Banco de Chile (NYSE:BCH) Q2 2024 Earnings Conference Call August 2, 2024 4:30 AM ET
Company Participants
Rodrigo Aravena - Chief Economist & Institutional Relations Officer
Pablo Mejia - Head of Investor Relations
Daniel Galarce - Head of Financial Control & Capital
Conference Call Participants
Ernesto Gabilondo - Bank of America
Daer Labarta - Goldman Sachs
Yuri Fernandes - JPMorgan
Andres Soto - Santander
Operator
Good afternoon, everyone, and welcome to Banco de Chile's Second Quarter 2024 Results Conference Call. If you need a copy of the management financial review, it is available on the Company's website.
Today with us, we have Mr. Rodrigo Aravena, Chief Economist and Institutional Relations Officer; Mr. Pablo Mejia, Head of Investor Relations; and Daniel Galarce, Head of Financial Control and Capital.
Before we begin, I would like to remind you that this call is being recorded, and information discussed today may include forward-looking statements regarding the Company's financial and operating performance. All projections are subject to risks and uncertainties and actual results may differ materially. Please refer to the detailed note in the Company's press release regarding forward-looking statements.
I will now turn the call over to Mr. Rodrigo Aravena. Please go ahead, sir.
Rodrigo Aravena
Good afternoon everyone. Thank you for joining this earnings call, where we will review the financial results achieved by our bank during the second quarter of this year, a period when once again our bank demonstrated its unquestionable leadership marked by its
strong capacity to generate sustainable and robust results over the time.
The performance of Banco de Chile was even more recognizable, especially considering the several challenges that remain in the macro environment. Some of the main achievements include, we led the industry in net income by posting CLP 324 billion equivalent to an ROE of 24.6%. Consequently, the return on equity was 23.6% in the first half of the year. We also continued leading the industry in capitalization by posting a strong 13.8% CET1 capital.
On the efficiency front, we had significant advances in cost control, as total expenses grew only 3.2% below the annual inflation rate. Consequently, the efficiency posted an impressive ratio of 55% in this period.
As usual, we have divided this presentation into three main sections. First, we will share our analysis of the business environment and our update on the macro side. Then we will move towards our advances on the three pillars. And finally, we will present our financial results in depth.