Banco de Chile has posted net income of 130bn pesos (US$220m) for last year, up 146% compared to 2002 on the back of strong results at its subsidiaries, said the bank's investor relations manager Jacqueline Barrio.
Profits from subsidiaries during 2003 rose to 29.7bn pesos, from 7.9bn pesos in the previous year, mainly due to solid performances at the bank's factoring and stock brokerage units.
In the fourth quarter last year, Banco de Chile saw profits jump 212% to 27.5bn pesos, compared to the same period 2002 on the back of lower operating expenses, lower loan loss provisions and higher fee income.
The bank's total operating expenses fell 10.4% to 224bn pesos in 2003, compared to 250bn pesos the previous year.
As of end-December, Banco de Chile's loan portfolio totalled 6.24tn pesos, a 1.2% increase compared to the same period 2002.
