Scotiabank Latam Financials Forum - June 15 & 16, 2021 Itaú Corpbanca
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June 15 & 16, 2021 Scotiabank Latam Financials Forum Itaú Corpbanca
Disclaimers
• This presentation is not an offer for sale of securities. This material has been prepared solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any securities and should not be
treated as giving investment advice. No representation or warranty, either express or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein. Any opinions expressed in
this material are subject to change without notice and neither Itaú Corpbanca (the “Bank”) nor any other person is under obligation to update or keep current the information contained herein. The information contained herein
does not purport to be complete and is subject to qualifications and assumptions, and neither the Bank nor any agent can give any representations as to the accuracy thereof. The Bank and its respective affiliates, agents,
directors, partners and employees accept no liability whatsoever for any loss or damage of any kind arising out of the use of all or any part of this material
• Certain statements in this presentation may be considered 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. These forward-looking statements include, but are
not limited to, anticipated future financial and operating performance and results, including estimates for growth, as well as risks and benefits of changes in the laws of the countries we operate
• These statements are based on the current expectations of the Bank’s management. There are risks and uncertainties that could cause actual results to differ materially from the forward-looking statements included in this
communication. For example, (1) problems that may arise in successfully integrating the businesses of Banco Itaú Chile and Corpbanca, which may result in the combined company not operating as effectively and efficiently as
expected; (2) the combined company may be unable to achieve cost-cutting synergies or it may take longer than expected to achieve those synergies; (3) the credit ratings of the combined company or its subsidiaries may be
different from what the Bank or its controlling shareholders expect; (4) the industry may be subject to future regulatory or legislative actions that could adversely affect the Bank; and (5) the Bank may be adversely affected by
other economic, business, and/or competitive factors
• Forward-looking statements and information are based on current beliefs as well as assumptions made by and information currently available to the Bank’s management. 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 Itaú Corpbanca’s financial results is included from time to time in the “Risk Factors” section of Itaú
Corpbanca’s Annual Report on Form 20-F for the fiscal year ended December 31, 2020 filed with the U.S. Securities and Exchange Commission (the “SEC”). Furthermore, any forward-looking statement contained in this
presentation speaks only as of the date hereof and Itaú 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 presentation are expressly qualified by this cautionary statement
• This presentation may not be reproduced in any manner whatsoever. Any reproduction of this document in whole or in part is unauthorized. Failure to comply with this directive may result in a violation of the U.S. Securities Act
of 1933, as amended, or the applicable laws of other jurisdiction
• The information contained herein should not be relied upon by any person. Furthermore, you should consult with own legal, regulatory, tax, business, investment, financial and accounting advisers to the extent that you deem
it necessary, and make your own investment, hedging and trading decision based upon your own judgment and advice from such advisers as you deem necessary and not upon any view expressed in this material
• The Bank is an issuer in Chile of securities registered and regulated by the Financial Market Commission, or “CMF”. Shares of our common stock are traded on the Bolsa de Comercio de Santiago—Bolsa de Valores, or the
Santiago Stock Exchange and the Bolsa Electrónica de Chile— Bolsa de Valores, or Electronic Stock Exchange, which we jointly refer to as the “Chilean Stock Exchanges,” under the symbol “ITAUCORP.” The Bank’s American
Depositary Shares are traded on the New York Stock Exchange under the symbol “ITCB.” Accordingly, we are currently required to file quarterly and annual reports in Spanish and issue hechos esenciales o relevantes (notices of
essential or material events) to the CMF and provide copies of such reports and notices to the Chilean Stock Exchanges and the SEC. All such reports are available at www.cmf.cl, www.sec.gov and ir.itau.cl.
2
Agenda
Corporate
profile 04
Our
08 business
Strategic
update 18
Corporate
27 governance
Economic
context 30
Financial
32 highlights
Additional
information 46
3
Corporate profile
About us?
Universal bank | We are key part of Itaú Unibanco’s internationalization strategy
Regional footprint & main indicators 1 2
Assets US$ 39.0 bn US$ 7.7 bn US$ 46.7 bn
Loans US$ 25.6 bn US$ 5.9 bn US$ 31.5 bn
Market Share 9.8% 3.7%3
Headcount 4 5,249 3,067 8,316
Branches 5 191 109 300
Itaú Corpbanca represents 24% Recurring Net
Income 1Q21 US$ 86 mn US$ 17 mn US$ 103 mn
of Itaú Unibanco’s consolidated
loan portfolio7
Recurring
RoTAE 1Q21 6 25.4% 9.9% 21.5%
1− Information as of March 31, 2021; 2− Figures were converted at an exchange rate of 720.19 CLP/USD; 3− Information as of February 28, 2021; 4− Headcount for Chile includes employees of our New York branch and for Colombia includes headcount of Itaú (Panama); 5− Branches for Chile
include one branch in New York and for Colombia include one office in Panama; 6− Tangible Equity: Shareholders equity net of goodwill, intangibles from business combination and related deferred tax liabilities; 7– Considering the consolidated loan portfolios of Itaú Unibanco and Itaú
Corpbanca reported in their respective 1Q’21 MD&As at a R$ 5.6863 / US$ and a Ch$ 720.19 / US$ foreign exchange rates as of 31.03.2021.
Sources: Itaú Corpbanca, CMF and SFC. 4
Corporate profile
How hace we evolved?
Adaptable culture | innovation | transparency in business
Launch of First Bank of América takes Launch of Acquisition of MCC,
Nacional Bank of control after merger with Banco Itaú an asset manager
Boston in Chile Bank of Boston in the USA Chile and broker dealer
1977 2004 2007 2011
2016
1871 1971 1975 1995 1997 1998 2002 2003 2009 2012 2013
Creation of the M&A of Banco INFISA (now known Banco M&A of Consumer Local IPO NYSE Listing New York Acquisition in Acquisition in
Bank under the Francés, Banco as CORPGROUP) Concepción Finance Corfinsa and ADR program Branch Colombia of Banco Colombia of Merge between
name of Banco de Italiano and Banco adquired Banco rebranded to Financiera Condell Santander Colombia Helm Bank Banco Itaú Chile
Concepción Valdivia Concepción Corpbanca and Corpbanca
2017 2018 2019 2020 2021
Merger Transition Construction Consolidation Transformation
• Team building, corporate • Migration and client • Full focus on client satisfaction • Continue to deepen Itaú’s • Strategic planning to build the
governance, risk management segmentation of retail clients in management model banking of the future.
• Completing technological
framework and other policies Chile • Advance in the process of digital
integration and advancing with
• Initial roll out of digital initiatives digital agenda transformation
• Introduction of Itaú Brand in the • Strengthening our culture • Start implementation of a
Colombian retail Market throughout the organization transformation plan
5
Corporate profile
What are we seeking?
To change leagues and compare ourselves with the
world’s best companies in client satisfaction.
Changing
Our Promoting people’s power of
Purpose transformation
Our To be the leading bank in sustainable
Vision performance and customer satisfaction
Our culture Simple. People Ethics are It´s only Passionate The best We
Always mean non- good for about argument think
Our Way everythin
g to us
negotiabl
e
us if it’s
good for
performance is the one
that
and act
like
the client matters owners
Strategic
agenda Client
centricity
Digital
experience
Simplification Talent
development
Sustainable
results
Customer experience easy and driving customer in an agile working To deliver a recurring
as a source of convenient offer satisfaction and model to accelerate and sustainable result
competitive advantage efficiency delivery of RoTE of 16% by 2025
6
Agenda
Corporate
profile 04
Our
08 business
Strategic
update 18
Corporate
27 governance
Economic
context 30
Financial
32 highlights
Additional
information 46
7
Our business
Who are our clients?
Through our Retail and Wholesale Banking segments we offer a wide range of
products and services tailored to each client profile.
Client profile
by segment in Chile Individuals Companies
by monthly income by annual sales
(CLP mn) (USD mn)
Private Bank Corporate
Wholesale Banking
over $8.0 over $100
Personal Bank Large
from $2.5 to $8.0 from $8 to $100
Itaú Branches Middle
Retail Banking
from $0.6 to $2.5 from $1 to $8
Condell Very Small and Small
up to $0.6 from $0.1 to $1
8
Our business
Our talent1
By age bracket By region
0.4%
1.4%
Approximately 0,9 k people Arica y Parinacota Maule
5 thousand
1.7%
18.1% Tarapaca Ñuble
> 50 years 0.7%
1.6%
Antofagasta Bío-Bío
3,6 k people 4.9% Atacama Araucanía
69.1% 1.2%
77.7%
Employees2
30-50 years 0.7%
1.8% Coquimbo Los ríos
4.0%
1.3% Valparaíso Los lagos
0.6%
12.8% 0,7 k people 1.2%
Metropolitana Aysén
in Chile and New York up to 30 years O’higgins Magallanes y Antartica
0.1%
0.6%
By gender By hierarchical level Training and performance
0.2% Corporate managers 83% 17%
Women 4.3%
Managers and 73% 27%
+ 160.000
deputy managers hours of training
52%
51% 49%
54.4% Professionals
Men
48%
18.1% Technicians 33% 67% 92%
23.0% Administrative staff 47% 53% participation in the
Performance Cycle
1 – December 31, 2020; 2 – December 31, 2020.
9
Our business
Retail banking
Our distribution network
is based on segmentation model with well defined identity and value proposition, aimed at optimizing service level, satisfaction and profitability per client
191 branches Branches in Chile
our distribution network in Chile comprises
13% 15% 53% 20%
North Mid Santiago South
brick and mortar branches digital branches
Itaú Personal Bank1 23 Itaú Personal Bank 2
Itaú Sucursales 109 Itaú Sucursales 2
Condell (Consumer Finance) 54
New York Branch 1 Digital
Account Approach
Load
Multi-
406 ATMs Channel
in Chile
Extended First Call
1− Additionally, 34 Personal Bank Corners Resolution
Hours
10Our business
Growth
Business mix an opportunity for retail growth
Loans breakdown by segment¹ Interest Rates2 LTM Mar 2021, Ch$ Bn
Average Itaú
Top 3 Corpbanca
31,114 34,662 25,976 18,232
100% = 5.6
Current
4
11.9 11.8
Consumer3 9.6%
13.0% 14.5% 11.8%
Top 3 rates w/ current mix
3
5.5
25.1% 5.7 5.5
Mortgage 30.0%
35.1% 38.0%
Current rate w/ top 3 mix
2
5.9
Top 3
1
5.9
65.4% 4.5 4.7
Commercial 57.0%
50.4% 50.2% ❑ Mix difference explains most of the Yield
gap with the Top 3
Total
Peer-A Peer-B Peer-D
5.9 5.6
Branches4 329 346 131 191 ∆ -30 bp 1− 12-month average gross loans; 2− Interest rate by segments; 3− Where appropriate, data is pro forma with
-33 bp by mix Santander Consumer for 2019; 4− As reported by each bank as of Sep.20, except for Peer-D which number is
Source: CMF; Itaú Corpbanca; Team Analysis.
Yield ITCB with mix Peers 5.9% according to CMF as of the same date.
11Our business
Growth
Portfolio Mix (%) Market Share (Mar'21)
Mar'20
Share 12-month
Retail: 33.9%
Consumer
10.4%
7.5% 31 bp
Consumer
Mortgage
23.5%
Commercial
66.1% 8.1% 1 bp
121 bp
Mortgage
Mar'21
Retail growth 11.3% 44 bp
Consumer Mar'21 vs. Jun'16
Commercial
Retail: 35.2% 9.2%
690 bp
Mortgage
26.0%
9.8% 22 bp
Commercial
64.8% Total Loans
12Our business
Growth
Funding mix an opportunity to increase profitability
LTM Mar 2021, Ch$ Bn
Total funding breakdown Interest Rates
Average Itaú
41,804 53,758 35,941 27,959 Top 3 Corpbanca
100% Current 4
1.5
0.1 0.1
17.6% 12.8%
Checking accounts 25.0%
and deposits 33.8%
Top 3 rates w/ current mix 3
1.3
36.8% 1.0 1.3
28.3% Current rate w/ top 3 mix 2
1.4
Time Deposits
22.8%
22.3%
Top 3 1
1.2
18.4% 18.0% 4.5 5.5
Debt Issued 16.5%
21.3%
❑ Non-interest bearing liabilities are the main
reason for the gap when compared to the 3
players
Others1
35.7% 32.4% 0.4 0.0
22.6% 35.8%
Total
Peer-A Peer-B Peer-D
1.2 1.5
Branches2 329 346 131 191 ∆ 25 bp
1− Others: Repurchases contracts, financial derivatives, bank obligations, letters of credit, other
13 bp by mix financial obligations, taxes, differed taxes, provisions, other liabilities; 2− As reported by each bank
Source: CMF; Itaú Corpbanca; Team Analysis. as of Sep.20, except for Peer-D which number is according to CMF as of the same date.
Yield ITCB with mix Peers 1.4%
13Our business
COVID-19 | 1Q 2021
Vaccine doses
Vaccination Total number of vaccination doses administered per 100 people
14.8 mn
in the total population
Vaccine doses
74.60 mn 1.09 bi
12.6 mn Sinovac + 2.1 mn Pfizer In Latin America In the World
Chile Colombia
8.1 mn At least
with one
< 6.7 mn Both
doses 14.62 mn 4.82 mn
dose 76.47 9.27
83% + 60 years old
Source: Chilean Ministry of Health, as of April 30, 2021 (https://informesdeis.minsal.cl/)
Israel
Strict lockdowns decreasing
As of April 29,Our business
COVID-19 | Additional Government actions
FOGAPE COVID-19 Credit Concession | Itaú vs. Banking System
Ministry of Finance
Expansion of Covid fund by US$6.2 billion − 2 % of GDP Banking
Accumulated as of April 19, 2021 Itaú % Itaú
System
▪ enhancing and extending the Family Emergency Income benefit
▪ boosting support to the middle class Total (#) 71,709
3,246
▪ improving employment protection programs
▪ enhancing support to SMEs Total (Ch$ mn) 2,378,374
267,798 11.3%
Central Bank of Chile
Third stage of the Credit Facility Conditional on Increased
Lending (FCIC 3) − up to US$10 billion over a six-month period Itaú share in FOGAPE Reactiva is higher
than its total loan market share
Congress
Bill approved to expand benefits and uses of the Guarantee
Fund for Small and Medium-Sized Firms (FOGAPE) to boost
credit with state guarantees
Legislators approved a third 10% pension withdrawal
(a potential outlay of US$10 − 15 billion)
15Our business
Colombia | 1Q21 Highlights
Recurring net income1 and RoTE evolution About 1Q21
In billion COP and %
In COP
8.2%
3.9% 1.3% 0.7%
1Q21 4Q20
Loan portfolio 19.7 tn 19.1 tn +3.0%
Operating revenues 373.9 bn 315.0 bn +18.7%
-31.0%
Cost of credit (83.9) bn (405.8) bn -79.3%
24.3 55.0
9.1 5.4
Non-interest expenses (208.5) bn (224.5) bn -7.1%
-206.4
Net Income1 55.0 bn (206.4) bn n.a.
1Q'20 2Q'20 3Q'20 4Q'20 1Q'21
109 3.07 thousand
Efficiency ratio branches employees
Quarterly (%)
in Colombia in 1Q21 in 1Q21
68.9% 3.31
62.7% 62.6%
59.4% 56.5% 3.10 3.07
Mar-20 Dec-20 Mar-21
2( 1.8%) 31 ( 1.0%)
branches closed in Colombia qoq employees closed in Colombia qoq
1Q'20 2Q'20 3Q'20 4Q'20 1Q'21
1 – Net Income under IFRS 9 for 4Q20 and 1Q21 are COP (85.4) billion and COP 48.5 billion, respectively.
16Agenda
Corporate
profile 04
Our
08 business
Strategic
update 18
Corporate
27 governance
Economic
context 30
Financial
32 highlights
Additional
information 46
17Strategic update
Our evolution in the last 12-month period
Updating our strategy in three momentum
Crisis management Transition plan for a New business model
COVID-19 transformation agenda
In the first half of 2020 we organized our Shortly after, we moved on to change our Based on 5 pillars:
operation and prepared the bank for the agenda from crisis management to building
crisis, focusing on three pillars: the bank of the future Strategic focus / Disruption
1. Clients Client Centricity
2. People
Simple First & Digital First
3. Our bank
Innovative organization model
Sustainable results
18Strategic update
New organizational structure
To strengthen our executive team that will lead the transformation
CEO
Gabriel Moura
Business
Wholesale Digital Business Itaú Corpbanca Colombia
Retail Treasury
Sebastián Romero1 Development Baruc Sáez
Julián Acuña Pedro Silva
Jorge Novis
CRO CFO IT People Mgmt & Legal
Mauricio Baeza Rodrigo Couto Eduardo Neves Performance Cristián Toro
Marcela Jiménez
Support
1 – Mr. Romero will join Itaú Corpbanca in September 2021.
19Strategic update
New members of our executive team
Bringing new skills to complement our team
Corporate Director of IT Corporate Director of Wholesale Banking
Eduardo Neves Sebastián Romero
Engineering in Technology and MBA from the B.A. in Business and Administration from
Federal University of Rio de Janeiro (UFRJ) Universidad Gabriela Mistral
Post-degree from Universidad Adolfo Ibáñez
and Universidad de los Andes
Has joined Itaú Corpbanca as head of IT in Will join Itaú Corpbanca as head of
April 2021 . Wholesale Banking in September 2021 .
Eduardo has more than 25 years of Sebastián has served at Banco Santander
experience in technology, working mainly in globally in different positions since 1998.
the financial and telecommunications Currently, he serves as global director of
sectors. Multinational Corporate Clients based in
London, being a member of the Global
Previously, he served as Vice President of
Executive Committee of Banking &
Cloud Applications and Innovation for Latin
Corporate Finance.
America at IBM, from Brazil, where he led
large-scale projects since joining in 2013. Previously, he served as Global Director of
Export & Agency Finance at Santander in
He was responsible for the accounts of
Madrid and before, he led the Corporate
Bradesco and later Itaú Unibanco, managing
Banking and Investment Banking unit in
most of the IBM Consulting business for
Chile.
Latin America.
20Strategic update
Organization to support transformation program
We have created a transformation office and we are working with a proven methodology
Chief Transformation Officer (CTO) Transformation Working Fronts
Office (TO)
Jorge Novis CTO
Implementation teams
Fronts structure
Individuals value
Civil Engineer from Universidade Federal proposition
da Bahia and M.B.A. from Harvard
Business School and Master of Science in Companies value
Finance from Fundação Getulio Vargas proposition Sponsor
Products
Core Team
Corporate Director of Digital
Business Development. Wholesale Front leader
Previously served as Corporate Banking
Director of Operations between Central Tower
Treasury
April 2018 and February 2021.
Initiative owner
He joined Itaú Corpbanca in May …
2017 as Head of Strategic Planning Finance Cell
and Quality Service and previously
worked at Itaú Unibanco for Technology leader
approximately four years, leading
several business transformation IT Cell
programs.
He also worked as a management consultant between 2002 and People and
2014, working in Latin America, the US, Europe, and Asia. Change Mgmt Cross-cutting teams supporting the working fronts
Cell
21Strategic update
Strategic initiatives update
Strategic Focus / Disruption
The new
Banking is Itaú and Rappi have designed a distinctive value proposition to serve both individuals and companies in new ways
on the way We are creating an ecosystem that will integrate multiple needs
Buying Products Selling Products
1.6 ~10
million clients thousand shops
Obtain loans and Obtain working capital
payments products
To be launched in the third quarter
100,000 cards estimated in the first 12 months
22Strategic update
Strategic initiatives update
Client centricity Simple First & Digital First
NPS 1Q21 vs. 1Q20 New App We have launched the Cuenta Invierte+, a digital proposal
designed to increase customer base for investment products
Retail Banking Store rating ranking among peers
27 pp 100% Platform for open
NPS 1Q21 vs. 1Q20 New New
1st New
Digital architecture
1st version 1st version version
Wholesale Banking
19 pp Checking account Simplified
INVIERTE+ onboarding
NPS 1Q21 vs. 1Q20 Digital Wallet
Total Bank Transfers, investments and No credit lines
24 pp payments
Cost free for customers
15% Easy to use
Reduction of # fields
Perfect for investing
strong yoy increase in NPS 43% 42% 10 minutes maximum for onboarding
Account without tangibles
across both retail and wholesale E-Sign digital signature
Activation without TCO
Online client creation
Itaú’s subscriber base as of February 2021.
23Strategic update
Strategic initiatives update
Global Finance Banking 2021
Innovative organization model Best Trade Finance Provider
Morningstar Awards 2021
Advancing towards an agile working model at scale, with full integration
across all areas Best Asset Management
Fixed Income
This migration towards an agile operational model simplifies the
organizational structure and therefore accelerates decision-making
through empowered multidisciplinary teams IFR Awards 2020
Deal of the Year
Latin America Bond of the Year
Second stage Wrapping up ….
Organization-wide redesign
around Agile
First stage Recovery in profitability in 2021, starting with strong first quarter
Integrated communities
between business and A transformation plan to achieve long-term RoTE goals
technology
24Strategic update
Performance in ESG
Corporate governance_ Environmental_
Among market leaders Supporting responsible investments
ESG Global Credits (CLP)
ESG Emerging Stars (CLP)
Social_
Digital transformation, remote first
How feasible is home office Organizational
for you? Climate (Pulso Survey)
84.6%
93%
of 2020 employee's satisfaction
[Home office – Bank’s survey results]
[at historically higher level]
25Agenda
Corporate
profile 04
Our
08 business
Strategic
update 18
Corporate
27 governance
Economic
context 30
Financial
32 highlights
Additional
information 46
26Corporate governance
Shareholders & Stock market
% Total share capital as of April 30, 2021
Market Cap. (May. 13, 2021) US$ 1.8 Bn
Sell-side rating: Buy: 2 Hold: 6 Sell: 2
1− Includes 36,000,000 shares owned by Corp Group Banking S.A. that are Source: Sell-side reports.
under custody
Price-to-Book1 Average daily traded volumes
12- month ended March 31, 2021
(U$ million)
1 –Shareholders equity for Itaú Corpbanca and Bci is net of goodwill and intangibles from business combination.
27Corporate governance
Our management
Board Chile Audit Committee
Itaú Corpbanca CEO CAE
Emerson Bastián
Gabriel Moura
CFO CRO Treasury Wholesale Retail Digital Business Colombia People Mgmt & Legal IT
Development Performance
Rodrigo Mauricio Pedro Christian Julián Jorge Baruc Marcela Cristián Eduardo
Couto Baeza Silva Tauber1 Acuña Novis Sáez Jiménez Toro Neves
Board Colombia
Chairman
Gabriel Moura
Itaú Corpbanca Colombia CEO
Baruc Sáez
CFO CRO Treasury Wholesale Retail Franchise, Communications & Human Legal & General IT Operations
Products & Digital Institutional Relations Resources Secretary
Juan Pablo Juan Ignacio Daniel Jorge Hernando Ignacio José Carolina María Lucía Dolly Bernardo Liliana
Michelsen Castro Brasil Villa Osorio Giraldo Velasco Ospina Murcia Alba Suárez
• Credit Risk:
Gustavo Copelli
Board Chile 2 3 Board Colombia
Chairman Chairman
Matrix reporting to CEO Colombia and
Jorge Andrés Saieh Guzmán Gabriel Amado de Moura functional reporting to ITCB
Ricardo Villela Marino Fernando Concha Ureta Mónica Aparicio Smith Cristián Toro Cañas
Functional reporting to CEO Colombia and
Milton Maluhy Filho Jorge Selume Zaror Roberto Brigard Holguín Juan Echeverría González matrix reporting to ITCB for coordination
Rogério Carvalho Braga Fernando Aguad Dagach of specific themes
Matias Granata Gustavo Arriagada Morales
Pedro Samhan Escandar Bernard Pasquier
1− In September 2021 Mr. Sebastián Romero will replace Mr. Christian Tauber as Head of Wholesale Banking; 2− Itaú Unibanco and CorpGroup appoint the majority of the members of the board of directors; 3 − Pursuant to the Shareholders Agreement, the
28
Directors appointed by Itaú Unibanco and CorpGroup shall vote together as a single block according to Itaú Unibanco’s recommendation.Agenda
Corporate
profile 04
Our
08 business
Strategic
update 18
Corporate
27 governance
Economic
context 30
Financial
32 highlights
Additional
information 46
29Economic context
Our expectations
GDP Growth – % Interest Rates (EOP) – %
4.3 4.3
8.5
6.5 3.5
3.7 3.3 2.8
2.6 2.7 3.0
2.5
0.9
2.0
1.8 1.8
1.5
0.5
-5.8
-6.8
2018 2019 2020 2021(e) 2022(e) 2018 2019 2020 2021(e) 2022(e)
Chile Colombia Chile Colombia
Inflation (CPI) – % Exchange rates – CLP/USD & CLP/COP
880
4.0 0.26
3.8 3.7 830 0.25
3.2
3.0 3.0 3.0 780 0.24
2.8
2.6
0.23
730
0.22
1.6 680
0.21
630 0.20
580 0.19
2018 2019 2020 2021(e) 2022(e)
Chile Colombia CLP/USD CLP/COP
Source: Central Bank of Chile, Central Bank of Colombia and Itaú’s projections (updated as of June 11, 2021).
30Agenda
Corporate
profile 04
Our
08 business
Strategic
update 18
Corporate
27 governance
Economic
context 30
Financial
32 highlights
Additional
information 46
31Financial highlights
Financial information
The financial information included in this Management Discussion & Analysis presentation is based on our managerial model which is based on our managerial model
that we adjust for non-recurring events and we apply managerial criteria to disclose our income statements. Starting in the first quarter of 2019, we have been
disclosing our income statement in the same manner as we do internally, incorporating additional P&L reclassifications, fully converging to the format presented by Itaú
Unibanco.
This managerial financial model reflects how we measure, analyze and discuss financial results by segregating: (i) commercial performance; (ii) financial risk
management; (iii) credit risk management; and (iv) costs efficiency.
We believe this form of communicating our results will give you a clearer and better view of how we fare under these different perspectives. Please refer to pages 9 to
12 of our Management Discussion & Analysis Report (“MD&A Report”) for further details, available at ir.itau.cl.
321Q21 About the quarter
Financial highlights
1Q21 | About our quarter
Recurring Consolidated Ch$95.1 billion Recurring Consolidated 21.5 % 48.8 p.p.
Net Return on
Income Chile Ch$84.0 billion Tangible Chile 25.4 % 53.1 p.p.
Equity (RoTE)
higher non-interest expenses lower
revenues decreased cost of credit
boosted by financial margin with the
market driven by higher gains from 0.4% mainly driven by higher provisions in 4Q’20
for corporate and SME clients of specific
trading desk and ALM (qoq in Chile) sectors impacted by the COVID-19 pandemic
10.1% 47.8%
89.3%
(qoq in Chile) (qoq in Chile)
Efficiency ratio
improved by 5 p.p.
34Financial highlights
1Q21 | Loan growth
In Ch$ trillion, end of period
Loan growth % Comparison QoQ
1Q21 4Q20 1Q20
Wholesale lending 11.98 11.86 1.0% 12.66 -5.4% 2.7%
Retail lending 6.49 6.34 2.3% 6.30 3.0%
1.5%
1.4%
Mortgage loans 4.79 4.63 3.4% 4.42 8.4% 1.3%
0.8%
Consumer loans 1.70 1.71 -0.6% 1.88 -9.7%
0.3% 0.3%
Total Loans 18.47 18.20 1.4% 18.96 ITCB Peer-A Peer-D Peer-E Peer-C Peer-B Banking
-2.6%
System
QoQ loan growth above Banking System average
Growth focused on retail, in line with strategy
35Financial highlights
1Q21 | Financial margin with clients
Financial margin with clients Annualized average rate
0.5% Ch$ billion
2.6%
-1.6% 2.5% 2.5% 2.5%
2.2%
152.5 150.1 147.7
146.9 1.6%
140.8
0.5% 0.5% 0.5% 0.5%
1Q'20 2Q'20 3Q'20 4Q'20 1Q'21
1Q'20 2Q'20 3Q'20 4Q'20 1Q'21 Financial margin with clients Average MPR
Change in Financial margin with clients
Ch$ billion
Assets financial margin Liabilities financial margin Capital financial
margin
2.1 0.1 0.5 0.2 0.6
(0.2) (1.0) (4.9)
150.1 147.7
4Q'20 Portfolio mix Volume Spreads Portfolio mix Volume Spreads Commercial spreads Capital financial 1Q'21
on derivatives and margin
FX transactions with
clients
36Financial highlights
1Q21 | Financial margin with the market
Quarterly evolution UF 1 net exposure (Ch$ trillion)
In Ch$ billion
2.9
2.7
2.5
2.1
9 0.0
37.2 40.0
1.6
8 0.0
35.0
25.9
70.0
24.5 25.3
30.0
6 0.0
22.9
60.5 mar-20 jun-20 sep-20 dec-20 mar-21
25.0
50.0
20.0
30.0
40.0
39.3 UF – Unidad de Fomento1 (∆ value)
1 5.0
18.8
30.0
1.3%
1 0.0
20.0
1.1%
3.3 1.0%
5.0
1 0.0
- -
1Q'20 2Q'20 3Q´20 4Q´20 1Q´21
Financial Margin with the Market 1-year moving average 0.3%
0.1%
1Q'20 2Q'20 3Q'20 4Q'20 1Q'21
1 – UF (Unidad de Fomento) is an official unit of account in Chile that is constantly
adjusted for inflation and widely used in Chile for pricing several loans and contracts.
37Financial highlights
1Q21 | Cost of credit and credit quality
Cost of credit Coverage ratio (90+ days NPL ‒ %)
In Ch$ billion 218%
5.0% 210%
177% 4.7%
190%
177%
1.9%
4.2%
1.2% 1.5% 231.4 1.2% 170%
150%
0.5% 0.5% 136%
150%
128% 131% 4.1% 4.0%
3.7%
130%
113% 115% 3.2%
73.7 88.9 110%
3.2%
55.6
2.9% 3.0%
2.7%
24.8 55.6 24.8
90%
2.8%
70%
2.5% 2.5% 2.5% 2.2%
3M20 3M21 mar-19 jun-19 sep-19 dec-19 mar-20 jun-20 sep-20 dec-20 mar-21
1Q'20 2Q'20 3Q'20 4Q'20 1Q'21
NPL90 Coverage 1 Provisions / Loans 1
Cost of Credit Risk Cost of Credit Risk / Average Loans
1 – Includes additional provisions.
Non-performing Loans (90+ days -%)
2.5% 2.6%
2.5% 2.5%
2.3%
2.4%
Low cost of credit in 1Q21
2.0% 2.0% 2.3%
1.9% 2.2% 2.0% 2.3% Good performance of NPLs ‒1.2% and 0.5%, respectively‒ for
1.9% 1.8% 1.9%
1.8%
1.7% 1.8% both consumer and mortgage loans with payment holidays
1.7% 1.6% 1.6% 1.7% granted in 2020 (100% in repayment)
1.8% 1.6%
1.7% 1.7% 1.7%
NPLs for consumer and mortgage loans with no payment
1.5% 1.3%
1.5% 1.5% 1.1% holidays granted are below pre-pandemic levels (1.9% and 1.4%,
1.4% 1.1%
1.2% respectively)
mar-19 jun-19 sep-19 dec-19 mar-20 jun-20 sep-20 dec-20 mar-21 Relief measures appear to have been effective in providing a
liquidity cushion to companies and individuals to counter the
Comm. ex-Students loans Mortgage Consumer Total economic effects of the pandemic
38Financial highlights
1Q21 | Non-interest expenses
In Ch$ billion
1Q21 4Q20 1Q20
Personnel (48.1) (43.2) 11.3% (47.8) 0.6%
62.3%
Administrative (58.3) (64.0) -8.9% (51.3) 13.6% 58.6%
52.3% 52.8% Efficiency
Total Personnel and
47.8% ratio
(106.4) (107.2) -0.8% (99.1) 7.4%
Administrative quarterly (%)
Depreciation, Amortization
(8.8) (8.5) 3.7% (10.0) -11.8%
and Impairment 1Q'20 2Q'20 3Q'20 4Q'20 1Q'21
Non-Interest Expenses (115.2) (115.7) -0.4% (109.1) 5.6%
Expenses Efficiency
0.4% 5 p.p.
(qoq) (qoq)
39Financial highlights
1Q21 | Liquidity
Strong liquidity position
LCR and NSFR ratios continue to be at historically high levels
LCR 1 NSFR 2
220.0% 107.0%
104.0%
200.0%
179.5% 102.0%
180.0%
160.0% 97.0%
140.0%
92.0%
120.0%
87.0%
100.0%
80.0% 82.0%
Mar.20 Apr.20 May.20 Jun.20 Jul.20 Aug.20 Sep.20 Oct.20 Nov.20 Dec.20 Jan.21 Feb.21 Mar.21 Mar.20 Apr.20 May.20 Jun.20 Jul.20 Aug.20 Sep.20 Oct.20 Nov.20 Dec.20 Jan.21 Feb.21 Mar.21
1 – LCR: Liquidity Coverage Ratio calculated according to BIS III rules. Regulatory LCR ratios are still under construction in Chile. 2 – NSFR: Net Stable Funding Ratio, the methodology used to estimate NSFR consist of liquidity ratio proposed by the “Basel III Committee on
Banking Supervision” (“BIS III”) that was adopted by the CMF.
Source: Quarterly Liquidity Status Report as of March 31, 2021.
40Financial highlights
1Q21 | BIS III: Capital ratios estimates
Estimated Fully Loaded BIS III Capital Evolution
50 bp
(yoy)
Improved capital 7.0%
6.9%
ratios CET 1
6.7%
6.5%
6.4%
Fully loaded CET1 ratio
increased 50 bp yoy and
20 bp qoq
Mar.20 Jun.20 Sep.20 Dec.20 Mar.21
412021 About the year
Financial highlights
2021 Macroeconomic outlook
2018 2019 2020 2021
8.5%
3.7% 0.9%
GDP 1 -5.8%
4.0%
3.0% 3.0%
Inflation 2 2.6%
2.75%
1.75%
1.50%
Interest Rate 2 0.50%
1 ‒ Projected GDP for Chile in 2021; 2‒ End of period.
Source: Central Bank of Chile and Itaú’s projections (updated as of June 11, 2021).
43Financial highlights
2021 Guidance
Expected
2021 Guidance
Loan Growth mid single digit
Growth focus retail 1 segments
Cost of credit Risk 2 range from 1.0% to 1.3%
Adjusted Non-Interest Expenses below inflation
1 – Retail refers to our retail bank, which serves individuals and SMEs in all their financial services needs; 2 – Net provision for credit & counterparty risks.
44Agenda
Corporate
profile 04
Our
08 business
Strategic
update 18
Corporate
27 governance
Economic
context 30
Financial
32 highlights
Additional
information 46
45Additional information
Current international ratings
Moody's S&P Timeline S&P
Rating Scale Rating Scale
Financial
Capacity A+ A+
A+ A+
LT ST LT ST
Extremely
Aaa AAA
strong
A A
Aa1 AA+
A A
A-1+
A
Very
Aa2 AA
strong
P-1 A- A- A- A- A-
Aa3 AA-
A1 A+
A-1 BBB+
Strong A2 A BBB+
BBB+
A3 A-
P-2 A-2
Baa1 BBB+ A-2
BBB BBB BBB
Adequate Baa2 BBB
P-3 A-3
Baa3 BBB- A-3
46Additional information
Average tangible equity breakdown
1Q’21 Average balance (Ch$ Tn)
Deferred taxes asociated with
intangibles from PPA: Ch$ 22
Goodwill: Ch$ 493 Ch$ 22
Ch$ 268 Ch$ -
Ch$ 225
Liabilities: 32,200
Intangibles from PPA: Ch$ 84
Ch$ 84 All other Liabilities: Ch$ 32,177
Ch$ - Ch$ 26,890
Ch$ 5,288
Managerial Tang. Equity: Ch$ 1,772 Ch$ 1,322 Ch$ 450
÷ ÷ ÷
Assets: 34,597 Recurring Results: Ch$ 95.1 Ch$ 84.0 Ch$ 11.2
= = =
Recurring RoTE: 21.5% 25.4% 9.9%
Asociado aw/
Associated Intangibles PPA: Ch$
PPA Intangibles: 40-
Ch$
Minority Interest: 72
Minority Interest ex GW and PPA
All other Assets: Ch$ 34,021
Intangibles: Ch$ 72
Ch$ 28,212
Ch $5,809 GW and PPA Intangibles: Ch$ 554
Ch$ 329
Ch$ 225
Shareholders’ Equity: 2,326
Managerial Tangible Equity: Ch$ 1,772
Ch$ 1,322
Ch$ 450
47Additional information
Transactions in Colombia
Itaú Corpbanca acquired shares of Itaú Corpbanca Colombia from Helm LLC
▪ On June 16, 2017, Itaú Corpbanca Colombia acquired Itaú BBA Colombia
Structure in Colombia assets and liabilities1
▪ Postponement of the date for Itaú Corpbanca to purchase the 12.36%
stake of CorpGroup in Itaú Corpbanca Colombia:
Other ‐ The postponement date to purchase is until January 28, 2022
Itaú Corpbanca CorpGroup
Minorities
‐ The purchase price has not changed and will be US$3.5367 per share (US$330 million in
total) plus (i) interest from (and including) August 4, 2015 until (but excluding) the payment
87.10% 12.36% 0.54%
date at an annual interest rate equal to Libor plus 2.7% minus (ii) the sum of (x) the
aggregate amount of dividends paid by Itaú Corpbanca Colombia to CorpGroup since the
date of the Transaction Agreement, plus (y) the accrued interest with respect to the
amount of such dividends since the date of their payment until the payment date of the
Itaú Corpbanca purchase price, at an annual interest rate equal to Libor plus 2.7%.
Colombia ▪ Itaú Corpbanca acquired shares of Itaú Corpbanca Colombia from Helm
(754,806,213 total shares)
LLC and Kresge Stock Holding Company
‐ On December 3, 2019, following receipt of regulatory approvals from the banking
supervisors in Chile, Colombia and Brazil, Itaú Corpbanca completed its previously
Acquisition in 2017
announced acquisition of shares of Itaú Corpbanca Colombia from Helm LLC and Kresge
Stock Holding Company
Itaú BBA Colombia
(asset and liabilities)) ‐ Itaú Corpbanca acquired shares representing approximately 20.82% of Itaú Corpbanca
Colombia’s outstanding equity for aggregate consideration of approximately US$334
million which implies a valuation multiple of 1.37 times book value as of October 31, 2019.
This valuation is consistent with the valuation of Itaú Corpbanca Colombia in Itaú
Corpbanca’s financial statements
1 − Itaú Corpbanca Colombia S.A. paid Ch$33,205 million to Itaú BBA Colombia S.A. Corporación Financiera.
48Additional information
Global macroeconomic outlook
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021F 2022F
GDP Growth (%) - World Economy
World 4.2 3.5 3.5 3.6 3.5 3.3 3.8 3.6 2.8 -3.3 6.4 4.6
USA 1.6 2.2 1.8 2.5 2.9 1.6 2.4 2.9 2.4 -3.5 6.7 4.7
Euro Zone 1.7 -0.8 -0.2 1.4 2.0 1.9 2.7 1.9 1.3 -6.7 4.9 5.2
China 9.5 7.9 7.9 7.4 7.1 6.9 7.0 6.7 6.1 2.3 8.5 5.8
GDP Growth (%) - Latam
Brazil 4.0 1.9 3.0 0.5 -3.5 -3.3 1.3 1.8 1.4 -4.1 5.5 1.8
Chile 6.1 5.3 4.0 1.8 2.3 1.7 1.2 3.7 0.9 -5.8 8.5 2.7
Colombia 7.4 3.9 4.6 4.7 3.0 2.1 1.4 2.6 3.3 -6.8 6.5 3.0
Mexico 4.0 3.6 1.4 2.8 3.3 2.9 2.1 2.2 -0.1 -8.2 6.5 3.4
Peru 6.5 6.0 5.8 2.4 3.3 4.0 2.5 4.0 2.2 -11.1 10.2 4.5
Inflation (eop, %)
Brazil (IPCA) 6.5 5.8 5.9 6.4 10.7 6.3 2.9 3.7 4.3 4.5 5.6 3.6
Chile 4.4 1.5 3.0 4.6 4.4 2.7 2.3 2.6 3.0 3.0 4.0 3.0
Colombia 3.7 2.4 1.9 3.7 6.8 5.8 4.1 3.2 3.8 1.6 3.7 2.8
Mexico 3.8 3.6 4.0 4.1 2.1 3.4 6.8 4.8 2.8 3.2 5.0 3.6
Peru 4.7 2.6 2.9 3.2 4.4 3.2 1.4 2.2 1.9 2.0 2.5 2.3
Monetary Policy Rate (eop, %)
Brazil 11.00 7.25 10.00 11.75 14.25 13.75 7.00 6.50 4.50 2.00 6.00 6.00
Chile 5.25 5.00 4.50 3.00 3.50 3.50 2.50 2.75 1.75 0.50 1.50 2.50
Colombia 4.75 4.25 3.25 4.50 5.75 7.50 4.75 4.25 4.25 1.75 2.00 3.50
Mexico 4.50 4.50 3.50 3.00 3.25 5.75 7.25 8.25 7.25 4.25 4.50 5.50
Peru 4.25 4.25 4.00 3.50 3.75 4.25 3.25 2.75 2.25 0.25 0.25 1.00
Unemployment Rate (avg, %)
Brazil - 7.4 7.1 6.8 8.5 11.5 12.7 12.3 11.9 13.5 13.4 12.1
Chile 7.1 6.4 5.9 6.4 6.2 6.5 7.0 7.4 7.2 10.8 9.0 7.5
Colombia 10.8 10.4 9.6 9.1 8.9 9.2 9.4 9.7 10.5 16.1 14.0 11.0
Mexico 5.2 4.9 4.9 4.8 4.4 3.9 3.4 3.3 3.5 4.4 4.2 4.0
Peru 7.7 7.0 5.9 6.0 6.4 6.7 6.9 6.6 6.6 13.6 9.0 7.0
Itaú´s projections updated on June 11, 2021.
49Additional information
Macroeconomic outlook
GDP Growth ‒ % (YoY) Per Capita GDP ‒ US$ Thousand
8.5 16.5
9 18
8 7.0 15.3 15.6 15.9 15.7
6.2 5.7 16 15.1
7 5.8 6.1 14.2 14.5 14.0 14.4
6 5.1 5.2 5.3 13.3
14 12.9 13.0
5 3.8 4.0 3.7
3.3 3.5
4 2.7 2.7 12 10.510.710.6
3 1.8 2.3 9.5
1.7
2 1.2 0.9 10
1 7.6
0 8 6.2
-1 Dec-00 Dec-05 Dec-10 Dec-15 Dec-20 6 5.1 4.6
4.5 4.8
-2
-3 -1.6 4
-4 2
-5
-6 0
-7 -5.8
-8 Dec-00 Dec-05 Dec-10 Dec-15 Dec-20
Unemployment rate ‒ % Inflation and Policy Rate ‒ %
12 10
10.8 10.8
11 7.8 7.1
10.0 8
9.7 9.9 9.8 9.5
10 9.3
9.0
9 8.3
6 4.5
4.4 4.6 4.4
8.0 7.8 4.0
8 7.4 7.2 7.5 3.7
7.0 7.2 7.0 4 3.0 3.0 2.7 3.0 3.0 3.0
6.7 2.6 2.8 2.4 2.6 2.3 2.6
7 6.5 6.3 6.3
6.0 2 1.5
1.1
6
5 0
4 Dec-00 Dec-05 Dec-10 Dec-15 Dec-20
-2 -1.4
Dec-00 Dec-05 Dec-10 Dec-15 Dec-20
Inflation Policy Rate
Itaú´s projections updated on June 11, 2021.
50Additional information
Macroeconomic outlook
International Reserves ‒ % of GDP Current Account Balance ‒ % of GDP
25 5 4.6
21.9 4.1
20.2 20.8 4
19.4
20 3 2.6
17.1 16.2 16.5
16.1 15.6 15.7 15.9 16.0 2 1.5 1.7
1.3 1.4
15 13.8 13.2
14.2 14.9 13.9 14.8 15.5 1
12.6 12.6 13.4
0
9.8
10 -1 -0.8 -1.1
-2 -1.2 -1.5 -1.7 -1.7 -2.0
-1.2
-2.4 -2.3 -1.5
5 -3
-3.2
-4 -3.9 -4.1 -3.9 -3.7
0 -5
Dec-00 Dec-05 Dec-10 Dec-15 Dec-20 Dec-00 Dec-05 Dec-10 Dec-15 Dec-20
Central Government Fiscal Balance ‒ % of GDP External Debt ‒ % of GDP
7.3
7.8 Private Public 53.9
49.2 55.4
70 50.8 47.7 45.0
7 46.9
4.4 3.9 60 43.6
5
39.5
3 2.1 50 35.5
1.3 33.7 33.3 31.9
1 0.6 30.7
40 28.8 29.8
-1 25.1 25.4
-0.5 -0.4 -0.5 -0.6
-3 -0.6 -1.2 -1.6
-2.1 -2.7 -2.8
-1.6 30
-2.8
-5 -4.8 -3.3 20
-4.4
-7
10 21.3 26.6
-9 -7.4 13.9 16.9 17.4
13.0 10.5
8.0 7.4 6.7 6.9 8.0 8.3 9.0 10.4 10.2 12.1 13.3
-11 0
Dec-00 Dec-05 Dec-10 Dec-15 Dec-20 Dec-03 Dec-09 Dec-15 Dec-21
51
Itaú´s projections updated on June 11, 2021.Additional information
Macroeconomic outlook
GDP Growth ‒ % (YoY) Per Capita GDP ‒ US$ Thousand
7.4
8 6.8 6.8 6.5 9
7 8.0 8.1 8.0
6 5.3 8 7.3
4.7 4.3 4.6 4.7
5 3.9 3.9
3.3 7 6.3 6.3
6.7
6.4
4 2.9 3.3 6.1
2.5 3.0 2.6 3.0
5.8 5.9 6.1
3 1.7 2.1 6 5.3 5.2 5.3
1.2 1.4
2 4.7
1 5
0 3.7
-1 Dec-00 4 3.4
-2 Dec-05 Dec-10 Dec-15 Dec-20 2.5 2.4 2.4 2.3
2.8
3
-3
-4 2
-5 1
-6
-7 -6.8 0
Dec-00 Dec-05 Dec-10 Dec-15 Dec-20
Unemployment rate ‒ % Inflation and Policy Rate ‒ %
17 16.1 15
15.6
15.0
15 14.1 14.0
13.7
13.3
13 10 8.7
11.812.0 12.011.8 7.6
11.211.3 11.0 7.7
10.8 10.5 7.0 6.8
11 10.4 6.5
9.6 9.7 5.7
9.1 8.9 9.2 9.4 5.5 5.8 4.1
4.9 4.5 3.7 3.7
9 5 3.2 3.8 3.7 2.8
3.2
2.0 2.4 1.9 1.6
7
5 0
Dec-00 Dec-05 Dec-10 Dec-15 Dec-20 Dec-00 Dec-05 Dec-10 Dec-15 Dec-20
Inflation Policy Rate
Itaú´s projections updated on June 11, 2021.
52Additional information
Macroeconomic outlook
International Reserves ‒ % of GDP Current Account Balance ‒ % of GDP
21.8 20.4 2
22
20 19.5
18 15.9 16.6 15.3 16.5 0
16 14.5 0.9
-1.0 -0.7
14 11.511.6
12.4 -2 -1.1 -1.3 -1.3
11.4 -1.8
12 10.4 11.1 10.2
9.5 10.1
10.2 10.8 9.9 9.6 10.1 -2.0
10 -2.9 -2.9 -3.0 -2.9 -3.3
-4 -3.1-3.3
8 -4.3
-3.8
-4.3
-3.3 -3.9
-4.0
6 -5.2
4 -6
-6.3
2
0 -8
Dec-01 Dec-06 Dec-11 Dec-16 Dec-21 Dec-00 Dec-05 Dec-10 Dec-15 Dec-20
Central Government Fiscal Balance ‒ % of GDP External Debt ‒ % of GDP
Private Public
59 32.0
-1 54
49 19.9
17.4 17.7
44 14.2 16.9
15.5
-3 -2.3 -2.3 -2.3 -2.4 39 11.6
-2.8 -2.5
-3.0 -3.0 -3.1 34 9.9 9.9 11.0
-3.7 -3.9 -3.6 -4.0 8.5
-4.1 -4.0 29 7.6 7.1
8.8 8.8 10.4
-5 -4.3
-4.7 24 7.0
-5.0 -4.9
-5.5 19
-5.7 14 26.0
-7 22.0 22.5 25.1 23.1 21.9 22.8 23.3
9 16.6 16.3 14.0
-7.8 12.1 15.8 13.8 12.7 12.4 13.7 15.7
4
-9 -8.6 -1
Dec-00 Dec-05 Dec-10 Dec-15 Dec-20 Dec-03 Dec-09 Dec-15 Dec-21
Itaú´s projections updated on June 11, 2021.
53June 15 & 16, 2021 Scotiabank Latam Financials Forum Itaú Corpbanca
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