XML 56 R29.htm IDEA: XBRL DOCUMENT

Equity

12 Months Ended

Dec. 31, 2023

NOTE 21 - EQUITY

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.

Dividends

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

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.

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.

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

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