SANTIAGO, CHILE--(Marketwire - February 2, 2010) - Banco de Chile (NYSE: BCH), a full service Chilean financial institution, market leader in a wide variety of credit and non-credit products and services across all segments of the Chilean financial market, today announced its results for the fourth quarter and year ended December 31, 2009. Figures are expressed in nominal terms, unless otherwise stated. Estimates have been used to apply International Financial Reporting Standards to 2008 figures (See annex A -- 2008 IFRS Restatements).


--  Despite the financial turmoil experienced throughout the global banking
    system, during 2009 the Chilean financial system demonstrated its
    excellent policies on solvency, liquidity and risk management. Banco de
    Chile (hereafter "the Bank") also proved its leadership in the local
    industry by focusing on a sustainable growth, suitable capital
    management, quality service, productivity, and cost control policy.
--  Net income for the year reached Ch$257,885 million, 25.8% below 2008
    IFRS comparable figure. ROAE reached 17.6% during 2009, a decrease from
    25.1% recorded during the previous year. This drop in profitability is
    explained by transitory economic factors which led to a record breaking
    deflationary period with exceptionally low monetary interest rates. In
    spite of this, we outperformed the Chilean financial system, which
    posted an average ROAE of 15.03% during the year.
--  On a QoQ basis, our net income reached Ch$66,659 million in the 4Q09,
    slightly below the 3Q09 and 4Q08 figures. Similarly, ROAE reached 17.4%
    in the 4Q09, below the 18.6% and 18.9% recorded in the 4Q08 and 3Q09,
--  During 4Q09, the Bank posted a QoQ growth of 4.62% in loan volumes,
    which reversed the negative trend observed during 1H09, improving the
    Bank's market share by 41 bp. as compared to 3Q09.
--  The Bank continued a downward trend in risk during the quarter, posting
    a ratio of past due loans to total loans of 0.68%, down from the peak
    of 0.77% recorded in 2Q09, and only 8 bp. above the 4Q08 figure. The
    Bank closed the period with a healthy allowance for loan losses to past
    due loans coverage ratio of 360%, well above the banking system's
--  The Bank's Board of Directors have decided to propose at the next
    ordinary shareholders meeting the distribution and payment of a
    dividend equal to Ch$3.496813 per common share (Ch$2,098.01/ADS), which
    represents 100% of the Bank's 2009 distributable earnings (see page 3
    for more detail).

Banco de Chile's Fourth Quarter 2009 Financial Results Press Release:

(Please click on the link below)

About Banco de Chile:

Banco de Chile is a full service Chilean financial institution, market leader in a wide variety of credit and non-credit products and services across all segments of the Chilean financial market.


The information contained herein incorporates by reference statements which constitute "forward-looking statements," in that they include statements regarding the intent, belief or current expectations of our directors and officers with respect to our future operating performance. Such statements include any forecasts, projections and descriptions of anticipated cost savings or other synergies. You should be aware that any such forward-looking statements are not guarantees of future performance and may involve risks and uncertainties, and that actual results may differ from those set forth in the forward-looking statements as a result of various factors (including, without limitations, the actions of competitors, future global economic conditions, market conditions, foreign exchange rates, and operating and financial risks related to managing growth and integrating acquired businesses), many of which are beyond our control. The occurrence of any such factors not currently expected by us would significantly alter the results set forth in these statements.

Factors that could cause actual results to differ materially and adversely include, but are not limited to:

--  changes in general economic, business or political or other conditions
    in Chile or changes in general economic or business conditions in Latin
--  changes in capital markets in general that may affect policies or
    attitudes toward lending to Chile or Chilean companies;
--  unexpected developments in certain existing litigation;
--  increased costs;
--  unanticipated increases in financing and other costs or the inability
    to obtain additional debt or equity financing on attractive terms.

Undue reliance should not be placed on such statements, which speak only as of the date that they were made. Our independent public accountants have not examined or compiled the forward-looking statements and, accordingly, do not provide any assurance with respect to such statements. These cautionary statements should be considered in connection with any written or oral forward-looking statements that we may issue in the future. We do not undertake any obligation to release publicly any revisions to such forward-looking statements after completion of this offering to reflect later events or circumstances or to reflect the occurrence of unanticipated events.

Contact Information: CONTACTS: Pablo Mejía (56-2) 653 3554 Rolando Arias (56-2) 653 3535