Fitch Publishes Chilean Banking Sector 1H16 Performance Dashboard

Link to Fitch Ratings' Report: Chilean Banking Sector: 1H16 Performance

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=886042

NEW YORK & SANTIAGO, Chile--(BUSINESS WIRE)-- Fitch Ratings has published its Chilean Banks Performance Dashboard report with Chilean banking sector 2016 Mid-Year Results.

Mid-year six-month banking system results (1H16) continue to be supported by recurring operating income and adequate asset quality and cost control, which helps compensate for lower loan growth, higher corporate taxes and local currency devaluation. The latter factors are likely to continue pressuring the Chilean banking system's profitability in the near term, according to Fitch's report.

The banking system's gross loans, excluding lending by foreign subsidiaries and branches, increased by 7.4% year-over-year but only 2.5% since YE15, well below the 11.8% CAGR growth in the five years ended YE15. Despite the end of real state tax stimulus enacted by 2014 tax reform, mortgage lending continues to report the strongest level of growth, reaching 11.0% year- over-year at June 2016 but only 1.2% since YE15. Fitch Ratings expects these trends to persist during 2H16 based on the banks' cautious risk appetite and continued sluggish economic growth.

The full report, 'Chilean Banking Sector 1H16 Performance,' is available on Fitch's website at www.fitchratings.com or by clicking on the link above.

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria

Global Bank Rating Criteria (pub. 15 Jul 2016)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=884135

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View source version on businesswire.com: http://www.businesswire.com/news/home/20160809006458/en/

Fitch Ratings
Abraham Martinez, +56-2-499-33-17
Director
Fitch Chile Clasificadora de Riesgo Ltda.
Alcantara 200, Of. 202, Las Condes
Santiago, Chile
or
Santiago Gallo, +56-2-499-33-20
Director
or
Media Relations, New York
Elizabeth Fogerty, +1-212-908-0526
[email protected]

Source: Fitch Ratings

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