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 July, 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- ________
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 July 31, 2008, for the three months ended June 30, 2008.
BANCO DE CHILE AND SUBSIDIARIES
___________
CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2008
BANCO DE CHILE AND SUBSIDIARIES
____________
CONTENTS
I. | Consolidated Financial Statement | ||
II. | Consolidated Statement of Income | ||
____________ |
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$ | = Chilean pesos | ||
MM$ | = Millions of Chilean pesos |
BANCO DE CHILE AND SUBSIDIARIES
CONSOLIDATED FINANCIAL STATEMENT
As of June, 30 2008
______________
ASSETS | MM$ |
Cash and due from banks | 613,972 |
Transactions in the course of collection | 608,362 |
Trading securities | 987,570 |
Securities purchased under agreements to resell | 39,680 |
Derivate instruments | 724,608 |
Loans and advance to banks | 271,100 |
Loans and accounts receivables to customers | 12,185,794 |
Available for sale instruments | 319,526 |
Held to maturity instruments | |
Investments in other affiliates | 10,718 |
Intangibles assets | 30,362 |
Fixed assets | 199,054 |
Deferred tax assets | 74,847 |
Other assets | 226,104 |
TOTAL ASSETS | 16,291,697 |
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BANCO DE CHILE AND SUBSIDIARIES
CONSOLIDATED FINANCIAL STATEMENT
As of June, 30 2008
______________
LIABILITIES | MM$ |
Current accounts and demand deposits | 2,842,917 |
Transactions in the course of payment | 299,516 |
Securities sold under agreements to repurchase | 425,502 |
Saving accounts and time deposits | 7,487,360 |
Derivate instruments | 721,399 |
Borrowings from financial institutions | 1,209,055 |
Debt issued | 1,704,041 |
Other financial obligations | 79,215 |
Current tax liabilities | 8,054 |
Deferred tax liabilities | 36,529 |
Provisions | 160,635 |
Other liabilities | 117,533 |
TOTAL LIABILITIES | 15,091,756 |
EQUITY | |
Attributable to equity holders of the parent: | |
Capital | 1,016,335 |
Reserves | 144,964 |
Others accounts | (5,345) |
Retained earnings: | |
Retained earnings from previous periods | 7,354 |
Income for the period | 122,084 |
Less: | |
Provisions for minimum dividends | (85,459) |
1,199,933 | |
Minority interest | 8 |
TOTAL EQUITY | 1,199,941 |
TOTAL LIABILITIES AND EQUITY | 16,291,697 |
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BANCO DE CHILE AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME
As of June, 30 2008
______________
MM$ | |
Interest revenue | 694,263 |
Interest expense | (365,157) |
Net interest revenue | 329,106 |
Income from fees and commission | 132,003 |
Expenses from fees and commission | (27,311) |
Net fees and commission | 104,692 |
Gains (losses) from trading and brokerage activities | 65,260 |
Foreign exchange transactions, net | (42,393) |
Other operating income | 66,013 |
TOTAL OPERATING REVENUE | 522,678 |
Provision for loan losses | (61,117) |
NET OPERATING REVENUE | 461,561 |
Staff expenses | (170,529) |
Administrative expenses | (81,525) |
Depreciation and amortization | (18,357) |
Impairments | |
Other operational expenses | (25,873) |
TOTAL OPERATING EXPENSES | (296,284) |
OPERATING INCOME | 165,277 |
Income attributable to affiliates | 2,592 |
Loss form price-level restatements | (28,336) |
Income before income taxes | 139,533 |
Income taxes | (17,450) |
Income from continuous operations | 122,083 |
Income from discontinued operations | |
INCOME FOR THE PERIOD | 122,083 |
Attributable to: | |
Equity holders of the parent | 122,084 |
Minority interest | (1) |
$ | |
Earning per share equity holders of the parent: | |
Basic earnings | 1.51 |
Diluted earnings | 1.51 |
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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 Chilean Superintendency of Banks and Financial Institutions issued Circular No. 3,410, through which it enacted the new Compendium of Accounting Standards that Banks must comply with, 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. These new criteria will only affect 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.
“The consolidated financial statements, consolidated statement of income, consolidated statement of changes in equity and consolidated statements of cash flows are available at www.bancochile.cl, as well as at Banco de Chile Principal Offices.
Héctor Hernández G. | Fernando Cañas B. |
Accounting Manager | Chief Executive Officer |
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Banco de Chile | ||
/S/ Fernando Cañas Berkowitz |
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By: |
Fernando Cañas Berkowitz
President and CEO
|