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Equity | 12 Months Ended
--- | ---
Dec. 31, 2023
Equity [Abstract] |
EQUITY | NOTE 21 - EQUITY
| a. | Capital
As of December 31, 2022, and 2021 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 2023, 2023 and 2022 was as follows:
|  | SHARES As of December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
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, 2023, 2022 and 2021 the Bank does not have any of its own shares in treasury, nor do any of the consolidated companies. As of December 31, 2023, 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 S.A. |  |  | 59,770,481,573 |  |  |  | - |  |  |  | 59,770,481,573 |  |  |  | 31,72 |
The Bank of New York Mellon |  |  |  |  |  |  | 12,799,964,871 |  |  |  | 12,799,964,871 |  |  |  | 6,79 |
Bancos por cuenta de terceros |  |  | 19,416,795,808 |  |  |  | - |  |  |  | 19,416,795,808 |  |  |  | 10,30 |
AFP por cuentas de terceros |  |  | 18,392,349,767 |  |  |  | - |  |  |  | 18,392,349,767 |  |  |  | 9,76 |
Corredoras de bolsa por cuenta de terceros |  |  | 5,029,151,233 |  |  |  | - |  |  |  | 5,029,151,233 |  |  |  | 2,67 |
Otros accionistas minoritarios |  |  | 6,214,863,847 |  |  |  | - |  |  |  | 6,214,863,847 |  |  |  | 3,30 |
Total |  |  | 175,646,161,923 |  |  |  | 12,799,964,871 |  |  |  | 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, 2022, 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 S.A. |  |  | 59,770,481,573 |  |  |  | - |  |  |  | 59,770,481,573 |  |  |  | 31.72 |
The Bank New York Mellon |  |  | - |  |  |  | 19,845,850,871 |  |  |  | 19,845,850,871 |  |  |  | 10.53 |
Banks on behalf of third parties |  |  | 16,841,385,216 |  |  |  | - |  |  |  | 16,841,385,216 |  |  |  | 8.94 |
Pension funds (AFP) on behalf of third parties |  |  | 13,742,809,166 |  |  |  | - |  |  |  | 13,742,809,166 |  |  |  | 7.29 |
Stock brokers on behalf of third parties |  |  | 6,122,497,451 |  |  |  | - |  |  |  | 6,122,497,451 |  |  |  | 3.25 |
Other minority holders |  |  | 5,300,582,822 |  |  |  | - |  |  |  | 5,300,582,822 |  |  |  | 2.81 |
Total |  |  | 168,600,275,923 |  |  |  | 19,845,850,871 |  |  |  | 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, 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 S.A. |  |  | 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.
| b. | Dividends
The distribution of dividends is detailed in the Consolidated Statements of Changes in Equity.
| c. | As of December 31, 2023, 2022 and 2021 the basic and diluted earnings per share were as follows:
|  | As of December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  | MCh$ |  |  | MCh$ |  |  | MCh$ |
a) Basic earnings per share |  |  |  |  |  |  |  |  |
Total attributable to the shareholders of the Bank |  |  | 579,427 |  |  |  | 792,276 |  |  |  | 842,467 |
Weighted average number of outstanding shares |  |  | 188,446,126,794 |  |  |  | 188,446,126,794 |  |  |  | 188,446,126,794 |
Basic earnings per share (in Ch$) |  |  | 3.075 |  |  |  | 4.204 |  |  |  | 4.471 |
Basic earnings per share from continuing operations (in Ch$) |  |  | 3.075 |  |  |  | 4.204 |  |  |  | 4.471 |
Basic earnings per share from discontinued operations (in Ch$) |  |  |  |  |  |  | - |  |  |  | - |
b) Diluted earnings per share |  |  |  |  |  |  |  |  |  |  |  |
Total attributable to the shareholders of the Bank |  |  | 579,427 |  |  |  | 792,276 |  |  |  | 842,467 |
Weighted average number of outstanding shares |  |  | 188,446,126,794 |  |  |  | 188,446,126,794 |  |  |  | 188,446,126,794 |
Adjusted number of shares |  |  | 188,446,126,794 |  |  |  | 188,446,126,794 |  |  |  | 188,446,126,794 |
Diluted earnings per share (in Ch$) |  |  | 3.075 |  |  |  | 4.204 |  |  |  | 4.471 |
Diluted earnings per share from continuing operations (in Ch$) |  |  | 3.075 |  |  |  | 4.204 |  |  |  | 4.471 |
Diluted earnings per share from discontinued operations (in Ch$) |  |  | - |  |  |  | - |  |  |  | - |
As of December 31, 2023, 2022 and 2021 the Bank does not own instruments with dilutive effects.
| d. | Other comprehensive income from available for sale investments and cash flow hedges:
|  | For the years ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  | MCh$ |  |  | MCh$ |  |  | MCh$ |
Debt instruments at FVOCI |  |  |  |  |  |  |  |  |
As of January 1, |  |  | (109,392 | ) |  |  | (112,223 | ) |  |  | 102,855 |
Gain (losses) on the re-measurement of debt instruments at FVOCI, before tax |  |  | 145,257 |  |  |  | 23,004 |  |  |  | (233,109 | )
Recycling from other comprehensive income to income for the year |  |  | - |  |  |  | - |  |  |  | - |
Net realized gains |  |  | (125,613 | ) |  |  | (20,173 | ) |  |  | 18,031 |
Subtotals |  |  | 19,644 |  |  |  | 2,831 |  |  |  | (215,078 | )
Total |  |  | (89,748 | ) |  |  | (109,392 | ) |  |  | (112,223 | )
Cash flow hedges |  |  |  |  |  |  |  |  |  |  |  |
As of January 1, |  |  | (118,838 | ) |  |  | (373,581 | ) |  |  | (136,765 | )
Gains (losses) on the re-measurement of cash flow hedges, before tax |  |  | 243,366 |  |  |  | 298,029 |  |  |  | (211,122 | )
Recycling adjustments on cash flow hedges, before tax |  |  | (40,112 | ) |  |  | (43,286 | ) |  |  | (25,694 | )
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 |  |  | 203,254 |  |  |  | 254,743 |  |  |  | (236,816 | )
Total |  |  | 84,416 |  |  |  | (118,838 | ) |  |  | (373,581 | )
Other comprehensive income, before taxes |  |  | (5,332 | ) |  |  | (228,230 | ) |  |  | (485,804 | )
Income tax related to other comprehensive income components |  |  |  |  |  |  |  |  |  |  |  |
Income tax relating to debt instruments at FVOCI |  |  | 24,231 |  |  |  | 29,536 |  |  |  | 31,650 |
Income tax relating to cash flow hedges |  |  | (22,792 | ) |  |  | 32,086 |  |  |  | 100,867 |
Total |  |  | 1,439 |  |  |  | 61,622 |  |  |  | 132,517 |
Other comprehensive income, net of tax |  |  | (3,893 | ) |  |  | (166,608 | ) |  |  | (353,287 | )
Attributable to: |  |  |  |  |  |  |  |  |  |  |  |
Shareholders of the Bank |  |  | (5,242 | ) |  |  | (167,147 | ) |  |  | (353,849 | )
Non-controlling interest |  |  | 1,349 |  |  |  | 539 |  |  |  | 562 |
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.
| e. | Other equity instruments issued other than capital
As of December 31, 2023 and 2022 the balance of the perpetual bonds was as follow:
|  | As of December 31, |
|  | 2023 |  |  | 2022 |
|  | MCh$ |  |  | MCh$ |
Perpetual bond |  |  | 608,721 |  |  |  | 590,247 |
Totals |  |  | 608,721 |  |  |  | 590,247 |
The perpetual bonds were issued on October 2021. 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 summarised below:
|  | As of December 31, 2023 |  |  | As of December 31, 2022 |
|  | Current |  |  | Non-current |  |  | Total |  |  | Current |  |  | Non-current |  |  | Total |
|  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |
Perpetual bonds |  |  | - |  |  |  | 608,721 |  |  |  | 608,721 |  |  |  | - |  |  |  | 590,247 |  |  |  | 590,247 |
Total |  |  | - |  |  |  | 608,721 |  |  |  | 608,721 |  |  |  | - |  |  |  | 590,247 |  |  |  | 590,247 |
The detail of perpetual bonds is as follows:
|  | As of December 31, |
|  | 2023 |  |  | 2022 |
|  | MCh$ |  |  | MCh$ |
US$ Bonds |  |  | 608,721 |  |  |  | 590,247 |
Total |  |  | 608,721 |  |  |  | 590,247 |
The terms of the perpetual bonds were as follows:
Series |  | Currency |  | Amount |  |  | Terms (years) |  |  | Interest Rate (Annual) |  |  | Issuance date |  | Principal Amount USD |  |  | Maturity date |
AT1 Bond |  | USD |  |  | 700,000,000 |  |  |  | - |  |  |  | 4.63 |  |  | 10-21-2021 |  |  | 700,000,000 |  |  |  | - |
Total USD |  |  |  |  | 700,000,000 |  |  |  |  |  |  |  |  |  |  |  |  |  | 700,000,000 |  |  |  |  |
During 2023 and 2022, no partial bond repurchases have been made. The movement of the balance of regulatory capital financial instruments issued as of December 31, 2023 and 2022, is as follows:
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  | MCh$ |  |  | MCh$ |  |  | MCh$ |
Balances as of January 01, |  |  | 590,247 |  |  |  | 598,136 |  |  |  | - |
New issuances |  |  |  |  |  |  | - |  |  |  | 564,356 |
Interest rate and fx exchange |  |  | 18,474 |  |  |  | (7,889 | ) |  |  | 33,780 |
Balances as of December 31, |  |  | 608,721 |  |  |  | 590,247 |  |  |  | 598,136 |

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