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Financial Liabilities for Trading at Fair Value through Profit or Loss | 12 Months Ended
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Dec. 31, 2023
Financial Liabilities for Trading at Fair Value through Profit or Loss [Abstract] |
FINANCIAL LIABILITIES FOR TRADING AT FAIR VALUE THROUGH PROFIT OR LOSS | NOTE 16 - FINANCIAL LIABILITIES FOR TRADING AT FAIR VALUE THROUGH PROFIT OR LOSS A financial liability is classified as a financial liability at fair value through profit or loss if is held for trading or it is designated by the entity as at fair value through profit or loss (under specified conditions). The Bank has not designated financial liabilities at FVPL. A financial liability is held for trading if it is incurred principally for the purpose of repurchasing it in the near term or it is a derivative. The Bank only has derivatives under this classification, whose purpose is to hedge the exchange rate and interest rate risk related to future obligations.
|  | As of December 31, |
|  | 2023 |  |  | 2022 |
|  | MCh$ |  |  | MCh$ |
Financial derivative contracts |  |  |  |  |  |
Forwards |  |  | 1,258,352 |  |  |  | 1,818,024 |
Swaps |  |  | 8,255,283 |  |  |  | 9,497,035 |
Call Options |  |  | 2,726 |  |  |  | 2,794 |
Put Options |  |  | 5,214 |  |  |  | 1,467 |
Total |  |  | 9,521,575 |  |  |  | 11,319,320 |
As of December 31, 2023 and 2022 the Bank holds the following portfolio of financial liabilities derivative contracts:
|  | As of December 31, 2023 |
|  | Notional amount |
|  | On Demand |  |  | Up to 1 month |  |  | Between 1 and 3 months |  |  | Between 3 and 12 months |  |  | Between 1 and 3 years |  |  | Between 3 and 5 years |  |  | More than 5 years |  |  | Total |  |  | Fair value |
|  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |
Currency forward |  |  | - |  |  |  | 15,424,586 |  |  |  | 11,104,328 |  |  |  | 15,247,865 |  |  |  | 3,947,215 |  |  |  | 1,408,304 |  |  |  | 2,072,624 |  |  |  | 49,204,922 |  |  |  | 1,258,352 |
Interest rate swaps |  |  | - |  |  |  | 5,149,926 |  |  |  | 15,399,286 |  |  |  | 19,835,190 |  |  |  | 18,565,396 |  |  |  | 7,666,659 |  |  |  | 11,349,882 |  |  |  | 77,966,339 |  |  |  | 1,940,320 |
Cross currency swaps |  |  | - |  |  |  | 1,915,707 |  |  |  | 4,813,848 |  |  |  | 22,440,782 |  |  |  | 48,295,676 |  |  |  | 20,620,952 |  |  |  | 44,005,979 |  |  |  | 142,092,944 |  |  |  | 6,314,963 |
Call currency options |  |  | - |  |  |  | 192,051 |  |  |  | 81,368 |  |  |  | 10,799 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 284,218 |  |  |  | 2,726 |
Put currency options |  |  | - |  |  |  | 6,518 |  |  |  | 147,329 |  |  |  | 157,779 |  |  |  | 36,650 |  |  |  | - |  |  |  | - |  |  |  | 348,276 |  |  |  | 5,214 |
Total |  |  | - |  |  |  | 22,688,788 |  |  |  | 31,546,159 |  |  |  | 57,692,415 |  |  |  | 70,844,937 |  |  |  | 29,695,915 |  |  |  | 57,428,485 |  |  |  | 269,896,699 |  |  |  | 9,521,575 |
|  | As of December 31, 2022 |
|  | Notional amount |
|  | On Demand |  |  | Up to 1 month |  |  | Between 1 and 3 months |  |  | Between 3 and 12 months |  |  | Between 1 and 3 years |  |  | Between 3 and 5 years |  |  | More than 5 years |  |  | Total |  |  | Fair value |
|  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |
Currency forward |  |  | - |  |  |  | 10,130,103 |  |  |  | 7,474,471 |  |  |  | 10,559,457 |  |  |  | 4,725,547 |  |  |  | 1,913,113 |  |  |  | 2,034,929 |  |  |  | 36,837,620 |  |  |  | 1,818,024 |
Interest rate swaps |  |  | - |  |  |  | 4,042,822 |  |  |  | 9,226,258 |  |  |  | 26,018,228 |  |  |  | 25,470,384 |  |  |  | 11,344,275 |  |  |  | 15,274,620 |  |  |  | 91,376,587 |  |  |  | 3,935,401 |
Cross currency swaps |  |  | - |  |  |  | 726,140 |  |  |  | 1,580,644 |  |  |  | 5,192,387 |  |  |  | 18,051,948 |  |  |  | 10,879,098 |  |  |  | 20,229,246 |  |  |  | 56,659,463 |  |  |  | 5,561,634 |
Call currency options |  |  | - |  |  |  | 289,795 |  |  |  | 70,941 |  |  |  | 10,365 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 371,101 |  |  |  | 2,794 |
Put currency options |  |  | - |  |  |  | 68,099 |  |  |  | 11,304 |  |  |  | 27,612 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 107,015 |  |  |  | 1,467 |
Total |  |  | - |  |  |  | 15,256,959 |  |  |  | 18,363,618 |  |  |  | 41,808,049 |  |  |  | 48,247,879 |  |  |  | 24,136,486 |  |  |  | 37,538,795 |  |  |  | 185,351,786 |  |  |  | 11,319,320 |

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