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FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Report of Foreign Private Issuer

     Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934

For the month of April, 2008

Commission File Number 001-15266

BANK OF CHILE
(Translation of registrant's name into English)

Ahumada 251
Santiago, Chile
(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F___X___ Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)(1): ____

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)(7): ____

Indicate by check mark whether by furnishing the information contained in this Form, the
registrant is also thereby furnishing the information to the Commission pursuant to Rule
12g3-2(b) under the Securities Exchange Act of 1934.

Yes____ No___X___

If "Yes" is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): 82- ________

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     BANCO DE CHILE
REPORT ON FORM 6-K

Attached is an English translation of the consolidated financial statements published by Banco de Chile in a local newspaper on April 30, 2008, for the three months ended March 31, 2008.

 

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BANCO DE CHILE AND SUBSIDIARIES

___________

CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2008

 

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BANCO DE CHILE AND SUBSIDIARIES
____________

CONTENTS

I.	Consolidated Financial Statement
II.	Consolidated Statement of Recognised Income and Expense
III.	Consolidated Statement of Changes in Equity
IV.	Consolidated Statement of Cash Flow
V.	Notes to the Consolidated Financial Statement
____________
$	= Chilean pesos
MM$	= Millions of Chilean pesos

 

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BANCO DE CHILE AND SUBSIDIARIES
CONSOLIDATED FINANCIAL STATEMENT
As of March, 31 2008
______________

ASSETS		MM$
Cash and due from banks		463,892
Transactions in the course of collection		465,561
Trading securities		1,193,041
Securities purchased under agreements to resell		38,665
Derivate instruments		743,215
Loans and advance to banks		286,108
Loans and accounts receivables to customers		11,536,040
Available for sale instruments		175,836
Held to maturity instruments		—
Investments in other affiliates		9,494
Intangibles assets		29,941
Fixed assets		198,976
Deferred tax assets		56,799
Other assets		143,330
TOTAL ASSETS		15,340,898

 

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BANCO DE CHILE AND SUBSIDIARIES
CONSOLIDATED FINANCIAL STATEMENT
As of March, 31 2008
______________

LIABILITIES		MM$
Current accounts and demand deposits		2,808,069
Transactions in the course of payment		270,699
Securities sold under agreements to repurchase		432,148
Saving accounts and time deposits		6,972,302
Derivate instruments		749,042
Borrowings from financial institutions		906,747
Debt issued		1,688,020
Other financial obligations		74,349
Current tax liabilities		11,122
Deferred tax liabilities		14,156
Provisions		113,354
Other liabilities		161,851
TOTAL LIABILITIES		14,201,859

EQUITY
Attributable to equity holders of the parent:
Capital		1,003,825
Reserves		117,862
Others accounts		(8,049)
Retained earnings:
Retained earnings from previous periods		7,354
Income for the period		60,100
Less:
Provisions for minimum dividends		(42,070)
		1,139,022
Minority interest		17
TOTAL EQUITY		1,139,039
TOTAL LIABILITIES AND EQUITY		15,340,898

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BANCO DE CHILE AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSE
As of March, 31 2008
______________

A. STATEMENT OF INCOME AND EXPENSES
		MM$
Interest revenue		312,629
Interest expense		(155,575)
Net interest revenue		157,054
Income from fees and commission		60,345
Expenses from fees and commission		(13,303)
Net fees and commission		47,042
Gains (losses) from trading and brokerage activities		26,465
Foreign exchange transactions, net		(20,823)
Other operating income		50,796
TOTAL OPERATING REVENUE		260,534
Provision for loan losses		(26,033)
NET OPERATING REVENUE		234,501
Staff expenses		(86,787)
Administrative expenses		(42,814)
Depreciation and amortization		(10,906)
Impairments		—
Other operational expenses		(19,671)
TOTAL OPERATING EXPENSES		(160,178)
OPERATING INCOME		74,323
Income attributable to affiliates		863
Loss form price-level restatements		(7,174)
Income before income taxes		68,012
Income taxes		(7,912)
Income from continuous operations		60,100
Income from discontinued operations		—
INCOME FOR THE PERIOD		60,100
Attributable to:
Equity holders of the parent		60,100
Minority interest		—
		$
Earning per share equity holders of the parent:
Basic earnings		0.75
Diluted earnings		0.75

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BANCO DE CHILE AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSE
As of March, 31 2008
______________

B. STATEMENT OF OTHER RECOGNISED INCOME AND EXPENSE
		MM$
INCOME FOR THE PERIOD		60,100
OTHER RECOGNISED INCOME AND EXPENSE
Available for sale instruments:
Net change in unrealized gains (losses) on permanent financial investments		192
Accumulated adjustment for translation differences		(1,813)
Other recognised income and expense before income taxes		(1,621)
Income taxes other recognised income and expense		(33)
Total other recognised income and expense		(1,654)
TOTAL RECOGNISED INCOME AND EXPENSE FOR THE PERIOD		58,446
Attributable to:
Equity holders of the parent		58,446
Minority interest		—
Earning per share equity holders of the parent:		$
Basic earnings		0.73
Diluted earnings		0.73

 

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BANCO DE CHILE AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
As of March, 31 2008
______________

				Reserves								Other Accounts				Retained earnings
														Accumulated		Retained						Attributable
										Reserves		Unrealized gains		adjustment for		earnings from		Income		Provisions for		to equity
		Capital		Price-level		Share		Other		from retained		on available for		translation		previous		for the		Minimum		holders of		Minority
				restatement		premium		Reserves		earnings		sale instruments		differences		periods		period		dividends		the parent		interest		Total
		MM$		MM$		MM$		MM$		MM$		MM$		MM$		MM$		MM$		MM$		MM$		MM$		MM$
Balance as of December, 31 2007		721,174		—		1,705		11,380		78,900		—		(4,055)		—		242,288		—		1,051,392		—		1,051,392
Capital increase due to merger with
Citibank Chile		277,791		—		—		16,678		—		(2,340)		—		7,354		22,175		—		321,658		9		321,667
Balance adjusted		998,965		—		1,705		28,058		78,900		(2,340)		(4,055)		7,354		264,463		—		1,373,050		9		1,373,059
Subscription and payments of shares		4,860		—		—		—		—		—		—		—		—		—		4,860		—		4,860
Dividends paid		—		—		—		—		—		—		—		—		(264,463)		—		(264,463)		—		(264,463)
Net adjustment for translation
differences		—		—		—		—		—		—		(1,813)		—		—		—		(1,813)		—		(1,813)
Unrealized gains on financial
investments available for sales		—		—		—		—		—		159		—		—		—		—		159		—		159
Other changes		—		—		—		—		—		—		—		—		—		—		—		8		8
Price level restatement		—		9,199		—		—		—		—		—		—		—		—		9,199		—		9,199
Income for the period		—		—		—		—		—		—		—		—		60,100		—		60,100		—		60,100
Minimum dividends		—		—		—		—		—		—		—		—		—		(42,070)		(42,070)		—		(42,070)
Balance as of March, 31		1,003,82		9,199		1,705		28,058		78,900		(2,181)		(5,868)		7,354		60,100		(42,070)		1,139,022		17		1,139,039

 

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     BANCO DE CHILE AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOW
As of March, 31 2008
______________

		MM$
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income for the period		60,100
Items that do not represent cash flows:
Depreciation and amortization		13,484
Provisions for loan losses		33,628
Fair value adjustment of trading securities		(4,205)
Equity participation in net (income) loss in investments in other affiliates		(863)
Net gain on sales of assets received in lieu of payment		(157)
Net gain on sales of fixed assets		(27)
Charge-off of assets received in lieu of payments		1,114
Net loss from price-level restatement		7,174
Minority interest		—
Other charges not representing cash flows		(26,474)
Net change in interest accruals		(15,886)
Total cash flows from operating activities		67,888
CASH FLOWS FROM INVESTING ACTIVITIES:
Net decrease in accounts receivables to customers		162,264
Net decrease in investments		224,936
Purchases of fixed assets		(5,704)
Proceeds from sale of fixed assets		28
Investments in other affiliates		(6,188)
Dividends received from investments in other affiliates		70
Proceeds from sale of assets received in lieu of payment		831
Net changes in other assets and liabilities		81,629
Total cash flows from investing activities		457,866

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BANCO DE CHILE AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOW
As of March, 31 2008
______________

Consolidated Statement of Cash Flow, continued:
		MM$
CASH FLOWS FROM FINANCING ACTIVITIES:
Net increase (decrease) in current accounts		(62,788)
Net increase (decrease) in savings accounts and time deposits		(437,601)
Net increase (decrease) in other demand or time deposits		(78,388)
Net increase (decrease) in securities sold under agreements to repurchase		110,609
Net increase (decrease) in other short-term borrowings		(18,014)
Issuance of mortgage finance bonds		46
Repayment of mortgage finance bonds		(33,582)
Net increase (decrease) in short-tem borrowings		(62,589)
Borrowing from Central Bank (long-term)		91
Payment of borrowing from Central Bank (long-term)		(191)
Issuance of bonds		74,154
Payment of bonds		(15,081)
Long-term foreign borrowings		462,169
Payment of long-term foreign borrowings		(327,847)
Other long-term borrowings		4,707
Payment of other long-term borrowings		(219)
Subscriptions and payment of shares		4,860
Dividends paid		(264,463)
Total cash flows from financing activities		(644,127)
NET POSITIVE (NEGATIVE) CASH FLOWS FOR THE PERIOD		(118,373)
Effect of price-level restatement on cash and cash equivalents		(6,889)
Net increase (decrease) in cash and cash equivalents		(125,262)
Cash and cash equivalents at the beginning of the period		986,151
Cash and cash equivalents at the end of the period		860,889

NOTE TO CONSOLIDATED FINANCIAL STATEMENT:

1. RELEVANTS EVENTS

On January 1, 2008, the merger of Banco de Chile and Citibank Chile became effective, with the former assuming the assets and liabilities of the latter. Consequently, as of that date, Banco de Chile is the legal successor of Citibank Chile.

2. CHANGES IN ACCOUNTING PRINCIPLES

On November 9, 2007, the Superintendency of Banks and Financial Institutions issued Circular No. 3,410, through which it informed the new compendium of accounting standards that Banks must apply, in the context of convergence with International Financial Reporting Standards (IFRS) developed by this Superintendency. This compendium establishes, among other matters, the monthly and annual financial statement presentation formats that the Banks must apply starting on January 1, 2008. Those new criteria will only affect the financial statement presentation and will not affect the accounting criteria used by the Bank during 2008. This compendium in its transitory dispositions, does not establishes any obligation for disclosure of comparative financial statement in intermediate periods.

Additionally, the mentioned circular established the obligation to arise a provision for minimum dividends.

Héctor Hernández G.		Fernando Cañas B.
Accounting Manager		Chief Executive Officer

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