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Financial Derivatives Contracts for Hedge Accounting

12 Months Ended

Dec. 31, 2024

Financial Derivatives Contracts for Hedge Accounting [Abstract]

Financial Derivatives Contracts for Hedge Accounting

FINANCIAL DERIVATIVES CONTRACTS FOR HEDGE ACCOUNTING

As of December 31, 2024 and 2023 the Bank holds the following portfolio of derivative instruments for hedging purposes:

			As of December 31, 2024
			Notional amount																																																Fair value
			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						Assets						Liabilities
			MCh$						MCh$						MCh$						MCh$						MCh$						MCh$						MCh$						MCh$						MCh$						MCh$
Fair value hedge derivatives
Interest rate swaps			-						-						-						2,047,050						1,153,300						543,000						397,640						4,140,990						40,062						78,329
Cross currency swaps			-						841,009						224,877						2,093,135						3,127,813						1,177,983						1,436,626						8,901,443						462,924						243,723
Subtotal			-						841,009						224,877						4,140,185						4,281,113						1,720,983						1,834,266						13,042,433						502,986						322,052
Currency forwards			-						149,115						160,050						1,861,085						-						-						-						2,170,250						65,196						-
Cross currency swaps			-						889,661						1,989,477						3,491,191						7,437,766						528,886						1,153,235						15,490,216						275,446						576,342
Subtotal			-						1,038,776						2,149,527						5,352,276						7,437,766						528,886						1,153,235						17,660,466						340,642						576,342
Total			-						1,879,785						2,374,404						9,492,461						11,718,879						2,249,869						2,987,501						30,702,899						843,628						898,394

			As of December 31, 2023
			Notional amount																																																Fair value
			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						Assets						Liabilities
			MCh$						MCh$						MCh$						MCh$						MCh$						MCh$						MCh$						MCh$						MCh$						MCh$
Fair value hedge derivatives
Interest rate swaps			-						12,562						3,656,708						2,971,608						2,219,138						349,780						612,115						9,821,911						96,729						1,319,275
Cross currency swaps			-						87,445						216,904						902,332						4,075,196						497,502						1,764,227						7,543,606						251,810						174,041
Subtotal			-						100,007						3,873,612						3,873,940						6,294,334						847,282						2,376,342						17,365,517						348,539						1,493,316
Cash flow hedge derivatives
Currency forwards			-						43,242						177,000						2,207,656						8,745						-						-						2,436,643						5,539						64,624
Cross currency swaps			-						459,517						1,144,579						5,286,020						6,210,538						1,205,343						1,676,266						15,982,263						251,451						908,827
Subtotal			-						502,759						1,321,579						7,493,676						6,219,283						1,205,343						1,676,266						18,418,906						256,990						973,451
Total			-						602,766						5,195,191						11,367,616						12,513,617						2,052,625						4,052,608						35,784,423						605,529						2,466,767

NOTE 07 - FINANCIAL DERIVATIVES CONTRACTS FOR HEDGE ACCOUNTING, continued

a.Micro-hedge accounting

Fair value micro-hedge

The Bank uses cross-currency swaps and interest rate swaps to hedge its exposure to changes in fair value of hedged items attributable to interest rates. Those hedging instruments change the effective cost of long-term issuances from a fixed interest rate to a variable interest rate.

Below is a detail of the hedged elements and hedge instruments under fair value hedges as of December 31, 2024 and 2023, classified by term to maturity:

			As of December 31, 2024
			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
			MCh$						MCh$						MCh$						MCh$						MCh$						MCh$						MCh$						MCh$
Hedged item
Loans and receivables from clients
Commercial loans			-						-						62,628						81,516						-						-						-						144,144
Debt instruments at FVOCI
Chilean sovereign bonds			-						-						-						-						-						169,155						379,148						548,303
US Treasury bonds			-						-						-						497,050						-						-						-						497,050
Chilean Treasury bonds			-						-						-						-						328,347						204,603						-						532,950
Time deposits and other time liabilities
Time deposits			-						177,944						66,207						286,102						-						-						-						530,253
Issued debt instruments
Senior bonds			-						586,519						96,042						846,503						1,174,316						208,151						506,578						3,418,109
Subordinated bonds			-						-						-						-						192,083												352,487						544,570
Interbank borrowing
Interbank loans									76,546												427,463																								504,009
Chilean Central Bank loans			-						-						-						-												-						-						-
Total			-						841,009						224,877						2,138,634						1,694,746						581,909						1,238,213						6,719,388
Hedging instrument
Cross Currency swaps			-						841,009						224,877						1,641,584						1,391,446						438,909						840,573						5,378,398
Interest rate swaps			-						-						-						497,050						303,300						143,000						397,640						1,340,990
Total			-						841,009						224,877						2,138,634						1,694,746						581,909						1,238,213						6,719,388

NOTE 07 - FINANCIAL DERIVATIVES CONTRACTS FOR HEDGE ACCOUNTING, continued

			As of December 31, 2023
			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
			MCh$						MCh$						MCh$						MCh$						MCh$						MCh$						MCh$						MCh$
Hedged item
Loans and account receivable at amortised cost
Commercial loans			-						-						-						-						-						-						-						-
Debt instruments at FVOCI
Chilean Sovereign bond			-						-						-						-						-						-						301,803						301,803
US Treasury bonds			-						-						-						-						655,838						349,780						262,335						1,267,953
Chilean Treasury bonds			-						-						-						-						-						-						50,795						50,795
Time deposits and other time liabilities
Time deposits			-						12,562						27,708						92,160						-						-						-						132,430
Issued debt instruments
Senior bonds			-						-						91,973						882,779						2,262,976						497,502						696,941						4,432,171
Subordinated bonds			-						87,445						-						-						183,946						-						505,998						777,389
Interbank borrowing
Interbank loans			-						-						-						-						-						-						-						-
Chilean Central Bank loans			-						-						3,329,001						2,849,001						-						-						-						6,178,002
Total			-						100,007						3,448,682						3,823,940						3,102,760						847,282						1,817,872						13,140,543
Hedging instrument
Cross currency swaps			-						87,445						91,973						902,331						2,433,621						497,502						1,205,760						5,218,632
Forwards			-						12,562						3,356,709						2,921,609						669,139						349,780						612,112						7,921,911
Total			-						100,007						3,448,682						3,823,940						3,102,760						847,282						1,817,872						13,140,543

    

NOTE 07 - FINANCIAL DERIVATIVES CONTRACTS FOR HEDGE ACCOUNTING, continued

Cash flow micro-hedges

The Bank uses cross currency swaps to hedge the risk from variability of cash flows attributable to changes in the interest rates of bonds and interbank loans at a variable interest rate. The inflation risk that arises in some items is covered by both forwards as well as cross currency swaps.

Below is the notional amount of the hedged items as of December 31, 2024 and 2023, and the period when the cash flows will be generated:

As of December 31, 2024
			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
			MCh$						MCh$						MCh$						MCh$						MCh$						MCh$						MCh$						MCh$
Hedged item
Loans and accounts receivable at amortised cost
Mortgage loans			-						680,900						1,623,426						2,208,482						5,622,165						144,203						728,129						11,007,305
Debt instruments at FVOCI
Chilean Treasury bonds			-						-						-						-						-						-						191,906						191,906
Time deposits and other time liabilities
Time deposits			-						-						20,876						338,988						-						-						-						359,864
Issued debt instruments
Senior bonds			-						-						192,083						153,667						-						-						-						345,750
Subordinated bonds			-						-						-						970,384						896,058						384,683						233,200						2,484,325
Interbank borrowings
Interbank loans			-						357,876						313,142						1,680,755						919,543						-						-						3,271,316
Total			-						1,038,776						2,149,527						5,352,276						7,437,766						528,886						1,153,235						17,660,466
Hedging instrument
Cross currency swaps			-						889,661						1,989,477						3,491,191						7,437,766						528,886						1,153,235						15,490,216
Currency forward			-						149,115						160,050						1,861,085						-						-						-						2,170,250
Total			-						1,038,776						2,149,527						5,352,276						7,437,766						528,886						1,153,235						17,660,466

NOTE 07 - FINANCIAL DERIVATIVES CONTRACTS FOR HEDGE ACCOUNTING, continued

As of December 31, 2023
			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
			MCh$						MCh$						MCh$						MCh$						MCh$						MCh$						MCh$						MCh$
Hedged item
Loans and accounts receivable at amortised cost
Mortgage loans			-						232,909						596,597						3,889,412						4,192,353						766,685						1,077,483						10,755,439
Debt instruments at FVOCI
Chilean Treasury bonds			-						-						-						-						492,370						-						191,905						684,275
Deposits and other time deposits
Time deposits			-						-						21,861						392,453						8,744						-						-						423,058
Issued debt instruments
Senior bonds			-						-						-						-						331,104						-						-						331,104
Subordinated bonds			-						269,850						124,236						549,555						893,024						263,768						406,878						2,507,311
Interbank borrowings
Interbank loans			-						-						578,885						2,662,256						301,688						174,890						-						3,717,719
Total			-						502,759						1,321,579						7,493,676						6,219,283						1,205,343						1,676,266						18,418,906
Hedging instrument
Cross currency swaps			-						459,518						1,144,579						5,286,018						6,210,539						1,205,343						1,676,266						15,982,263
Currency forward			-						43,241						177,000						2,207,658						8,744						-						-						2,436,643
Total			-						502,759						1,321,579						7,493,676						6,219,283						1,205,343						1,676,266						18,418,906

NOTE 07 - FINANCIAL DERIVATIVES CONTRACTS FOR HEDGE ACCOUNTING, continued

i.Forecasted cash flows for interest rate risk

Below is an estimate of the periods in which cash flows are expected to be produced:

			As of December 31, 2024
			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
			MCh$						MCh$						MCh$						MCh$						MCh$						MCh$						MCh$						MCh$
Hedged item
Inflows			-						-						558						57						113						113						-						841
Outflows			-						(7,111)						(9,001)						(67,113)						(44,193)						(2,010)						(2,322)						(131,750)
Net flows			-						(7,111)						(8,443)						(67,056)						(44,080)						(1,897)						(2,322)						(130,909)
Hedging instrument
Inflows			-						-						(558)						(57)						(113)						(113)						-						(841)
Outflows (*)			-						7,111						9,001						67,113						44,193						2,010						2,322						131,750
Net flows			-						7,111						8,443						67,056						44,080						1,897						2,322						130,909

(*)Only includes cash flow forecast portion of the hedge instruments used to cover interest rate risk.

			As of December 31, 2023
			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
			MCh$						MCh$						MCh$						MCh$						MCh$						MCh$						MCh$						MCh$
Hedged item
Inflows			-						-						-						-						-						-						-						-
Outflows			-						(7,483)						(13,555)						(68,956)						(39,724)						(7,913)						(2,980)						(140,611)
Net flows			-						(7,483)						(13,555)						(68,956)						(39,724)						(7,913)						(2,980)						(140,611)
Hedging instrument
Inflows			-						-						-						-						-						-						-						-
Outflows (*)			-						7,483						13,555						68,956						39,724						7,913						2,980						140,611
Net flows			-						7,483						13,555						68,956						39,724						7,913						2,980						140,611

(*)Only includes cash flow forecast portion of the hedge instruments used to cover interest rate risk.

ii.Forecasted cash flows for inflation risk:

			As of December 31, 2024
			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
			MCh$						MCh$						MCh$						MCh$						MCh$						MCh$						MCh$						MCh$
Hedged item
Inflows			-						106,476						173,281						469,031						628,318						63,681						357,048						1,797,835
Outflows			-						-						(2,004)						(40,788)						(53,291)						(51,136)						-						(147,219)
Net flows			-						106,476						171,277						428,243						575,027						12,545						357,048						1,650,616
Hedging instrument
Inflows			-						-						2,004						40,788						53,291						51,136						-						147,219
Outflows			-						(106,476)						(173,281)						(469,031)						(628,318)						(63,681)						(357,048)						(1,797,835)
Net flows			-						(106,476)						(171,277)						(428,243)						(575,027)						(12,545)						(357,048)						(1,650,616)

NOTE 07 - FINANCIAL DERIVATIVES CONTRACTS FOR HEDGE ACCOUNTING, continued

			As of December 31, 2023
			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
			MCh$						MCh$						MCh$						MCh$						MCh$						MCh$						MCh$						MCh$
Hedged item
Inflows			-						23,515						91,152						302,604						72,206						19,206						33,221						541,904
Outflows			-						(78,300)						(379,379)						(784,238)						(552,738)						(49,350)						(39,017)						(1,883,022)
Net flows			-						(54,785)						(288,227)						(481,634)						(480,532)						(30,144)						(5,796)						(1,341,118)
Hedging instrument
Inflows			-						78,300						379,379						784,238						552,738						49,350						39,017						1,883,022
Outflows			-						(23,515)						(91,152)						(302,604)						(72,206)						(19,206)						(33,221)						(541,904)
Net flows			-						54,785						288,227						481,634						480,532						30,144						5,796						1,341,118

iii.Forecasted cash flows for exchange rate risk

			As of December 31, 2024
			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
			MCh$						MCh$						MCh$						MCh$						MCh$						MCh$						MCh$						MCh$
Hedged item
Inflows			-						-						-						-						-						-						-						-
Outflows			-						(137,929)						(155,634)						(181,771)						(3,633)						(1,722)						-						(480,689)
Net flows			-						(137,929)						(155,634)						(181,771)						(3,633)						(1,722)						-						(480,689)
Hedging instrument
Inflows			-						-						-						-						-						-						-						-
Outflows			-						137,929						155,634						181,771						3,633						1,722						-						480,689
Net flows			-						137,929						155,634						181,771						3,633						1,722						-						480,689

			As of December 31, 2023
			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
			MCh$						MCh$						MCh$						MCh$						MCh$						MCh$						MCh$						MCh$
Hedged item
Inflows			-						-						-						-						-						-						-						-
Outflows			-						(30,629)						(168,812)						(1,992,343)						(22,684)						(3,212)						-						(2,217,680)
Net flows			-						(30,629)						(168,812)						(1,992,343)						(22,684)						(3,212)						-						(2,217,680)
Hedging instrument
Inflows			-						-						-						-						-						-						-						-
Outflows			-						30,629						168,812						1,992,343						22,684						3,212						-						2,217,680
Net flows			-						30,629						168,812						1,992,343						22,684						3,212						-						2,217,680

NOTE 07 - FINANCIAL DERIVATIVES CONTRACTS FOR HEDGE ACCOUNTING, continued

b.Other comprehensive income effect

The accumulated effect of the mark to market adjustment of cash flow hedges generated by hedge instruments used in hedged cash flow was recorded in the Consolidated Statements of Changes in Equity, within other comprehensive income, as of December 31, 2024 and 2023, is as follows:

			As of December 31,
Hedged item			2024						2023
			MCh$						MCh$
Interbank loans			(9,630)						(10,675)
Time deposits and other time liabilities			(138)						516
Issued debt instruments			3,972						(9,684)
Debt instruments at FVOCI			19,449						(4,235)
Loans and accounts receivable at amortised cost			(91,454)						108,494
Total			(77,801)						84,416

Since the inflows and outflows for both the hedged element and the hedging instrument mirror each other, the hedges are nearly 100% effective, which means that fluctuations of fair value attributable to risk components are almost completely offset.

During the current year, the Bank did not enter into any cash flow hedges relating to forecasted transactions.

c.P&L effect

The amounts recycling from other comprehensive income to income for the year related to cash flow hedges are as follows:

			For the years ended December 31,
			2024						2023						2022
			MCh$						MCh$						MCh$
Bond hedging derivatives			1,288						817						(826)
Interbank loans hedging derivatives			—						(4,775)						(4,762)
Mortgage loans hedging derivatives			(36,625)						(36,154)						(37,698)
Cash flow hedge net gain (loss)			(35,337)						(40,112)						(43,286)

See Note 21 - Equity, letter e, for other comprehensive income reconciliation

d.Net investment hedges in foreign operations

As of December 31, 2024, and 2023, the Bank does not have any foreign net investment hedges nor hedge accounting.

NOTE 07 - FINANCIAL DERIVATIVES CONTRACTS FOR HEDGE ACCOUNTING, continued

e.Fair value macro-hedges

			Notional amount
As of December 31, 2024			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
			MCh$						MCh$						MCh$						MCh$						MCh$						MCh$						MCh$						MCh$
Hedge item
Loans and account receivable at amortised cost
Mortgage loans			-						-						-						-						-						-						377,928						377,928
Commercial loans			-						-						-						2,001,551						2,586,367						1,139,074						218,125						5,945,117
Total			-						-						-						2,001,551						2,586,367						1,139,074						596,053						6,323,045
Hedging instrument
Cross currency swaps			-						-						-						451,551						1,736,367						739,074						596,053						3,523,045
Interest rate swaps			-						-						-						1,550,000						850,000						400,000						-						2,800,000
Total			-						-						-						2,001,551						2,586,367						1,139,074						596,053						6,323,045

			Notional amount
As of December 31, 2023			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
			MCh$						MCh$						MCh$						MCh$						MCh$						MCh$						MCh$						MCh$
Hedge item
Loans and account receivable at amortised cost
Mortgage loans			-						-						-						-						-						-						377,928						377,928
Commercial loans			-						-						424,930						50,000						3,191,574						-						180,542						3,847,046
Total			-						-						424,930						50,000						3,191,574						-						558,470						4,224,974
Hedging instrument
Cross currency swaps			-						-						124,930						-						1,641,574						-						558,470						2,324,974
Interest rate swaps			-						-						300,000						50,000						1,550,000						-						-						1,900,000
Total			-						-						424,930						50,000						3,191,574						-						558,470						4,224,974

As of December 31, 2024, and 2023 Other Assets include MCh$155,587 and MCh$160,370 respectively, related to fair value measurement of net assets or liabilities subject to macrohedges. See Note 14.

As of December 31, 2024, and 2023, Other Liabilities include MCh$76,540 and MCh$68,781 respectively, related to fair value measurement of net assets or liabilities subject to macrohedges. See Note 20.

X

- Definition

Financial Derivatives Contracts for Hedge Accounting [Abstract]

+ References

No definition available.

+ Details

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- Definition

The disclosure of derivative financial instruments. [Refer: Derivatives [member]]

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Name IAS
-Number 1
-IssueDate 2024-01-01
-Paragraph 10
-Subparagraph e
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2024-en-r&anchor=para_10_e&doctype=Standard
-URIDate 2024-03-27

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