Source: Capital Link

CorpBanca Announces Third Quarter 2013 Financial Report; Announces Change of Time of Tuesday's Earnings Conference Call to 10:30 AM EST (12:30 PM Santiago Time)

SANTIAGO, CHILE--(Marketwired - Nov 5, 2013) -  CORPBANCA (NYSE: BCA) (BCS: CORPBANCA), a Chilean financial institution offering a wide variety of corporate and retail financial products and services, today announced its financial results for the third quarter ended September 30, 2013. This report is based on unaudited consolidated financial statements prepared in accordance with Chilean generally accepted accounting principles. Solely for the convenience of the reader, U.S. dollar amounts in this report have been translated from Chilean nominal pesos at our internal exchange rate as of September 30, 2013 of Ch$504.22 per U.S. dollar. Industry data contained herein has been obtained from the information provided by the Superintendency of Banks and Financial Institutions ("SBIF").

Financial Highlights

In 3Q 2013, Net Income attributable to shareholders totalled Ch$28,154 million (Ch$0.083 per share and US$0.246 per ADR), resulting in a 10.1% decrease when compared to 3Q 2012 (YoY) and in a 35.6% decrease when compared to 2Q 2013 (QoQ). The decrease mainly reflects (i) the negative impact of the fiscal hedge (use for the coverage of the tax effects of the total investment in Colombia) on our income from financial operations; (ii) higher operating expenses due to one-time costs related to CorpBanca Colombia's acquisition of Helm Bank and preparations for the anticipated merger between these two banks; and (iii) higher expenses in provisions due to an increase in reserves in Chile and homogenization adjustments in Colombia as well as the homologation of Helm to the policies of CorpBanca Chile.

Total loans (excluding interbank and contingent loans) reached Ch$12,951 billion as of September 30, 2013 (Ch$12,414.5 billion as of August 30, 2013), allowing CorpBanca to achieve a market share of 12.1% as of August 30, 2013, an increase of 211.7bp YoY and an increase of 216.1bp QoQ due to the acquisition of Helm Bank early August 2013. CorpBanca continues to be the fourth largest private bank in Chile in terms of loans and deposits, and has closed the gap to the third place bank, and ranks fifth in the Colombian banking industry.

During 2Q 2013:
Net operating profit increased by 13.0% QoQ and increase 46.4% YoY;
Net provisions for loan losses decrease by 73.0% QoQ and 97.4% YoY; and
Total operating expenses increase by 31.7% QoQ and 52.7% YoY.

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This press release contains forward-looking statements. Forward-looking information is often, but not always, identified by the use of words such as "anticipate", "believe", "expect", "plan", "intend", "forecast", "target", "project", "may", "will", "should", "could", "estimate", "predict" or similar words suggesting future outcomes or language suggesting an outlook and include, for example, statements regarding benefits of the acquisition and anticipated merger of Helm Bank, integration plans, and expected synergies, anticipated future financial and operating performance and results, including estimates for growth. Forward-looking statements and information are based on current beliefs as well as assumptions made by and information currently available to CorpBanca concerning anticipated financial performance, business prospects, strategies and regulatory developments. Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks that predictions, forecasts, projections and other forward-looking statements will not be achieved. We caution readers not to place undue reliance on these statements as a number of important factors could cause the actual results to differ materially from the beliefs, plans, objectives, expectations and anticipations, estimates and intentions expressed in such forward-looking statements. More information on potential factors that could affect CorpBanca's financial results is included from time to time in the "Risk Factors" section of CorpBanca's Annual Report on Form 20-F for the fiscal year ended December 31, 2012, filed with the SEC. Furthermore, the forward-looking statements contained in this press release are made as of the date of this press release and CorpBanca does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

Contact Information:


Eugenio Gigogne
Santiago, Chile
Phone: (562) 2660-2555

Claudia Labbe
Manager Investor Relations
Santiago, Chile
Phone: (562) 2660-2699

Nicolas Bornozis
President, Capital Link
New York, USA
Phone: (212) 661-7566