %
Base scenario |  |  | 50 | % |  | Unfavorable scenario 1 |  |  | 70 | %
Unfavorable scenario 1 |  |  | 15 | % |  |  |  |  |  |
Unfavorable scenario 2 |  |  | 10 | % |  |  |  |  |  |
Schedule of Allowance Sensibility | The ECL allowance sensibility to future macro-economic conditions is as follows:
|  | As of December 31,
|  | 2023 |  | 2022
|  | MCh$ |  | MCh$
Reported ECL allowance |  |  | 1,150,116 |  |  |  | 1,153,593 |
Gross carrying amount |  |  | 40,917,268 |  |  |  | 38,872,033 |
Reported ECL Coverage |  |  | 2.81 | % |  |  | 2.97 | %
ECL amount by scenarios |  |  |  |  |  |  |  |
Favorable scenarios 2 |  |  | 970,411 |  |  |  | 1,034,417 |
Favorable scenarios 1 |  |  | 1,032,708 |  |  |  | 1,061,899 |
Base scenarios |  |  | 1,104,368 |  |  |  | 1,138,881 |
Unfavorable scenarios 2 |  |  | 1,176,477 |  |  |  | 1,227,979 |
Unfavorable scenarios 2 |  |  | 1,224,340 |  |  |  | 1,268,948 |
Coverage ratio by scenarios |  |  |  |  |  |  |  |
Favorable scenarios 2 |  |  | 2.37 | % |  |  | 2.68 | %
Favorable scenarios 1 |  |  | 2.52 | % |  |  | 2.75 | %
Base scenarios |  |  | 2.70 | % |  |  | 2.95 | %
Unfavorable scenarios 2 |  |  | 2.88 | % |  |  | 3.19 | %
Unfavorable scenarios 2 |  |  | 2.99 | % |  |  | 3.29 | %
Schedule of Risk Concentration | The following table shows the risk concentration by industry, and by stage before ECL allowance of loans and account receivable from customers and Interbak loans at amortised cost:
|  | As of December 31,
|  | 2023 |  | 2022
|  | Stage 1 |  | Stage 2 |  | Stage 3 |  | Total |  | Stage 1 |  | Stage 2 |  | Stage 3 |  | Total
|  | MCh$ |  | MCh$ |  | MCh$ |  | MCh$ |  | MCh$ |  | MCh$ |  | MCh$ |  | MCh$
Commercial loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agriculture and livestock |  |  | 478,676 |  |  |  | 70,687 |  |  |  | 74,110 |  |  |  | 623,473 |  |  |  | 487,463 |  |  |  | 103,160 |  |  |  | 64,524 |  |  |  | 655,147 |
Fruit cultivation |  |  | 444,600 |  |  |  | 107,445 |  |  |  | 94,564 |  |  |  | 646,609 |  |  |  | 430,046 |  |  |  | 148,116 |  |  |  | 52,404 |  |  |  | 630,566 |
Forest |  |  | 108,232 |  |  |  | 10,901 |  |  |  | 20,390 |  |  |  | 139,523 |  |  |  | 134,192 |  |  |  | 20,162 |  |  |  | 16,402 |  |  |  | 170,756 |
Fishing |  |  | 290,978 |  |  |  | 14,655 |  |  |  | 7,763 |  |  |  | 313,396 |  |  |  | 261,651 |  |  |  | 13,479 |  |  |  | 9,268 |  |  |  | 284,398 |
Mining |  |  | 228,565 |  |  |  | 5,578 |  |  |  | 7,656 |  |  |  | 241,799 |  |  |  | 241,704 |  |  |  | 11,590 |  |  |  | 7,160 |  |  |  | 260,454 |
Oil and natural gas |  |  | 3,146 |  |  |  | 199 |  |  |  | 191 |  |  |  | 3,536 |  |  |  | 88,588 |  |  |  | 1 |  |  |  | 145 |  |  |  | 88,734 |
Manufacturing Industry: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Food, beverages and tobacco |  |  | 301,193 |  |  |  | 15,366 |  |  |  | 25,278 |  |  |  | 341,837 |  |  |  | 316,574 |  |  |  | 45,972 |  |  |  | 14,896 |  |  |  | 377,442 |
Textile, leather and footwear |  |  | 64,068 |  |  |  | 5,679 |  |  |  | 7,345 |  |  |  | 77,092 |  |  |  | 65,269 |  |  |  | 12,102 |  |  |  | 6,029 |  |  |  | 83,400 |
Wood and furniture |  |  | 78,856 |  |  |  | 2,438 |  |  |  | 6,894 |  |  |  | 88,188 |  |  |  | 75,962 |  |  |  | 4,676 |  |  |  | 5,327 |  |  |  | 85,965 |
Cellulose, paper and printing |  |  | 61,702 |  |  |  | 9,035 |  |  |  | 4,995 |  |  |  | 75,732 |  |  |  | 50,984 |  |  |  | 9,977 |  |  |  | 4,864 |  |  |  | 65,825 |
Chemicals and petroleum derivatives |  |  | 108,011 |  |  |  | 3,187 |  |  |  | 1,306 |  |  |  | 112,504 |  |  |  | 147,113 |  |  |  | 5,631 |  |  |  | 1,185 |  |  |  | 153,929 |
Metallic, non-metallic, machinery, or other |  |  | 319,322 |  |  |  | 13,870 |  |  |  | 21,715 |  |  |  | 354,907 |  |  |  | 323,717 |  |  |  | 15,678 |  |  |  | 23,511 |  |  |  | 362,906 |
Other manufacturing industries |  |  | 194,742 |  |  |  | 19,248 |  |  |  | 19,392 |  |  |  | 233,382 |  |  |  | 201,044 |  |  |  | 15,245 |  |  |  | 20,210 |  |  |  | 236,499 |
Electricity, gas, and wáter |  |  | 910,813 |  |  |  | 10,497 |  |  |  | 5,032 |  |  |  | 926,342 |  |  |  | 881,647 |  |  |  | 14,178 |  |  |  | 5,952 |  |  |  | 901,777 |
Home building |  |  | 164,118 |  |  |  | 29,377 |  |  |  | 23,118 |  |  |  | 216,613 |  |  |  | 181,933 |  |  |  | 33,493 |  |  |  | 24,103 |  |  |  | 239,529 |
Non-residential construction |  |  | 472,579 |  |  |  | 28,395 |  |  |  | 48,231 |  |  |  | 549,205 |  |  |  | 537,110 |  |  |  | 34,437 |  |  |  | 57,723 |  |  |  | 629,270 |
Wholesale trade |  |  | 1,420,083 |  |  |  | 105,396 |  |  |  | 163,872 |  |  |  | 1,689,351 |  |  |  | 1,368,044 |  |  |  | 161,570 |  |  |  | 147,330 |  |  |  | 1,676,944 |
Retail trade, restaurants and hotels |  |  | 1,501,379 |  |  |  | 74,975 |  |  |  | 87,365 |  |  |  | 1,663,719 |  |  |  | 1,366,605 |  |  |  | 86,124 |  |  |  | 89,924 |  |  |  | 1,542,653 |
Transport and storage |  |  | 600,729 |  |  |  | 56,933 |  |  |  | 54,860 |  |  |  | 712,522 |  |  |  | 625,506 |  |  |  | 90,913 |  |  |  | 59,141 |  |  |  | 775,560 |
Telecommunications |  |  | 450,555 |  |  |  | 16,341 |  |  |  | 7,261 |  |  |  | 474,157 |  |  |  | 334,065 |  |  |  | 16,522 |  |  |  | 7,446 |  |  |  | 358,033 |
Financial services |  |  | 575,666 |  |  |  | 2,656 |  |  |  | 912 |  |  |  | 579,234 |  |  |  | 374,770 |  |  |  | 4,166 |  |  |  | 2,864 |  |  |  | 381,800 |
Real estate services |  |  | 2,237,404 |  |  |  | 231,680 |  |  |  | 154,694 |  |  |  | 2,623,778 |  |  |  | 2,221,740 |  |  |  | 210,683 |  |  |  | 197,360 |  |  |  | 2,629,783 |
Social services and other community services |  |  | 4,602,449 |  |  |  | 518,529 |  |  |  | 332,220 |  |  |  | 5,453,198 |  |  |  | 4,461,722 |  |  |  | 364,291 |  |  |  | 300,197 |  |  |  | 5,126,210 |
Subtotal |  |  | 15,617,866 |  |  |  | 1,353,067 |  |  |  | 1,169,164 |  |  |  | 18,140,097 |  |  |  | 15,177,449 |  |  |  | 1,422,166 |  |  |  | 1,117,965 |  |  |  | 17,717,580 |
Mortgage loans |  |  | 14,635,723 |  |  |  | 1,713,185 |  |  |  | 724,531 |  |  |  | 17,073,439 |  |  |  | 14,672,080 |  |  |  | 367,467 |  |  |  | 689,462 |  |  |  | 15,729,009 |
Consumer loans |  |  | 4,512,156 |  |  |  | 790,276 |  |  |  | 295,918 |  |  |  | 5,598,350 |  |  |  | 4,826,096 |  |  |  | 217,866 |  |  |  | 238,850 |  |  |  | 5,282,812 |
Total |  |  | 34,765,745 |  |  |  | 3,856,528 |  |  |  | 2,189,613 |  |  |  | 40,811,886 |  |  |  | 34,675,625 |  |  |  | 2,007,499 |  |  |  | 2,046,277 |  |  |  | 38,729,401 |
Schedule of Loans and Account Receivable from Customers and Interbak Loans | The following table shows past due information related to loans and account receivable from customers and Interbak loans at amortised cost, and related ECL allowance:
|  | As of December 31, 2023
|  | Gross carrying amount |  | ECL allowance
|  | Stage 1 |  | Stage 2 |  | Stage 3 |  | TOTAL |  | Stage 1 |  | Stage 2 |  | Stage 3 |  | TOTAL
|  | MCh$ |  | MCh$ |  | MCh$ |  | MCh$ |  | MCh$ |  | MCh$ |  | MCh$ |  | MCh$
Interbank loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  |  | 68,440 |  |  |  | - |  |  |  | - |  |  |  | 68,440 |  |  |  | 2 |  |  |  | - |  |  |  | - |  |  |  | 2 |
Commercial loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  |  | 15,505,706 |  |  |  | 1,181,694 |  |  |  | 362,298 |  |  |  | 17,049,698 |  |  |  | 58,096 |  |  |  | 49,896 |  |  |  | 119,514 |  |  |  | 227,506 |
1-30 days past due |  |  | 41,357 |  |  |  | 102,214 |  |  |  | 90,367 |  |  |  | 233,938 |  |  |  | 3,357 |  |  |  | 9,164 |  |  |  | 33,921 |  |  |  | 46,442 |
31-90 days past due |  |  | 2,363 |  |  |  | 69,159 |  |  |  | 166,427 |  |  |  | 237,949 |  |  |  | 128 |  |  |  | 8,575 |  |  |  | 57,548 |  |  |  | 66,251 |
Over 90 days past due |  |  | - |  |  |  | - |  |  |  | 550,072 |  |  |  | 550,072 |  |  |  | - |  |  |  | - |  |  |  | 319,395 |  |  |  | 319,395 |
Mortgage loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  |  | 14,612,117 |  |  |  | 1,285,324 |  |  |  | 222,874 |  |  |  | 16,120,315 |  |  |  | 8,224 |  |  |  | 34,149 |  |  |  | 39,964 |  |  |  | 82,337 |
1-30 days past due |  |  | 19,150 |  |  |  | 278,114 |  |  |  | 101,086 |  |  |  | 398,350 |  |  |  | 327 |  |  |  | 11,923 |  |  |  | 21,627 |  |  |  | 33,877 |
31-90 days past due |  |  | 4,456 |  |  |  | 149,747 |  |  |  | 192,972 |  |  |  | 347,175 |  |  |  | 100 |  |  |  | 7,299 |  |  |  | 37,612 |  |  |  | 45,011 |
Over 90 days past due |  |  | - |  |  |  | - |  |  |  | 207,599 |  |  |  | 207,599 |  |  |  | - |  |  |  | - |  |  |  | 54,908 |  |  |  | 54,908 |
Consumer loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  |  | 4,492,189 |  |  |  | 561,846 |  |  |  | 61,444 |  |  |  | 5,115,479 |  |  |  | 54,038 |  |  |  | 32,294 |  |  |  | 26,654 |  |  |  | 112,986 |
1-30 days past due |  |  | 18,497 |  |  |  | 133,011 |  |  |  | 26,198 |  |  |  | 177,706 |  |  |  | 3,150 |  |  |  | 25,139 |  |  |  | 10,968 |  |  |  | 39,257 |
31-90 days past due |  |  | 1,470 |  |  |  | 95,419 |  |  |  | 94,189 |  |  |  | 191,078 |  |  |  | 241 |  |  |  | 26,464 |  |  |  | 39,259 |  |  |  | 65,964 |
Over 90 days past due |  |  | - |  |  |  | - |  |  |  | 114,087 |  |  |  | 114,087 |  |  |  | - |  |  |  | - |  |  |  | 56,055 |  |  |  | 56,055 |
Total |  |  | 34,765,745 |  |  |  | 3,856,528 |  |  |  | 2,189,613 |  |  |  | 40,811,886 |  |  |  | 127,663 |  |  |  | 204,903 |  |  |  | 817,425 |  |  |  | 1,149,991 |
|  | As of December 31, 2022
|  | Gross carrying amount |  | ECL allowance
|  | Stage 1 |  | Stage 2 |  | Stage 3 |  | TOTAL |  | Stage 1 |  | Stage 2 |  | Stage 3 |  | TOTAL
|  | MCh$ |  | MCh$ |  | MCh$ |  | MCh$ |  | MCh$ |  | MCh$ |  | MCh$ |  | MCh$
Interbank loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  |  | 32,991 |  |  |  |  |  |  |  |  |  |  |  | 32,991 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  |  | 1 |
Commercial loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  |  | 15,083,757 |  |  |  | 1,291,497 |  |  |  | 480,276 |  |  |  | 16,855,530 |  |  |  | 76,241 |  |  |  | 74,402 |  |  |  | 156,800 |  |  |  | 307,443 |
1-30 days past due |  |  | 55,298 |  |  |  | 80,205 |  |  |  | 62,775 |  |  |  | 198,278 |  |  |  | 6,591 |  |  |  | 8,311 |  |  |  | 19,048 |  |  |  | 33,950 |
31-90 days past due |  |  | 5,403 |  |  |  | 50,464 |  |  |  | 145,041 |  |  |  | 200,908 |  |  |  | 421 |  |  |  | 8,643 |  |  |  | 56,981 |  |  |  | 66,045 |
Over 90 days past due |  |  | - |  |  |  | - |  |  |  | 429,873 |  |  |  | 429,873 |  |  |  | - |  |  |  | - |  |  |  | 254,128 |  |  |  | 254,128 |
Mortgage loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  |  | 14,559,586 |  |  |  | 195,691 |  |  |  | 301,854 |  |  |  | 15,057,131 |  |  |  | 17,984 |  |  |  | 4,699 |  |  |  | 57,624 |  |  |  | 80,307 |
1-30 days past due |  |  | 96,080 |  |  |  | 114,723 |  |  |  | 84,207 |  |  |  | 295,010 |  |  |  | 1,183 |  |  |  | 3,727 |  |  |  | 16,900 |  |  |  | 21,810 |
31-90 days past due |  |  | 16,414 |  |  |  | 57,053 |  |  |  | 112,280 |  |  |  | 185,747 |  |  |  | 221 |  |  |  | 2,036 |  |  |  | 18,605 |  |  |  | 20,862 |
Over 90 days past due |  |  | - |  |  |  | - |  |  |  | 191,121 |  |  |  | 191,121 |  |  |  | - |  |  |  | - |  |  |  | 39,777 |  |  |  | 39,777 |
Consumer loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  |  | 4,767,906 |  |  |  | 74,555 |  |  |  | 60,169 |  |  |  | 4,902,630 |  |  |  | 76,215 |  |  |  | 23,738 |  |  |  | 44,107 |  |  |  | 144,060 |
1-30 days past due |  |  | 52,878 |  |  |  | 66,958 |  |  |  | 24,898 |  |  |  | 144,734 |  |  |  | 17,139 |  |  |  | 19,003 |  |  |  | 16,616 |  |  |  | 52,758 |
31-90 days past due |  |  | 5,312 |  |  |  | 76,353 |  |  |  | 62,129 |  |  |  | 143,794 |  |  |  | 849 |  |  |  | 31,232 |  |  |  | 38,137 |  |  |  | 70,218 |
Over 90 days past due |  |  | - |  |  |  | - |  |  |  | 91,654 |  |  |  | 91,654 |  |  |  | - |  |  |  | - |  |  |  | 61,908 |  |  |  | 61,908 |
Total |  |  | 34,675,625 |  |  |  | 2,007,499 |  |  |  | 2,046,277 |  |  |  | 38,729,401 |  |  |  | 196,845 |  |  |  | 175,791 |  |  |  | 780,631 |  |  |  | 1,153,267 |
Schedule of Financial Assets and Associated Collateral | The following table show the maximum exposure to credit risk by class of financial asset, associated collateral and the net exposure to credit risk:
|  | As of December 31,
|  | 2023 |  | 2022
|  | Maximum exposure to credit risk |  | Collateral |  | Net exposure |  | Associated ECL |  | Maximum exposure to credit risk |  | Collateral |  | Net exposure |  | Associated ECL
|  | MCh$ |  | MCh$ |  | MCh$ |  | MCh$ |  | MCh$ |  | MCh$ |  | MCh$ |  | MCh$
Interbank loans |  |  | 68,440 |  |  |  | 3,677 |  |  |  | 64,763 |  |  |  | 2 |  |  |  | 32,991 |  |  |  | - |  |  |  | 32,991 |  |  |  | 1 |
Commercial loans |  |  | 18,071,657 |  |  |  | 9,893,336 |  |  |  | 8,178,321 |  |  |  | 659,594 |  |  |  | 17,684,589 |  |  |  | 9,945,505 |  |  |  | 7,739,084 |  |  |  | 661,566 |
Mortgage loans |  |  | 17,073,439 |  |  |  | 16,589,333 |  |  |  | 484,106 |  |  |  | 216,133 |  |  |  | 15,729,009 |  |  |  | 15,358,111 |  |  |  | 370,898 |  |  |  | 162,756 |
Consumer Loans |  |  | 5,598,350 |  |  |  | 586,050 |  |  |  | 5,012,300 |  |  |  | 274,262 |  |  |  | 5,282,812 |  |  |  | 593,660 |  |  |  | 4,689,152 |  |  |  | 328,944 |
Contingent loans exposure |  |  | 2,701,525 |  |  |  | 378,648 |  |  |  | 2,322,877 |  |  |  | 21,105 |  |  |  | 3,048,383 |  |  |  | 476,327 |  |  |  | 2,572,056 |  |  |  | 44,997 |
Total |  |  | 43,513,411 |  |  |  | 27,451,044 |  |  |  | 16,062,367 |  |  |  | 1,171,096 |  |  |  | 41,777,784 |  |  |  | 26,373,603 |  |  |  | 15,404,181 |  |  |  | 1,198,264 |
Schedule of Maximum Exposure to Credit Risk | For financial assets recognised in the Consolidated Statements of Financial Position, maximum credit risk exposure equals their carrying value. Below is the distribution by financial asset and off-balance sheet commitments of the Bank’s maximum exposure to credit risk as of December 31, 2023 and 2022, without deduction of collateral, security interests or credit improvements received:
|  |  |  |  | As of December 31, |
|  |  |  |  | 2023 |  |  | 2022 |
|  |  |  |  | Amount of exposure |  |  | Amount of exposure |
|  | Note |  |  | MCh$ |  |  | MCh$ |
Deposits in banks |  |  | 4 |  |  |  | 2,273,282 |  |  |  | 1,982,942 |
Cash items in process of collection |  |  | 4 |  |  |  | 812,524 |  |  |  | 843,816 |
Financial assets for trading at FVTPL |  |  | 5 |  |  |  |  |  |  |  |  |
Financial derivative contracts |  |  |  |  |  |  | 10,119,486 |  |  |  | 11,672,960 |
Financial assets held for trading |  |  |  |  |  |  | 98,308 |  |  |  | 154,046 |
Financial assets at FVOCI |  |  | 6 |  |  |  |  |  |  |  |  |
Debt financial instruments |  |  |  |  |  |  | 4,536,025 |  |  |  | 5,800,733 |
Other financial instruments |  |  |  |  |  |  | 105,257 |  |  |  | 142,306 |
Financial derivative contracts for hedge accounting |  |  | 7 |  |  |  | 605,529 |  |  |  | 477,762 |
Financial assets at amortised cost |  |  | 8 |  |  |  |  |  |  |  |  |
Debt financial instruments |  |  |  |  |  |  | 8,176,895 |  |  |  | 4,867,591 |
Interbank loans |  |  |  |  |  |  | 68,438 |  |  |  | 32,990 |
Loans and account receivable at amortised cost / |  |  |  |  |  |  | 39,593,457 |  |  |  | 37,543,144 |
Off-balance commitments: |  |  |  |  |  |  |  |  |  |  |  |
Letters of credit issued |  |  |  |  |  |  | 262,496 |  |  |  | 255,522 |
Foreign letters of credit confirmed |  |  |  |  |  |  | 1,641,510 |  |  |  | 1,476,599 |
Performance guarantees |  |  |  |  |  |  | 9,490,141 |  |  |  | 8,974,077 |
Available credit lines |  |  |  |  |  |  | 494,104 |  |  |  | 924,173 |
Personal guarantees |  |  |  |  |  |  | 813 |  |  |  | 1,617 |
Other irrevocable credit commitments |  |  |  |  |  |  | 313,505 |  |  |  | 313,345 |
Total |  |  |  |  |  |  | 70,041,770 |  |  |  | 75,463,623 |
Schedule of Fair Value of Derivative Instruments | Below, there are additional details regarding our exposure for those countries classified above 1 and represents our majority of exposure to categories other than 1. As of December 31, 2023, considering fair value of derivative instruments.
Country |  | Classification |  |  | Derivative Instruments (adjusted to market) |  |  | Deposits |  |  | Loans |  |  | Financial investments |  |  | Total Exposure |
|  |  |  |  | US$ millions |
Hong Kong |  |  | 2 |  |  |  | - |  |  |  | 7 |  |  |  | - |  |  |  | - |  |  |  | 7 |
Italy |  |  | 2 |  |  |  | - |  |  |  | 1 |  |  |  | - |  |  |  | - |  |  |  | 1 |
Mexico |  |  | 3 |  |  |  | 3 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 3 |
China |  |  | 2 |  |  |  | - |  |  |  | - |  |  |  | 1 |  |  |  | - |  |  |  | 1 |
Total |  |  |  |  |  |  | 3 |  |  |  | 8 |  |  |  | 1 |  |  |  | - |  |  |  | 12 |
Counterpart |  | Country |  | Classification |  |  | Derivative instruments (market adjusted) |  |  | Deposits MUSD |  |  | Loans MUSD |  |  | Financial Investments MUSD |  |  | Exposure MUSD |
|  |  |  |  |  |  | US$ millions |
Banco Santander Hong Kong |  | Hong Kong |  |  | 2 |  |  |  | - |  |  |  | 7 |  |  |  | - |  |  |  | - |  |  |  | 7 |
Banco Santander Mexico |  | Mexico |  |  | 3 |  |  |  | 3 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 3 |
Banco Santander EEUU * |  | EEUU |  |  | 1 |  |  |  | 41 |  |  |  | 700 |  |  |  | - |  |  |  | - |  |  |  | 741 |
Santander UK PLC |  | UK |  |  | 1 |  |  |  | - |  |  |  | 1 |  |  |  | - |  |  |  | - |  |  |  | 1 |
Banco Santander España |  | Spain |  |  | 1 |  |  |  | 292 |  |  |  | 46 |  |  |  | - |  |  |  | - |  |  |  | 338 |
* | Includes BSCH SA New York and Santander InvestmentSecuries
Schedule of Security Interests, Collateral, or Credit Improvements | Below is the detail of security interests, collateral, or credit improvements provided to the Bank as of December 31, 2023 and 2022:
|  | As of December 31, |
|  | 2023 |  |  | 2022 |
|  | MCh$ |  |  | MCh$ |
Non-impaired financial assets |  |  |  |  |  |
Properties/mortgages |  |  | 29,279,845 |  |  |  | 28,012,572 |
Investments and others |  |  | 5,300,893 |  |  |  | 4,441,058 |
Impaired financial assets |  |  |  |  |  |  |  |
Properties/ mortgages |  |  | 2,444,084 |  |  |  | 2,009,968 |
Investments and others |  |  | 293,347 |  |  |  | 274,296 |
Total |  |  | 37,318,169 |  |  |  | 34,737,894 |
Schedule of Breakdown of Bank's Fixed Income by Levels |
|  | As of December 31, |
ALAC |  | 2023 |  |  | 2022 |
|  | MCh$ |  |  | MCh$ |
Level 1: cash and cash equivalent |  |  | 1,969,547 |  |  |  | 1,453,265 |
Level 2: fixed income |  |  | 6,072,282 |  |  |  | 5,424,452 |
Level 2: fixed income |  |  | 6,240 |  |  |  | 8,066 |
Total |  |  | 8,048,069 |  |  |  | 6,885,783 |
Schedule of Liquidity Coverage Ratio |
|  | As of December 31, |
Liquidity Coverage Ratio |  | 2023 |  |  | 2022 |
|  | % |  |  | % |
LCR |  |  | 212 |  |  |  | 175 |
Schedule of Net Stable Funding Ratio |
|  | As of December 31, |
Net Stable Funding Ratio |  | 2023 |  |  | 2022 |
|  | % |  |  | % |
NSFR |  |  | 106 |  |  |  | 116 |
Schedule of Breakdown by Maturity |
|  | As of December 31, 2023 |
|  | Individual |  |  | Consolidated |
|  | Up to 7 days |  |  | Up to 15 days |  |  | Up to 30 days |  |  | Up to 7 days |  |  | Up to 15 days |  |  | Up to 30 days |
|  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |
Cash flow receivable (assets) and income |  |  | 7,874,553 |  |  |  | 3,217,485 |  |  |  | 2,017,597 |  |  |  | 7,991,785 |  |  |  | 3,230,081 |  |  |  | 2,009,451 |
Cash flow payable (liabilities) and expenses |  |  | 10,475,218 |  |  |  | 2,119,787 |  |  |  | 2,498,713 |  |  |  | 10,411,396 |  |  |  | 2,119,787 |  |  |  | 2,498,985 |
Mismatch |  |  | (2,600,665 | ) |  |  | 1,097,698 |  |  |  | (481,116 | ) |  |  | (2,419,611 | ) |  |  | 1,110,294 |  |  |  | (489,534 | )
Mismatch affected by limits |  |  |  |  |  |  |  |  |  |  | (1,984,083 | ) |  |  |  |  |  |  |  |  |  |  | (1,798,851 | )
Limits: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1 time capital |  |  |  |  |  |  |  |  |  |  | 4,367,159 |  |  |  |  |  |  |  |  |  |  |  | 4,491,893 |
Margin available |  |  |  |  |  |  |  |  |  |  | 2,383,076 |  |  |  |  |  |  |  |  |  |  |  | 2,693,042 |
% used |  |  |  |  |  |  |  |  |  |  | 45 | % |  |  |  |  |  |  |  |  |  |  | 40 | %
|  | As of December 31, 2022 |
|  | Individual |  |  | Consolidated |
|  | Up to 7 days |  |  | Up to 15 days |  |  | Up to 30 days |  |  | Up to 7 days |  |  | Up to 15 days |  |  | Up to 30 days |
|  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |
Cash flow receivable (assets) and income |  |  | 9,123,887 |  |  |  | 1,805,516 |  |  |  | 3,552,792 |  |  |  | 9,269,188 |  |  |  | 1,804,580 |  |  |  | 3,514,336 |
Cash flow payable (liabilities) and expenses |  |  | 9,295,580 |  |  |  | 1,855,664 |  |  |  | 2,702,150 |  |  |  | 9,320,125 |  |  |  | 1,855,664 |  |  |  | 2,707,135 |
Mismatch |  |  | (171,693 | ) |  |  | (50,148 | ) |  |  | 850,642 |  |  |  | (50,937 | ) |  |  | (51,084 | ) |  |  | 807,201 |
Mismatch affected by limits |  |  |  |  |  |  |  |  |  |  | 628,801 |  |  |  |  |  |  |  |  |  |  |  | 705,180 |
Limits: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1 time capital |  |  |  |  |  |  |  |  |  |  | 4,128,808 |  |  |  |  |  |  |  |  |  |  |  | 4,238,372 |
Margin available |  |  |  |  |  |  |  |  |  |  | 4,757,609 |  |  |  |  |  |  |  |  |  |  |  | 4,943,552 |
% used |  |  |  |  |  |  |  |  |  |  | 15 | % |  |  |  |  |  |  |  |  |  |  | 17 | %
Schedule of Main Sources of Financing with Third Parties | The main sources of financing with third parties are the following:
|  | As of December 31, |
Main sources of financing |  | 2023 |  |  | 2022 |
|  | MCh$ |  |  | MCh$ |
Deposits and other demand obligations |  |  | 13,537,826 |  |  |  | 14,086,226 |
Time deposits |  |  | 16,137,942 |  |  |  | 12,978,790 |
Bank obligations |  |  | 10,366,499 |  |  |  | 8,864,765 |
Debt instruments issued and regulatory capital |  |  | 8,001,045 |  |  |  | 9,490,009 |
Total |  |  | 48,043,312 |  |  |  | 45,419,790 |
Schedule of Net Losses from Operational Risks |
|  | As of December 31, |
|  | 2023 |  |  | 2022 |
|  | MCh$ |  |  | MCh$ |
Expenses for the gross loss period due to operational risk events |  |  |  |  |  |
Internal fraud |  |  | 1,367 |  |  |  | 91 |
External fraud |  |  | 7,202 |  |  |  | 8,513 |
Labor Practices and Business Safety |  |  | 6,887 |  |  |  | 8,095 |
Clients, products and business practices |  |  | 950 |  |  |  | 789 |
Damage to physical assets |  |  | 267 |  |  |  | 221 |
Business interruption and system failures |  |  | 964 |  |  |  | 981 |
Process execution, delivery and management |  |  | 7,303 |  |  |  | 3,624 |
Subtotal |  |  | 24,940 |  |  |  | 22,314 |
Recoveries of expenses in the period due to operational risk events |  |  |  |  |  |  |  |
Internal fraud |  |  | - |  |  |  | - |
External fraud |  |  | (5,810 | ) |  |  | (2,194 | )
Labor Practices and Business Safety |  |  | (1,276 | ) |  |  | (1,391 | )
Clients, products and business practices |  |  | (189 | ) |  |  | (673 | )
Damage to physical assets |  |  | (12 | ) |  |  | - |
Business interruption and system failures |  |  | (800 | ) |  |  | (2 | )
Process execution, delivery and management |  |  | (2,885 | ) |  |  | (809 | )
Subtotal |  |  | (10,972 | ) |  |  | (5,069 | )
Net loss from operational risk events |  |  | 13,968 |  |  |  | 17,245 |
Schedule of Total Assets, Risk-Weighted Assets, and Components of Effective Equity |
|  | Total assets, risk-weighted assets and components of effective equity according to Basel III |  | Consolidated global 31-12-2023 MCh$ |  |  | Consolidated global 31-12-2022 MCh$ |
1 |  | Total assets according to the statement of financial position |  |  | 70,857,886 |  |  |  | 68,164,604 |
2 |  | Investment in subsidiaries that are not consolidated |  |  |  |  |  |  | - |
3 |  | Assets discounted from regulatory capital, other than item 2 |  |  | 10,823,906 |  |  |  | 12,270,810 |
4 |  | Credit equivalents |  |  | 3,446,909 |  |  |  | 2,890,350 |
5 |  | Contingent credits |  |  | 2,604,665 |  |  |  | 2,776,542 |
6 |  | Assets generated by the intermediation of financial instruments |  |  | 33,260 |  |  |  | 243,345 |
7 |  | = (1-2-3+4+5-6) Total assets for regulatory purposes |  |  | 66,052,294 |  |  |  | 61,317,341 |
8.a |  | Assets weighted for credit risk, estimated according to the standard methodology (RAW) |  |  | 30,333,749 |  |  |  | 28,401,718 |
8.b |  | Assets weighted for credit risk, estimated according to internal methodologies (AWCR) |  |  | - |  |  |  | - |
8 |  | Market Risk Weighted Assets (MRWA) |  |  | 4,793,740 |  |  |  | 5,554,604 |
10 |  | Operational Risk Weighted Assets (OPWA) |  |  | 4,424,739 |  |  |  | 4,070,594 |
11.a |  | = (8.a/8.b+9+10) Risk Weighted Assets (RWA) |  |  | 39,552,228 |  |  |  | 38,026,916 |
11.b |  | = (8.a/8.b+9+10) Risk-weighted assets, after applying the output floor (RWA) |  |  | 39,552,228 |  |  |  | 38,026,916 |
12 |  | Shareholders equity |  |  | 4,367,159 |  |  |  | 4,128,808 |
13 |  | Non-controlling interest |  |  | 124,735 |  |  |  | 109,563 |
14 |  | Goodwill |  |  | - |  |  |  | - |
15 |  | Excess minority investment |  |  | - |  |  |  | - |
16 |  | = (12+13-14-15) Common Equity Equivalent Tier 1 Capital (CET1) |  |  | 4,491,894 |  |  |  | 4,238,371 |
17 |  | Additional deductions to common equity tier 1, other than item 2 |  |  | 94,013 |  |  |  | 25,455 |
18 |  | = (16-17-2) Common Equity Tier 1 (CET1) |  |  | 4,397,881 |  |  |  | 4,212,916 |
19 |  | Voluntary (additional) provisions charged as additional capital tier 1 (AT1) |  |  | - |  |  |  | - |
20 |  | Subordinated bonds imputed as additional capital level 1 (AT1) |  |  | - |  |  |  | 190,135 |
21 |  | Preferred shares attributed to additional capital tier 1 (AT1) |  |  | - |  |  |  | - |
22 |  | Perpetual bonds attributed to additional capital level 1 (AT1) |  |  | 608,721 |  |  |  | 590,247 |
23 |  | Discounts applied to AT1 |  |  | - |  |  |  | - |
24 |  | = (19+20+21+22-23) Additional Tier 1 Capital (AT1) |  |  | 608,721 |  |  |  | 780,382 |
25 |  | = (18+24) Equity Tier 1 |  |  | 5,006,602 |  |  |  | 4,993,298 |
26 |  | Voluntary (additional) provisions allocated as Tier 2 (T2) capital |  |  | 293,000 |  |  |  | 293,000 |
27 |  | Subordinated bonds imputed as Tier 2 capital (T2) |  |  | 1,679,130 |  |  |  | 1,472,749 |
28 |  | = (26+27) Capital nivel 2 equivalente (T2) |  |  | 1,972,130 |  |  |  | 1,765,749 |
29 |  | Discounts applied to T2 |  |  | - |  |  |  | - |
30 |  | = (28-29) Tier 2 Capital (T2) |  |  | 1,972,130 |  |  |  | 1,765,749 |
31 |  | = (25+30) Effective equity |  |  | 6,978,732 |  |  |  | 6,759,047 |
32 |  | Additional basic capital required for the constitution of the conservation buffer |  |  | 461,934 |  |  |  | 444,662 |
33 |  | Additional basic capital required to set up the countercyclical buffer |  |  | - |  |  |  | - |
34 |  | Additional core capital required for banks rated as systemic |  |  | 296,642 |  |  |  | 142,601 |
35 |  | Additional capital required for the evaluation of the adequacy of effective capital (Pillar 2) |  |  | - |  |  |  | - |
Schedule of Solvency Indicators and Regulatory Compliance Indicators According to Basel III |
|  | Solvency indicators and regulatory compliance indicators according to Basel III |  | Consolidated global 31-12-2023 % |  |  | Consolidated global 31-12-2022 % |
1 |  | Leverage indicator (T1_I18/T1_I7) |  |  | 6.66 | % |  |  | 6.87 | %
1.a |  | Leverage indicator that the bank must meet, considering the minimum requirements |  |  | 3.00 | % |  |  | 3.00 | %
2 |  | Basic capital indicator (T1_I18/T1_I11,b) |  |  | 11.12 | % |  |  | 11.08 | %
2.a |  | Basic capital indicator that the bank must meet, considering the minimum requirements |  |  | 5.25 | % |  |  | 4.88 | %
2.b |  | Capital buffer shortfall |  |  |  |  |  |  |  |
3 |  | Tier 1 capital indicator (T1_I25/T1_I11,b) |  |  | 12.66 | % |  |  | 13.13 | %
3.a |  | Tier 1 capital indicator that the bank must meet, considering the minimum requirements |  |  | 6.75 | % |  |  | 6.38 | %
4 |  | Effective equity indicators (T1_I31/T1_I11,b) |  |  | 17.64 | % |  |  | 17.77 | %
4.a |  | Effective equity indicator that the bank must meet, considering the minimum requirements |  |  | 8.75 | % |  |  | 8.38 | %
4.b |  | Effective equity indicator that the bank must meet, considering the charge for article 35 bis, if applicable |  |  | 8.00 | % |  |  | 8.00 | %
4.c |  | Effective equity indicator that the bank must meet, considering the minimum requirements, conservation buffer and anti-cyclical buffer |  |  | 10.63 | % |  |  | 9.63 | %
5 |  | Credit rating |  |  | A |  |  |  | A |
|  | Regulatory compliance indicators for solvency |  |  |  |  |  |  |  |
6 |  | Voluntary (additional) provisions allocated to Tier 2 capital (T2) in relation to APRCs (T1_I26/ (T1_I8,a or I8,b) |  |  | 0.97 | % |  |  | 1.03 | %
7 |  | Subordinated bonds allocated to Tier 2 (T2) capital in relation to Tier 2 capital |  |  | 38.18 | % |  |  | 34.96 | %
8 |  | Additional Tier 1 capital (AT1) in relation to basic capital (T1_I24/T1_I18) |  |  | 13.84 | % |  |  | 18.52 | %
9 |  | Voluntary provisions (additional) and subordinated bonds that are charged to additional capital level 1 (AT1) in relation to the RWAs (T1_I19+T1_I20 / T1_I11,b) |  |  | 0.00 | % |  |  | 0.50 | %

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- Definition The disclosure of the credit risk exposure. Credit risk exposure is the credit risk inherent in an entity’s financial assets and commitments to extend credit. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 7 -IssueDate 2023-01-01 -Paragraph 35M -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2023-en-r&anchor=para_35M&doctype=Standard -URIDate 2023-03-23 + Details
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- Definition The disclosure of information about the collateral held as security and other credit enhancements (for example, quantification of the extent to which collateral and other credit enhancements mitigate credit risk) for financial assets that are credit-impaired at the reporting date. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 7 -IssueDate 2023-01-01 -Paragraph 35K -Subparagraph c -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2023-en-r&anchor=para_35K_c&doctype=Standard -URIDate 2023-03-23 + Details
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- Definition The disclosure of the sensitivity analysis for types of market risk to which the entity is exposed, showing how profit or loss and equity would have been affected by changes in the relevant risk variable that were reasonably possible at that date. [Refer: Market risk [member]] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 7 -IssueDate 2023-01-01 -Paragraph 40 -Subparagraph a -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2023-en-r&anchor=para_40_a&doctype=Standard -URIDate 2023-03-23 + Details
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