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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Any such change in terms of capital adequacy, liquidity, credit risk provisioning, consumer protection, bankruptcy, taxation, among other matters, could have a material adverse effect on our results of operations or financial condition in a fashion that we cannot determine in advance. Lastly, we continue to focus on internet-based and mobile banking to experience the benefits of evs multi-channel approach. Bank regulatory capital as a percentage of minimum regulatory capital.
In order to better serve our customers, we are present in all regions of Chile and strive to be accessible to every Chilean customer through our large branch network as well as non-physical contact circuoar.
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Our way of thinking is reflected by a set of values that are shared by our employees and shareholders, which are aimed at providing our customers with world-class financial solutions and quality standards. Any volatility in interest rates could have a material adverse effect on our financial condition and results of operations. Furthermore, we have benefited from certain indicators that directly affect the retail banking segment e. In fact, in the three years endedthe loan portfolio of the Chilean banking industry grew at 16977 CAGR of 8.
History and Development of the Bank. This strategy is aimed at maintaining a competitive cost of funding that supports the value offerings we provide ss our wide customer base and improving our liquidity by issuing debt of longer maturities that match long-term assets. As a result, loan growth was mainly prompted by the expansion in both consumer loans We have made several strategic long-term investments in financial services companies that are engaged in activities complementary to our commercial banking activities.
Borrowings from financial institutions. Cidcular Central Bank debt bears interest at a rate of 5. For that reason, we are continually seeking alternative sources, types of instruments and markets. These models determine a rate of depreciation that provides an updated collateral value, based on variables such as geographic location, last appraisal date, type of property and type of customer.
Also, circulaar is a key element in banking since access to funding is driven by the confidence of depositors and the opinion of ratings agencies on the value of our franchise. The repurchase obligation was later exchanged for subordinated debt of each participating bank issued in favor cirfular the Central Bank.
Despite these developments, the proposed 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.
As all large financial institutions, we are exposed to 11697 operational risks, including the risk of fraud by employees and outsiders, failure to obtain suitable internal authorizations, failure to properly document in-person. circulwr
Net interest margin does not include the interest earned on trading securities, which is accounted for under Other Income LossNet. This initiative was enhanced by the implementation of four new specialty branches serving this sub-segment.
Given the fierce competition in the banking industry, in order to take advantage of these opportunities, we are continuously developing innovative products and services to diversify our revenue sources. Lastly, uncertainty regarding the future of developed economies remains, given specific issues emerging worldwide. Our mission and vision commits us to all of the diverse stakeholders related to our business, including customers, employees, investors and the community.
We believe that our high service quality is a competitive strength that differentiates us from competitors and supports our long term strategy by responding to the preferences of our current and potential customers. All of the aforementioned investments have been or will be made in Chile. Over the last decade, we have also promoted the expansion of Mutuos Hipotecariosa mortgage lending product, which is not financed by mortgage finance bonds, but instead through our general funds.
To supplement this effort, we also launched a new advertising campaign intended to enhance the market positioning of the Banco Edwards Citi brand name. In particular, the recently elected administration in the U. Similarly, we aspire to target lower-income individuals and microbusinesses by promoting payroll-deduction lending and attracting customers previously unattached to any bank through a basic array of services.
These trends may adversely impact our results of operations as they may translate into higher interest rates paid on deposits and lower interest rates earned on loans, resulting in decreased net interest margins. These alliances allow our customers to redeem their credit card points gained through credit card usage to purchase flight tickets or miles at special prices. Treasury and money market operations. In addition, although Chilean law imposes restrictions on insider trading and price manipulation, the Chilean securities markets are not as highly regulated and closely supervised as the U.
We also enhanced several processes by streamlining management documentation and form fulfilment to improve customer experience. Cash and due from banks. This expansion was fostered by an overall effort of all market participants to increase banking penetration of lower and middle income segments, as well as small and medium-sized companies by broadening their value offerings.
We have traditionally had a strong presence in the wholesale segment by maintaining long-term relationships with major local and multinational companies that operate in Chile. We continued to make charitable contributions to improve the quality of education across lower income segments through Astoreca Foundation.
Provision for loan losses as a percentage of average loans.
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We firmly believe that there is room to grow in retail banking. These figures are the result of a comprehensive approach to credit risk management.
Accordingly, the LTV ratios set forth above take into account the most recent available data regarding collateral values. Our Consumer Finance Division focuses on developing and marketing innovative and customized products targeted to satisfy the needs of its customers while introducing them to the banking system.
Our loan portfolio may not continue to grow at the same or similar rates as it has in the past. Other than mortgage loans. We may elect not to make a registration statement available with respect to the preemptive rights and the common stock, in which case you may not be able evs exercise your preemptive rights.
Furthermore, our reputation is highly aligned with the reputation of the banking industry in which we participate and, therefore, actions by other providers of financial services or the banking industry as a whole could also harm our own reputation. Accordingly, the portfolio 1679 residential mortgage loans svd with Circluar Bonds is expected to have increasing gross credit risk ratios over time until its expiration, because the portion of non-performing loans becomes higher as long as responsible borrowers terminate their liability with the bank.
Similarly, we established a commercial paper program in the U. Our funding structure provides us with a cost advantage over many of our competitors which use a higher proportion of interest bearing liabilitiesas current accounts and demand deposits are non-interest bearing in Chile. There are no price limits imposed on transactions carried out in the Informal Exchange Market. Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing: Inwe merged with Banco de A.
Ssv, disputes with regard to the terms of these agreements or our potential cicular to negotiate acceptable contracts with these unions could result in, among other things, strikes, work stoppages, or other slowdowns by the affected workers. For example, during we enhanced the service model provided to high income individual customers.