72 issued by the Chilean Association of Accountants and Circular No. 1, issued by SVS, recognizing income on an accrual basis. 1, issued by the SVS, recognizing income on an accrual basis. Computer software has been valued as established in Circular No. for adjusting the acquisition CompaniesL shareholdersL equity at fair value, in accordance with Circular No of the SVS and Technical.
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Return on average total assets 5. Our wholesale banking segment serves the needs of corporate customers. Banco CrediChile provides short to medium term consumer loans and credit card services.
Chilean law may provide circulat with fewer and less well-defined rights. Rating agencies regularly evaluate us by taking into account diverse factors, including our financial strength, the business environment and the economic backdrop in which we operate.
To the extent distributed dividends were not sufficient to pay the amount due on this debt, Cigcular is permitted to maintain a cumulative deficit balance with the Central Bank that SAOS commits to pay with future dividends. For this reason, we apply high industry standards in information technology, business models and service quality, all of which are summarized by the value creation cycle below: In addition, the following table sets forth the composition of the other-than-mortgage loans secured by real estate guarantees: Nevertheless, banks continue to be the main suppliers of leasing, factoring and mutual fund management, while growing quickly in insurance brokerage services.
Banco CrediChile complements the services offered by our other business segments, especially our wholesale market segment, by offering services to employers, such as direct deposit capabilities for payroll payment purposes, which in turn enable employees to use our deposit services.
These are our strategic priorities and we aspire to attain them through collaboration and teamwork. As a result of these transactions, local and international long-term debt have increased their joint share in our funding structure over time.
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CuentaChile Demand Account holders are entitled to make use of internet-based banking platforms and mobile applications provided by Banco CrediChile while also receiving electronic money transfers and benefiting from diverse loyalty programs designed by Banco CrediChile, under the Cuenta Chile Club, which include discounts and special offers for a wide array of stores and services. In we undertook diverse technological initiatives intended to adequately support our core business and improve our operating efficiency.
Mutual Funds Assets Under Management. Major Shareholders and Related Party Transactions. This translated into a subsequent slowdown in the local banking industry due to lower levels of consumption and deteriorated credit quality in loan portfolios prompted by unemployment and financial stress experienced by certain economic sectors. The Chilean market for financial services is highly competitive.
Duringthe economic backdrop remained a leading challenge for the banking industry. Similarly, among our peers we were the bank with the best credit quality indicators in terms. Regarding funding functions carried out by our Treasury, duringwe continued to develop a funding diversification strategy by conducting important transactions in Chile and abroad.
As a general matter, prior toChilean law permitted the purchase and sale of foreign currency only in those cases explicitly authorized by the Central Bank. Treasury and money market operations.
In we entered a new partnership with Iberia airlines, which joined our existing alliances with Delta and Sky local airlines.
Today, after seven years of aggressive expansionary monetary policy, the U. The Ssv Ministry of Finance has announced that the implementation of Basel III is a priority for the current administration and, therefore, a set of amendments to the General Banking Act will be presented for approval to the Chilean congress. At the same time, we also made an important monetary donation.
More importantly, loans granted to upper and middle income customers grew by 9. We provide excellent financial services to all of our customer segments by offering creative and effective solutions while at the same time ensuring that we add value for our shareholders, employees and community as a whole.
Higher exchange rate mismatches will increase our exposure to 167 devaluation of the Chilean peso, and svx such devaluation may impair our capacity to service foreign-currency obligations and cirvular, therefore, materially and adversely affect us, our financial condition and results of operations.
Non-residential mortgage loans vss to individuals and small and medium sized companies are loans intended to finance the cricular of offices, land, facilities and other real estate assets. According to the SBIF, as. There is no certainty as to when such law could go into effect.
During the Special Businesses Division focused on integrating its diverse units while outlining a comprehensive strategy intended to take advantage of opportunities that arise in the local market within the family office sub-segment.
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Duringthe Central Bank published a final version of new liquidity standards for local banks, based on Basel III guidelines. Despite these developments, the circulxr amendments to the General Banking Act have not yet been sent to the Chilean congress for discussion and analysis and, therefore, there is no certainty as to when these changes could go into effect.
Even though the Central Bank is authorized to carry out its transactions at the rates it sets, it generally uses the spot rate for its transactions. Thus, we provide them with specific information and knowledge intended to improve their economic situation by promoting savings and avoiding over-borrowing.
As a result, according to our management information system, cirxular average balances of current accounts and demand deposits managed by our Individual and SME Division increased by The growth in our loan book has been aligned with our mid-term strategic goals, which aim to diversify our business model by optimizing our risk-return relationship in order to maintain profitable growth.
In this regard, we strived to reinforce this concept across the corporation by cigcular new service quality standards and communicating them not only to commercial units but also to back- and middle-office areas. During the prior fiscal year, our svvs loans 90 days or more portfolio was composed of Additionally, we believe that our merger with Citibank Circualr reinforced our corporate image as a leading financial institution within Chile and allowed us to gain recognition among customers and investors all over the world.
Net financial operating income.
Duringthrough CrediChile, we held diverse on-site workshops attended by approximately 3, people throughout the country. The results of our operations are affected by interest rate volatility and inflation. Similarly, the Chilean economy continued to grow slowly in by recording a moderate 1. Banco CrediChile previously offered its customers traditional demand accounts each known as a CrediChile Demand Account that entitled its holders to receive payroll deposits, withdraw money from ATMs and perform basic purchasing transactions.
We believe these achievements were the result of. Banchile Asesoria Financiera S. We have also improved our technology to facilitate connections with customers and enhance their self-service practices. Accordingly, our ability to grow our business volumes and results of operations, as well as enhance our financial condition, in general, depends on the dynamism of the Chilean economy and specific macroeconomic variables such as inflation, unemployment, interest rates, consumption and investment.
The CuentaChile Demand Account replaced and improved the former product offered by CrediChile by adding further benefits to its holders. On the other hand, although the potential impact of Brexit on our results of operations is unclear, its ultimate impact will depend on how the final terms of Brexit will affect economic conditions in the United Kingdom and the European Union, which could translate into reduced growth and higher volatility in global capital markets. These procedures allow us to take advantage of the attractive growth and earnings potential of this market segment while at the same time managing our exposure to a higher risk segment.
The budget for capital expenditures is in line with our mid-term strategic priorities of improving our efficiency and enhancing customer satisfaction. The following tables present historical financial information about us as of the dates and for each of the periods indicated.