| Derivative Financial Instruments for hedging purposes |
| 10. | Derivative financial instruments for hedging purposes: |
| (a.1) | As of December 31, 2025 and 2024, the Bank has the following
portfolio of financial derivative instruments for accounting hedging purposes: |
| | |
Notional
amount of contract with final expiration date in | | |
| |
| | |
On
demand | | |
Up
to 1 month | | |
Over
1 month and
up to 3 months | | |
Over
3 months and
up to 12 months | | |
Over
1 year and
up to 3 years | | |
Over
3 years and
up to 5 years | | |
Over
5 years | | |
Total | | |
Fair
value
Assets | |
| | |
2025 | | |
2024 | | |
2025 | | |
2024 | | |
2025 | | |
2024 | | |
2025 | | |
2024 | | |
2025 | | |
2024 | | |
2025 | | |
2024 | | |
2025 | | |
2024 | | |
2025 | | |
2024 | | |
2025 | | |
2024 | |
| | |
MCh$ | | |
MCh$ | | |
MCh$ | | |
MCh$ | | |
MCh$ | | |
MCh$ | | |
MCh$ | | |
MCh$ | | |
MCh$ | | |
MCh$ | | |
MCh$ | | |
MCh$ | | |
MCh$ | | |
MCh$ | | |
MCh$ | | |
MCh$ | | |
MCh$ | | |
MCh$ | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| Derivatives
held for fair value hedges | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Cash
flow hedge derivatives | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Interest
rate swap and cross currency swap | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 131,987 | | |
| 215,715 | | |
| 274,935 | | |
| — | | |
| 122,041 | | |
| 107,073 | | |
| 306,460 | | |
| 322,788 | | |
| 835,423 | | |
| 29,714 | | |
| 73,959 | |
| Total | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 131,987 | | |
| 215,715 | | |
| 274,935 | | |
| — | | |
| 122,041 | | |
| 107,073 | | |
| 306,460 | | |
| 322,788 | | |
| 835,423 | | |
| 29,714 | | |
| 73,959 | |
| (a.2) | As of December 31, 2025 and 2024, the Bank has the following
debt portfolio of financial derivative instruments for accounting hedging purposes: |
| | |
Notional
amount of contract with final expiration date in | | |
| |
| | |
On
demand | | |
Up
to 1 month | | |
Over
1 month and
up to 3 months | | |
Over
3 months and
up to 12 months | | |
Over
1 year and
up to 3 years | | |
Over
3 years and
up to 5 years | | |
Over
5 years | | |
Total | | |
Fair
value
Liabilities | |
| | |
2025 | | |
2024 | | |
2025 | | |
2024 | | |
2025 | | |
2024 | | |
2025 | | |
2024 | | |
2025 | | |
2024 | | |
2025 | | |
2024 | | |
2025 | | |
2024 | | |
2025 | | |
2024 | | |
2025 | | |
2024 | |
| | |
MCh$ | | |
MCh$ | | |
MCh$ | | |
MCh$ | | |
MCh$ | | |
MCh$ | | |
MCh$ | | |
MCh$ | | |
MCh$ | | |
MCh$ | | |
MCh$ | | |
MCh$ | | |
MCh$ | | |
MCh$ | | |
MCh$ | | |
MCh$ | | |
MCh$ | | |
MCh$ | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| Derivatives
held for fair value hedges | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | |
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| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Cash flow
hedge derivatives | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Interest
rate swap and cross currency swap | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 134,806 | | |
| 230,019 | | |
| 34,060 | | |
| 254,545 | | |
| 132,265 | | |
| 1,350,496 | | |
| 875,618 | | |
| 1,835,060 | | |
| 1,176,749 | | |
| 297,817 | | |
| 141,040 | |
| Total | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 134,806 | | |
| 230,019 | | |
| 34,060 | | |
| 254,545 | | |
| 132,265 | | |
| 1,350,496 | | |
| 875,618 | | |
| 1,835,060 | | |
| 1,176,749 | | |
| 297,817 | | |
| 141,040 | |
As of December 31, 2025 and
2024, no fair value hedges are held.
| (c.1) | The Bank uses cross currency swaps to hedge the risk from variability
of cash flows attributable to changes in the interest rates and foreign exchange of foreign banks obligations and bonds issued abroad
in US dollars, Hong Kong dollars, Swiss Franc, Japanese yen, Peruvian sol, Australian dollars, Euros, Norwegian kroner and Mexican pesos.
The cash flows of the cross currency swaps equal the cash flows of the hedged items, which modify uncertain cash flows to known cash
flows derived from a fixed interest rate. |
Additionally, these cross currency
swap contracts are used to hedge the risk from variability of the Unidad de Fomento (“UF”) in assets flows denominated in
UF until a nominal amount equal to the portion notional of the hedging instrument UF, whose indexation daily the line item “Interest
and Inflation indexation revenue” of the Income Financial Statements.
| (c.2) | Below are the cash flows of borrowings from banks and bonds
issued abroad objects of these hedges and the cash flows of the asset part of the derivative: |
| | |
On
demand | | |
Up
to 1 month | | |
Over
1 month and
up to 3 months | | |
Over
3 months and
up to 12 months | | |
Over
1 year and
up to 3 years | | |
Over
3 years and
up to 5 years | | |
Over
5 years | | |
Total | |
| | |
2025 | | |
2024 | | |
2025 | | |
2024 | | |
2025 | | |
2024 | | |
2025 | | |
2024 | | |
2025 | | |
2024 | | |
2025 | | |
2024 | | |
2025 | | |
2024 | | |
2025 | | |
2024 | |
| | |
MCh$ | | |
MCh$ | | |
MCh$ | | |
MCh$ | | |
MCh$ | | |
MCh$ | | |
MCh$ | | |
MCh$ | | |
MCh$ | | |
MCh$ | | |
MCh$ | | |
MCh$ | | |
MCh$ | | |
MCh$ | | |
MCh$ | | |
MCh$ | |
| Hedged
item | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| Outflows: | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
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| | |
| |
| Corporate
Bond | |
| — | | |
| — | | |
| (1,017 | ) | |
| (472 | ) | |
| (9,291 | ) | |
| (7,576 | ) | |
| (52,425 | ) | |
| (213,764 | ) | |
| (572,565 | ) | |
| (444,033 | ) | |
| (297,431 | ) | |
| (357,141 | ) | |
| (1,437,654 | ) | |
| (1,297,164 | ) | |
| (2,370,383 | ) | |
| (2,320,150 | ) |
| Obligation
USD | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (104,466 | ) | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (104,466 | ) |
| | |
| | | |
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| | | |
| | | |
| | | |
| | | |
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| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Hedging
instrument | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Inflows: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Cross
Currency Swap | |
| — | | |
| — | | |
| 1,017 | | |
| 472 | | |
| 9,291 | | |
| 7,576 | | |
| 52,425 | | |
| 318,230 | | |
| 572,565 | | |
| 444,033 | | |
| 297,431 | | |
| 357,141 | | |
| 1,437,654 | | |
| 1,297,164 | | |
| 2,370,383 | | |
| 2,424,616 | |
| Net
cash flows | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | |
| (c.3) | Below are the cash flows of the underlying assets portfolio
and the cash flow of the liability part of the derivatives: |
| | |
On
demand | | |
Up
to 1 month | | |
Over
1 month and
up to 3 months | | |
Over
3 months and
up to 12 months | | |
Over
1 year and
up to 3 years | | |
Over
3 years and
up to 5 years | | |
Over
5 years | | |
Total | |
| | |
2025 | | |
2024 | | |
2025 | | |
2024 | | |
2025 | | |
2024 | | |
2025 | | |
2024 | | |
2025 | | |
2024 | | |
2025 | | |
2024 | | |
2025 | | |
2024 | | |
2025 | | |
2024 | |
| | |
MCh$ | | |
MCh$ | | |
MCh$ | | |
MCh$ | | |
MCh$ | | |
MCh$ | | |
MCh$ | | |
MCh$ | | |
MCh$ | | |
MCh$ | | |
MCh$ | | |
MCh$ | | |
MCh$ | | |
MCh$ | | |
MCh$ | | |
MCh$ | |
| Hedged
item | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Inflows: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Cash
flows in CLF | |
| — | | |
| — | | |
| 2,270 | | |
| 1,588 | | |
| 2,881 | | |
| 2,804 | | |
| 41,030 | | |
| 306,543 | | |
| 527,973 | | |
| 377,477 | | |
| 320,395 | | |
| 304,794 | | |
| 1,549,936 | | |
| 1,280,412 | | |
| 2,444,485 | | |
| 2,273,618 | |
| | |
| | | |
| | | |
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| | | |
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| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Hedging
instrument | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Outflows: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Cross
Currency Swap | |
| — | | |
| — | | |
| (2,270 | ) | |
| (1,588 | ) | |
| (2,881 | ) | |
| (2,804 | ) | |
| (41,030 | ) | |
| (306,543 | ) | |
| (527,973 | ) | |
| (377,477 | ) | |
| (320,395 | ) | |
| (304,794 | ) | |
| (1,549,936 | ) | |
| (1,280,412 | ) | |
| (2,444,485 | ) | |
| (2,273,618 | ) |
| Net
cash flows | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | |
With respect to CLF assets hedged;
these are revalued monthly according to the variation of the UF, which is equivalent to monthly reinvest the assets until maturity of
the relationship hedging.
| (c.4) | The unrealized results generated during the year 2025 by those
derivative contracts that compose the hedging instruments in this cash flow hedging strategy, have been recorded with a debit to equity
of Ch$28,341 million (debit to equity of Ch$21,798 million and credit to equity of Ch$113,183 million as of December 31, 2024 and 2023,
respectively). The net effect of taxes amounts to equity of Ch$20,689 million (a debit to equity of Ch$15,913 million and a credit to
equity of Ch$82,624 million as of December 31, 2024 and 2023, respectively). |
The accumulated balance for this concept
as of December 31, 2025 corresponds to a debit to equity of Ch$40,738 million (a debit to equity amounted to Ch$12,397 million as of December
31, 2024 and a credit to equity amounting to Ch$9,401 million as of December 31, 2023).
| (c.5) | The effect of the cash flow hedging derivatives that offset
the result of the hedged instruments corresponds to a debit to result of Ch$169,951 million in 2025 (a credit to income of Ch$100,566
million in 2024 and a charge to result for Ch$4,320 million in 2023). |
| (c.6) | As of December 31, 2025 and 2024, there no ineffectiveness in
the cash flow hedge, because both, hedged item and hedging instruments, are mirrors of each other; i.e., all variations in the value
attributable to rate and indexation components are fully offset. |
| (c.7) | As of December 31, 2025, 2024 and 2023, the Bank had no hedges
of net investments in foreign businesses. |
|