Bank of Chile Files 20-F Annual Report for Fiscal Year Ended December 31, 2023

TL;DR

<b>Bank of Chile has filed its 20-F annual report for the fiscal year 2023, detailing its financial performance and operations.</b>

AI Summary

BANK OF CHILE (BCH) filed a Foreign Annual Report (20-F) with the SEC on April 26, 2024. Bank of Chile filed its annual report on Form 20-F for the fiscal year ended December 31, 2023. The report covers the company's financial performance and business operations. The company's common stock and American Depositary Shares (ADSs) are listed on the New York Stock Exchange under the symbol BCH. As of December 31, 2023, the company had 101,017,081,114 shares of common stock outstanding. The filing indicates Bank of Chile is a well-known seasoned issuer.

Why It Matters

For investors and stakeholders tracking BANK OF CHILE, this filing contains several important signals. This filing provides investors with comprehensive information on the bank's financial health, strategic initiatives, and risk factors for the past fiscal year. As a publicly traded entity on the NYSE, the 20-F filing is crucial for maintaining transparency and meeting regulatory requirements for foreign private issuers.

Risk Assessment

Risk Level: medium — BANK OF CHILE shows moderate risk based on this filing. The filing is a standard annual report for a publicly traded company, but specific financial performance details and future outlook are not yet available in this initial header information, requiring a deeper dive into the full document.

Analyst Insight

Review the full 20-F filing to analyze Bank of Chile's financial performance, strategic direction, and risk factors for 2023.

Key Numbers

• 2023-12-31 — Fiscal Year End (Period covered by the report)
• 101,017,081,114 — Outstanding Shares (As of December 31, 2023)
• 001-15266 — SEC File Number (Commission file number)

Key Players & Entities

• BANK OF CHILE (company) — Filer
• BCH (company) — Trading Symbol
• New York Stock Exchange (company) — Exchange
• Rolando Arias Sánchez (person) — Company Contact Person
• 101,017,081,114 (dollar_amount) — Outstanding shares of common stock

FAQ

Industry Context

Bank of Chile operates within the commercial banking sector, providing a range of financial services.

Regulatory Implications

As a foreign private issuer, Bank of Chile is subject to SEC regulations, including the requirement to file annual reports on Form 20-F.

What Investors Should Do

1. Analyze the full 20-F document for detailed financial statements and management discussion.
2. Compare key financial metrics from the 2023 report to previous years.
3. Identify any new risk factors or significant changes in the business operations disclosed in the filing.

Key Dates

• 2024-04-26: Filing Date — Submission of the 2023 annual report
• 2023-12-31: Fiscal Year End — Period covered by the annual report

Year-Over-Year Comparison

This is the initial filing header for the 2023 annual report; detailed comparative data from the previous year's filing is not yet available.

Key Financial Figures

• $ — In this annual report, references to "$," "U.S.$," "U.S. dollars" and "dollars"
• $36,789.36 — 3, and April 19, 2024, one UF equaled Ch$36,789.36 and Ch$37,207.48, respectively. This
• $37,207 — 2024, one UF equaled Ch$36,789.36 and Ch$37,207.48, respectively. This annual report
• $874.35 — tes of accounting representation were Ch$874.35= U.S.$1.00 and Ch$956.12= U.S.$1.00, re
• $1.00 — ting representation were Ch$874.35= U.S.$1.00 and Ch$956.12= U.S.$1.00, respectively.
• $956.12 — ntation were Ch$874.35= U.S.$1.00 and Ch$956.12= U.S.$1.00, respectively. As of the sam
• $1 — Ch$874.35= U.S.$1.00 and Ch$956.12= U.S.$1.00, respectively. As of the same dates,
• $884.59 — l de Chile (the "Central Bank"), were Ch$884.59= U.S.$1.00 and Ch$968.44 = U.S.$1.00, r
• $968.44 — Bank"), were Ch$884.59= U.S.$1.00 and Ch$968.44 = U.S.$1.00, respectively. v The Fed

Filing Documents

• ea0200971-20f_banco.htm (20-F) — 24383KB
• ea020097101ex4-17_banco.htm (EX-4.17) — 35KB
• ea020097101ex4-18_banco.htm (EX-4.18) — 17KB
• ea020097101ex4-19_banco.htm (EX-4.19) — 212KB
• ea020097101ex4-20_banco.htm (EX-4.20) — 20KB
• ea020097101ex8-1_banco.htm (EX-8.1) — 4KB
• ea020097101ex11-2_banco.htm (EX-11.2) — 162KB
• ea020097101ex12-1_banco.htm (EX-12.1) — 9KB
• ea020097101ex12-2_banco.htm (EX-12.2) — 9KB
• ea020097101ex13-1_banco.htm (EX-13.1) — 5KB
• ea020097101ex97_banco.htm (EX-97.) — 33KB
• image_001.jpg (GRAPHIC) — 31KB
• image_002.jpg (GRAPHIC) — 79KB
• image_003.jpg (GRAPHIC) — 14KB
• image_004.jpg (GRAPHIC) — 23KB
• image_005.jpg (GRAPHIC) — 15KB
• image_006.jpg (GRAPHIC) — 18KB
• image_007.jpg (GRAPHIC) — 21KB
• image_008.jpg (GRAPHIC) — 20KB
• ex11-2_001.jpg (GRAPHIC) — 3KB
• 0001213900-24-036675.txt (&nbsp;) — 100350KB
• bch-20231231.xsd (EX-101.SCH) — 735KB
• bch-20231231_cal.xml (EX-101.CAL) — 212KB
• bch-20231231_def.xml (EX-101.DEF) — 1702KB
• bch-20231231_lab.xml (EX-101.LAB) — 3539KB
• bch-20231231_pre.xml (EX-101.PRE) — 1748KB
• ea0200971-20f_banco_htm.xml (XML) — 30870KB

Description of Securities

Description of Securities Other Than Equity Securities 245 Item 12A Debt Securities 245 Item 12B Warrants and Rights 245 Item 12C Other Securities 245 Item 12D American Depositary Shares 245 Part II 246 Item 13 Defaults, Dividend Arrearages and Delinquencies 246 Item 14 Material Modifications to the Rights of Security Holders and Use of Proceeds 246 Item 15

Controls and Procedures

Controls and Procedures 246 Item 16 [R ESERVED ] Item 16A Audit Committee Financial Expert 247 Item 16B Code of Ethics 247 Item 16C Principal Accountant Fees and Services 248 Item 16D Exemptions from the Listing Standards for Audit Committees 248 Item 16E Purchases of Equity Securities by the Issuer and Affiliated Purchasers 248 Item 16F Change in Registrant's Certifying Accountant 249 Item 16G Corporate Governance 249 Item 16H Mine Safety Disclosure 250 Item 16I Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 250 Item 16J Insider Trading Policy 250 Item 16K Cybersecurity 250 Part III 252 Item 17

Financial Statements

Financial Statements 252 Item 18

Financial Statements

Financial Statements 252 Item 19 Exhibits 252 List Of Exhibits 252 i SUMMARY OF RISK FACTORS An investment in our ADSs is subject to a number of risks, including risks relating to the nature of our business as a financial institution in Chile. The following list summarizes some, but not all, of these risks. Please read the information in the section entitled "Risk Factors" for a more thorough description of these and other risks. Risks Relating to our Operations and the Chilean Banking Industry The growth of our loan portfolio in riskier segments may expose us to increased loan losses and require us to establish higher levels of allowances for loan losses in the future. Our loan portfolio may not continue to grow at the same or similar rates as it has in the past as a result of changes in macroeconomic trends and reforms to banking and non-banking rules. Stricter banking regulations, particularly with regards to capital adequacy, liquidity, credit risk provisioning, consumer protection, and bankruptcy may constrain our operations and thereby adversely affect our financial condition and results of operations. The Chilean market for financial services is highly competitive. We compete with Chilean and foreign banks, and with other providers of financial services that are not part of the banking industry. Accordingly, competition within this market is increasing as banks and other non-banking competitors are continuously incorporating new and tailored products and services, while striving to improve service quality and to accelerate digital transformation. These dynamics may adversely impact our results of operations as they may translate into higher interest rates paid on deposits and lower interest rates earned on loans, resulting in decreased net interest margins. Our results of operations depend greatly on our net interest income. As a result, our results of our operations are affected by interest rate volatility and inflation. Changes in n

View Full Filing

View this 20-F filing on SEC EDGAR