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BCA.N

ISIN: US21987A2096
SEDOL: 2335885

Rating:

HOLD

Target Price:

19.93 USD

Investment Horizon:

6 to 24 months
13th May 2009 View Report   Download

1Q 09 News Alert

Corpbanca reported a modest y-o-y increase in adjusted net income available to common shareholders for 1Q 09, and earnings beat our estimate. In addition, the common stock reached our target price on 12 May 2008, closing at a 52-week high. However, in our opinion the y-o-y growth in net trading and investment income achieved in 1Q 09 is not sustainable, and we remain concerned about default rates and demand for credit....

16th Apr 2009 View Report   Download

4Q 08 & FY 2008 Update Report

Chilean GDP contracted by 3.4% in 4Q 08 (compared to growth of 4.6% in 3Q 08), and the central bank (Banco Central de Chile, or BCC) is forecasting that GDP will be flat in 2009, with growth of 3% anticipated in 2010. Meanwhile, CPI inflation has eased from a high of 9.9% in October 2008 to 5.5% in February 2009 and, according to the BCC’s Economic Expectation Survey (March 2009), inflation will…

10th Feb 2009 View Report   Download

4Q 08 & FY 2008 News Alert

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Corpbanca reported a y-o-y decline in net income in 4Q 08 with a modest y-o-y rise in net income for FY 2008. However, adjusted1 net income available to common shareholders for FY 2008 was in line with our forecasts. Going forward, although we remain concerned regarding asset quality…

23rd Dec 2008 View Report   Download

3Q 08 Update Report

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Corpbanca achieved strong y-o-y growth in gross margin (total revenues) in 3Q 08, despite unfavorable economic conditions in Chile. This growth was primarily attributable to a robust increase in Net Interest Margin (NIM), driven mainly by higher yields on inflation-indexed, interest-bearing assets. Both Net Interest Income (NII) and fee-based income grew robustly, reflecting strong demand for credit and retail products....

6th Nov 2008 View Report   Download

3Q 08 News Alert

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Driven by loan expansion and rising inflation, Corpbanca reported strong growth in Net Interest Income (NII) in 3Q 08. Meanwhile, adjusted1 gross margin and net income available to common shareholders both exceeded our forecasts. However, we remain concerned that an economic slowdown in Chile could dampen loan portfolio expansion over the medium term. Overall, however, our outlook remains positive considering the relatively underpenetrated…