v3.25.4
Financial Derivatives Contracts for Hedge Accounting
 12 Months Ended
Dec. 31, 2025
Financial Derivatives Contracts for Hedge Accounting [Abstract]  
Financial Derivatives Contracts for Hedge Accounting FINANCIAL DERIVATIVES CONTRACTS FOR HEDGE ACCOUNTING
As of December 31, 2025 and 2024 the Bank holds the following portfolio of derivative instruments for hedging purposes:
As of December 31, 2025
Notional amountFair value
DemandUp to
1 month		Between
1 and 3
months		Between
3 and 12
months		Between
1 and 3
 years		Between
 3 and 5
 years		More than
5 years		TotalAssetsLiabilities
MCh$MCh$MCh$MCh$MCh$MCh$MCh$MCh$MCh$MCh$
Fair value hedge derivatives
Interest rate swaps- - - 175,000 2,075,449 752,638 180,138 3,183,225 580 103,009 
Cross currency swaps- 208,960 836,741 3,432,758 2,185,078 1,142,547 2,069,995 9,876,079 202,632 421,620 
Subtotal- 208,960 836,741 3,607,758 4,260,527 1,895,185 2,250,133 13,059,304 203,212 524,629 
Cash flow hedge derivatives
Currency forwards- 272,306 311,863 1,076,376 - - - 1,660,545 5,843 20,706 
Cross currency swaps- 589,136 1,673,048 3,546,146 3,814,876 2,844,561 553,938 13,021,705 52,137 367,381 
Subtotal- 861,442 1,984,911 4,622,522 3,814,876 2,844,561 553,938 14,682,250 57,980 388,087 
Total- 1,070,402 2,821,652 8,230,280 8,075,403 4,739,746 2,804,071 27,741,554 261,192 912,716 
As of December 31, 2024
Notional amountFair value
DemandUp to
1 month		Between
1 and 3
months		Between
3 and 12
months		Between
1 and 3
years		Between
3 and 5
years		More than
5 years		TotalAssetsLiabilities
MCh$MCh$MCh$MCh$MCh$MCh$MCh$MCh$MCh$MCh$
Fair value hedge derivatives
Interest rate swaps- - - 2,047,050 1,153,300 543,000 397,640 4,140,990 40,062 78,329 
Cross currency swaps- 841,009 224,877 2,093,135 3,127,813 1,177,983 1,436,626 8,901,443 462,924 243,723 
Subtotal- 841,009 224,877 4,140,185 4,281,113 1,720,983 1,834,266 13,042,433 502,986 322,052 
Cash flow hedge derivatives          
Currency forwards- 149,115 160,050 1,861,085 - - - 2,170,250 65,196 - 
Cross currency swaps- 889,661 1,989,477 3,491,191 7,437,766 528,886 1,153,235 15,490,216 275,446 576,342 
Subtotal- 1,038,776 2,149,527 5,352,276 7,437,766 528,886 1,153,235 17,660,466 340,642 576,342 
Total- 1,879,785 2,374,404 9,492,461 11,718,879 2,249,869 2,987,501 30,702,899 843,628 898,394 
NOTE 07 - FINANCIAL DERIVATIVES CONTRACTS FOR HEDGE ACCOUNTING, continued
a.Micro-hedge accounting
Fair value micro-hedge
The Bank uses cross-currency swaps and interest rate swaps to hedge its exposure to changes in fair value of hedged items attributable to interest rates. Those hedging instruments change the effective cost of long-term issuances from a fixed interest rate to a variable interest rate.
Below is a detail of the hedged elements and hedge instruments under fair value hedges as of December 31, 2025 and 2024, classified by term to maturity:
As of December 31, 2025
DemandUp to
1 month		Between
1 and 3
months		Between
3 and 12
months		Between
1 and 3
years		Between
3 and 5
years		More than
5 years		Total
MCh$MCh$MCh$MCh$MCh$MCh$MCh$MCh$
Hedged item
Loans and receivables from clients
 Commercial loans- 46,835 159,422 499,792 - - - 706,049 
Investment instruments at AC
Chilean Sovereign Bond- - - - 16,640 172,675 295,483 484,798 
Debt instruments at FVOCI
Chilean sovereign bonds- - - - - - - - 
US Treasury bonds- - - - 585,448 - - 585,448 
Chilean Treasury bonds- - 38,346 - 884,866 472,500 250,350 1,646,062 
Time deposits and other time liabilities        
Time deposits- 31,525 34,406 148,374 - - - 214,305 
Issued debt instruments        
Senior bonds- - 419,924 679,243 631,454 173,474 433,186 2,337,281 
Subordinated bonds- - - 198,639 - 180,138 - 378,777 
Interbank borrowing        
Interbank loans- 130,600 184,643 891,686 90,070 - - 1,296,999 
Chilean Central Bank loans- - - -  - - - 
Total- 208,960 836,741 2,417,734 2,208,478 998,787 979,019 7,649,719 
Hedging instrument        
Cross Currency swaps- 208,960 836,741 2,242,733 1,283,030 346,149 798,881 5,716,494 
Interest rate swaps- - - 175,001 925,448 652,638 180,138 1,933,225 
Total- 208,960 836,741 2,417,734 2,208,478 998,787 979,019 7,649,719 
NOTE 07 - FINANCIAL DERIVATIVES CONTRACTS FOR HEDGE ACCOUNTING, continued
As of December 31, 2024
DemandUp to
1 month		Between
1 and 3
months		Between
3 and 12
months		Between
1 and 3
years		Between
3 and 5
years		More than
5 years		Total
MCh$MCh$MCh$MCh$MCh$MCh$MCh$MCh$
Hedged item
Loans and account receivable from clients
Commercial loans- - 62,628 81,516 - - - 144,144 
Debt instruments at FVOCI        
Chilean Sovereign bond - - - - - 169,155 379,148 548,303 
US Treasury bonds- - - 497,050 - - - 497,050 
Chilean Treasury bonds- - - - 328,347 204,603 - 532,950 
Time deposits and other time liabilities        
Time deposits- 177,944 66,207 286,102 - - - 530,253 
Issued debt instruments        
Senior bonds- 586,519 96,042 846,503 1,174,316 208,151 506,578 3,418,109 
Subordinated bonds- - - - 192,083 - 352,487 544,570 
Interbank borrowing        
Interbank loans-76,546 - 427,463 ---504,009 
Chilean Central Bank loans- - - - - - - - 
Total- 841,009 224,877 2,138,634 1,694,746 581,909 1,238,213 6,719,388 
Hedging instrument        
Cross currency swaps- 841,009 224,877 1,641,584 1,391,446 438,909 840,573 5,378,398 
Interest rate swaps- - - 497,050 303,300 143,000 397,640 1,340,990 
Total- 841,009 224,877 2,138,634 1,694,746 581,909 1,238,213 6,719,388 
    
NOTE 07 - FINANCIAL DERIVATIVES CONTRACTS FOR HEDGE ACCOUNTING, continued
Cash flow micro-hedges
The Bank uses cross currency swaps to hedge the risk from variability of cash flows attributable to changes in the interest rates of bonds and interbank loans at a variable interest rate. The inflation risk that arises in some items is covered by both forwards as well as cross currency swaps.
Below is the notional amount of the hedged items as of December 31, 2025 and 2024, and the period when the cash flows will be generated:
As of December 31, 2025
DemandUp to
1 month		Between
1 and 3
months		Between
3 and 12
months		Between
1 and 3
years		Between
3 and 5
years		More than
5 years		Total
MCh$MCh$MCh$MCh$MCh$MCh$MCh$MCh$
Hedged item
Loans and accounts receivable from clients
Mortgage loans- 566,619 1,639,788 2,339,851 2,283,095 1,558,260 345,403 8,733,016 
Commercial loans- - - 607,586 364,807 444,450 - 1,416,843 
Debt instruments at FVOCI        
Chile Sovereign bond- - - - - - - - 
Chilean Central Bank bonds- - - - - 214,972 - 214,972 
Chilean Treasury bonds- - - - - - - - 
Time deposits and other time liabilities        
Time deposits- - - - - - - - 
Issued debt instruments        
Senior bonds- - - - - - - - 
Subordinated bonds- 159,720 255,054 759,983 594,136 491,774 208,535 2,469,202 
Interbank borrowings        
Interbank loans- 135,103 90,069 915,102 572,838 135,105 - 1,848,217 
Total- 861,442 1,984,911 4,622,522 3,814,876 2,844,561 553,938 14,682,250 
Hedging instrument        
Cross currency swaps- 589,136 1,673,049 3,546,145 3,814,876 2,844,561 553,938 13,021,705 
Currency forward- 272,306 311,862 1,076,377 - - - 1,660,545 
Total- 861,442 1,984,911 4,622,522 3,814,876 2,844,561 553,938 14,682,250 
NOTE 07 - FINANCIAL DERIVATIVES CONTRACTS FOR HEDGE ACCOUNTING, continued
As of December 31, 2024
DemandUp to
1 month		Between
1 and 3
months		Between
3 and 12
months		Between
1 and 3
years		Between
3 and 5
years		More than
5 years		Total
MCh$MCh$MCh$MCh$MCh$MCh$MCh$MCh$
Hedged item
Loans and accounts receivable from clients
Mortgage loans- 680,900 1,623,426 2,208,482 5,622,165 144,203 728,129 11,007,305 
Debt instruments at FVOCI        
Chilean Treasury bonds- - - - - - 191,906 191,906 
Deposits and other time deposits
   Time deposits- - 20,876 338,988 - - - 359,864 
Issued debt instruments        
Senior bonds- - 192,083 153,667 - - - 345,750 
Subordinated bonds- - - 970,384 896,058 384,683 233,200 2,484,325 
Interbank borrowings        
Interbank loans- 357,876 313,142 1,680,755 919,543 - - 3,271,316 
Total- 1,038,776 2,149,527 5,352,276 7,437,766 528,886 1,153,235 17,660,466 
Hedging instrument        
Cross currency swaps- 889,661 1,989,477 3,491,191 7,437,766 528,886 1,153,235 15,490,216 
Currency forward- 149,115 160,050 1,861,085 - - - 2,170,250 
Total- 1,038,776 2,149,527 5,352,276 7,437,766 528,886 1,153,235 17,660,466 
NOTE 07 - FINANCIAL DERIVATIVES CONTRACTS FOR HEDGE ACCOUNTING, continued
i.Forecasted cash flows for interest rate risk
Below is an estimate of the periods in which cash flows are expected to be produced:
As of December 31, 2025
DemandUp to
1 month		Between
1 and 3
months		Between
3 and 12
months		Between
1 and 3
years		Between
3 and 5
years		More than
5 years		Total
MCh$MCh$MCh$MCh$MCh$MCh$MCh$MCh$
Hedged item
Inflows- 6,927 - 56 113 56 - 7,152 
Outflows- (29,339)(4,589)(31,407)(7,613)(1,112)(2,016)(76,076)
Net flows- (22,412)(4,589)(31,351)(7,500)(1,056)(2,016)(68,924)
Hedging instrument        
Inflows- (6,927)- (56)(113)(56)- (7,152)
Outflows (*)- 29,339 4,589 31,407 7,613 1,112 2,016 76,076 
Net flows- 22,412 4,589 31,351 7,500 1,056 2,016 68,924 
(*)Only includes cash flow forecast portion of the hedge instruments used to cover interest rate risk.

As of December 31, 2024
DemandUp to
1 month		Between
1 and 3
months		Between
3 and 12
months		Between
1 and 3
years		Between
3 and 5
years		More than
5 years		Total
MCh$MCh$MCh$MCh$MCh$MCh$MCh$MCh$
Hedged item
Inflows- - 558 57 113 113 - 841 
Outflows- (7,111)(9,001)(67,113)(44,193)(2,010)(2,322)(131,750)
Net flows- (7,111)(8,443)(67,056)(44,080)(1,897)(2,322)(130,909)
Hedging instrument        
Inflows- - (558)(57)(113)(113)- (841)
Outflows (*)- 7,111 9,001 67,113 44,193 2,010 2,322 131,750 
Net flows- 7,111 8,443 67,056 44,080 1,897 2,322 130,909 
(*)Only includes cash flow forecast portion of the hedge instruments used to cover interest rate risk.
ii.Forecasted cash flows for inflation risk:
As of December 31, 2025
DemandUp to
1 month		Between
1 and 3
months		Between
3 and 12
months		Between
1 and 3
years		Between
3 and 5
years		More than
5 years		Total
MCh$MCh$MCh$MCh$MCh$MCh$MCh$MCh$
Hedged item
Inflows- 305,137 219,141 211,825 253,780 263,110 117,732 1,370,725 
Outflows- (33,807)(5,273)(17,797)(2,488)(49,025)- (108,390)
Net flows- 271,330 213,868 194,028 251,292 214,085 117,732 1,262,335 
Hedging instrument        
Inflows- 33,807 5,273 17,797 2,488 49,025 - 108,390 
Outflows- (305,137)(219,141)(211,825)(253,780)(263,110)(117,732)(1,370,725)
Net flows- (271,330)(213,868)(194,028)(251,292)(214,085)(117,732)(1,262,335)
NOTE 07 - FINANCIAL DERIVATIVES CONTRACTS FOR HEDGE ACCOUNTING, continued
As of December 31, 2024
DemandUp to
1 month		Between
1 and 3
months		Between
3 and 12
months		Between
1 and 3
years		Between
3 and 5
years		More than
5 years		Total
MCh$MCh$MCh$MCh$MCh$MCh$MCh$MCh$
Hedged item
Inflows- 106,476 173,281 469,031 628,318 63,681 357,048 1,797,835 
Outflows- - (2,004)(40,788)(53,291)(51,136)- (147,219)
Net flows- 106,476 171,277 428,243 575,027 12,545 357,048 1,650,616 
Hedging instrument        
Inflows- - 2,004 40,788 53,291 51,136 - 147,219 
Outflows- (106,476)(173,281)(469,031)(628,318)(63,681)(357,048)(1,797,835)
Net flows- (106,476)(171,277)(428,243)(575,027)(12,545)(357,048)(1,650,616)
iii.Forecasted cash flows for exchange rate risk
As of December 31, 2025
DemandUp to
1 month		Between
1 and 3
months		Between
3 and 12
months		Between
1 and 3
years		Between
3 and 5
years		More than
5 years		Total
MCh$MCh$MCh$MCh$MCh$MCh$MCh$MCh$
Hedged item
Inflows- - - - - - - - 
Outflows- (84,819)- (1,659)(3,482)(116)(58)(90,134)
Net flows- (84,819)- (1,659)(3,482)(116)(58)(90,134)
Hedging instrument        
Inflows- - - - - - - - 
Outflows- 84,819 - 1,659 3,482 116 58 90,134 
Net flows- 84,819 - 1,659 3,482 116 58 90,134 
As of December 31, 2024
DemandUp to
1 month		Between
1 and 3
months		Between
3 and 12
months		Between
1 and 3
years		Between
3 and 5
years		More than
5 years		Total
MCh$MCh$MCh$MCh$MCh$MCh$MCh$MCh$
Hedged item
Inflows- - - - - - - - 
Outflows- (137,929)(155,634)(181,771)(3,633)(1,722)- (480,689)
Net flows- (137,929)(155,634)(181,771)(3,633)(1,722)- (480,689)
Hedging instrument        
Inflows- - - - - - - - 
Outflows- 137,929 155,634 181,771 3,633 1,722 - 480,689 
Net flows- 137,929 155,634 181,771 3,633 1,722 - 480,689 
NOTE 07 - FINANCIAL DERIVATIVES CONTRACTS FOR HEDGE ACCOUNTING, continued
b.Other comprehensive income effect
The accumulated effect of the mark to market adjustment of cash flow hedges generated by hedge instruments used in hedged cash flow was recorded in the Consolidated Statements of Changes in Equity, within other comprehensive income, as of December 31, 2025 and 2024, is as follows:
As of December 31,
Hedged item20252024
MCh$MCh$
Interbank loans(12,474)(9,630)
Time deposits and other time liabilities- (138)
Issued debt instruments(11,658)3,972 
Debt instruments at FVOCI(597)19,449 
Loans and accounts receivable at amortised cost7,541 (91,454)
Total(17,188)(77,801)
Since the inflows and outflows for both the hedged element and the hedging instrument mirror each other, the hedges are nearly effective, which means that fluctuations of fair value attributable to risk components are almost completely offset.
During the current year, the Bank did not enter into any cash flow hedges relating to forecasted transactions.
c.P&L effect
The amounts recycling from other comprehensive income to income for the year related to cash flow hedges are as follows:
For the years ended December 31,
202520242023
MCh$MCh$MCh$
Bond hedging derivatives1,008 1,288 817 
Interbank loans hedging derivatives(2,811)— (4,775)
Mortgage loans hedging derivatives(20,203)(36,625)(36,154)
Cash flow hedge net gain (loss)(22,006)(35,337)(40,112)
See Note 21 - Equity, letter e, for other comprehensive income reconciliation
d.Net investment hedges in foreign operations
As of December 31, 2025, and 2024, the Bank does not have any foreign net investment hedges nor hedge accounting.
NOTE 07 - FINANCIAL DERIVATIVES CONTRACTS FOR HEDGE ACCOUNTING, continued
e.Fair value macro-hedges
 Notional amount
As of December 31, 2025DemandUp to
1 month		Between
1 and 3
months		Between
3 and 12
months		Between
1 and 3
years		Between
3 and 5
years		More than
5 years		Total
 MCh$MCh$MCh$MCh$MCh$MCh$MCh$MCh$
Hedge item
Loans and account receivable at amortised cost
Mortgage loans- - - - - 83,860 294,067 377,927 
Commercial loans- - - 1,190,024 2,052,049 812,538 977,047 5,031,658 
Total- - - 1,190,024 2,052,049 896,398 1,271,114 5,409,585 
Hedging instrument        
Cross currency swaps- - - 1,190,024 902,049 796,398 1,271,114 4,159,585 
Interest rate swaps- - - - 1,150,000 100,000 - 1,250,000 
Total- - - 1,190,024 2,052,049 896,398 1,271,114 5,409,585 
Notional amount
As of December 31, 2024DemandUp to
1 month		Between
1 and 3
months		Between
3 and 12
months		Between
1 and 3
years		Between
3 and 5
years		More than
5 years		Total
MCh$MCh$MCh$MCh$MCh$MCh$MCh$MCh$
Hedge item
Loans and account receivable at amortised cost
Mortgage loans- - - - - - 377,928 377,928 
Commercial loans- - - 2,001,551 2,586,367 1,139,074 218,125 5,945,117 
Total- - - 2,001,551 2,586,367 1,139,074 596,053 6,323,045 
Hedging instrument        
Cross currency swaps- - - 451,551 1,736,367 739,074 596,053 3,523,045 
Interest rate swaps- - - 1,550,000 850,000 400,000 - 2,800,000 
Total- - - 2,001,551 2,586,367 1,139,074 596,053 6,323,045 
As of December 31, 2025, and 2024 Other Assets include MCh$119,790 and MCh$155,587 respectively, related to fair value measurement of net assets or liabilities subject to macrohedges. See Note 14.
As of December 31, 2025, and 2024, Other Liabilities include MCh$51,690 and MCh$76,540 respectively, related to fair value measurement of net assets or liabilities subject to macrohedges. See Note 20.