olivLaw · US equity research
Banco de Chile BCH
Commercial Banks, NEC · SIC 6029 · Vertical: Commercial Banks, NEC (SIC 6029)
Banco de Chile is one of the largest commercial banks in Chile, holding a market share of over a fifth of the system's net income, according to its 2025 annual report. Its core activity is commercial banking for individuals and companies, complemented by specialised subsidiaries. Its relevance now lies in growing fee income and digital modernisation, against a backdrop of falling inflation and moderate economic growth.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Banco de Chile (BCH) stock was 39.49 USD (+4.39% on the day), with market capitalisation 3,989.2 bn USD, P/E 3.2 on diluted EPS of 12.36 USD over the last 12 months, dividend yield 0.01%, beta 0.71, 52-week range 34.96–46.36 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 53.0
- neutral
- Bollinger (20, 2)
- 37.31 – 40.10
- in the upper half of the band · %B 0.78 · band width 7.2%
- SMA 50 / 200
- 40.16 / 39.96
- mixed trend
- MACD (12, 26, 9)
- -0.50 / -0.57
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +0.2% | −2.0% | +2.2 pp | — |
| 3 months | −5.2% | −2.2% | −3.0 pp | — |
| 6 months | +4.8% | +4.3% | +0.5 pp | — |
| Year to date | +3.9% | +10.6% | −6.6 pp | — |
| 1 year | +12.9% | +10.5% | +2.4 pp | +23.0% |
| 3 years | +83.6% | +73.7% | +9.9 pp | +132.7% |
| 5 years | +120.1% | +61.7% | +58.4 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 57 percentile of its own 7-quarter history (min 1.5, median 1.8, max 5.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable | unavailable | 103.0 m | 92.0 m | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable | unavailable | unavailable | −10.7% | unavailable | unavailable |
| Net income | 929.6 m | 603.6 bn | 603.7 bn | 401.6 bn | 1,056.3 bn | 1,445.8 bn | unavailable | unavailable |
| Net income YoY | unavailable | +64,837.5% | +0.0% | −33.5% | +163.0% | +36.9% | unavailable | unavailable |
| Diluted EPS | unavailable | 5.98 | 5.98 | 3.98 | 10.46 | 14.31 | 13.60 | 12.36 |
| Diluted EPS YoY | unavailable | unavailable | 0.0% | −33.4% | +162.8% | +36.8% | −5.0% | −9.1% |
| net % | unavailable | unavailable | unavailable | unavailable | 1,025,550.5% | 1,571,522.8% | unavailable | unavailable |
| Free cash flow | 1.4 bn | -2.0 bn | unavailable | -3.5 bn | 3.5 bn | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- unavailable USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- unavailable USD
- Total assets
- unavailable USD
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- unavailable
- ROA
- unavailable
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Income statement · USD
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Pre-tax income | — | 709.2 m | 1.6 bn | — | — | — | SEC (XBRL)· 29 Apr 2022verified |
| Net income | 603.7 bn | 401.6 bn | 1,056.3 bn | 1,445.8 bn | — | — | SEC (XBRL)· 28 Apr 2023verified |
| Diluted EPS | 5.98 | 3.98 | 10.46 | 14.31 | 13.60 | 12.36 | SEC (XBRL)· 25 Apr 2025verified |
| Dividend per share | — | 2.18 | 0.00 | — | — | — | SEC (XBRL)· 29 Apr 2022derived |
Balance sheet · USD
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 4.4 bn | 2.7 bn | 4.7 bn | — | — | — | SEC (XBRL)· 29 Apr 2022verified |
| Total assets | — | 64.0 bn | 60.3 bn | — | — | — | SEC (XBRL)· 29 Apr 2022verified |
| Total liabilities | — | 58.4 bn | 54.7 bn | — | — | — | SEC (XBRL)· 29 Apr 2022verified |
| Equity | — | 5.6 bn | 5.7 bn | — | — | — | SEC (XBRL)· 29 Apr 2022verified |
| Shares outstanding at year end | 0 | 101.0 bn | 101.0 bn | 101.0 bn | 101.0 bn | 101.0 bn | SEC (XBRL)· 25 Apr 2025verified |
Cash flow · USD
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Dividends paid | — | 492.4 m | 258.3 m | — | — | — | SEC (XBRL)· 29 Apr 2022verified |
Computed indicators
Growth
Profitability
Returns
Market and valuation
Banking
32 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 58.0% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 3,989.2 bn USD
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
58% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.06 – 17,100,414.36 USD.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- Residual income15,898,754.08 – 17,100,414.36 (Mid 16,485,880.84)
- Justified P/B184.08 – 247.56 (Mid 211.15)
- Dividend discount (DDM)outside the aggregate0.03 – 0.05 (Mid 0.04)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
- Peers: P/E116.22 – 193.15 (Mid 145.22)6 companies used · median multiple 11.7x · quartiles 9.4x – 15.6xAVAL, BLX, HDB, KB, NTB, PGC
- Peers: P/B0.06 – 0.10 (Mid 0.07)6 companies used · median multiple 1.3x · quartiles 1.1x – 1.8xAVAL, BLX, HDB, KB, NTB, PGC
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 58.0% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROE · Quality | 25,665.4% | 100 (vs peers) | 28% |
| ROA · Quality | 2,326.3% | 100 (on a fixed band) | 10% |
| Cost-to-income · Quality | unavailable | unavailable | — |
| Net interest margin · Quality | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | 33.8% | 100 (on a fixed band) | 14% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| NPL ratio · Balance sheet | unavailable | unavailable | — |
| Cost of risk · Balance sheet | unavailable | unavailable | — |
| Loan-to-deposit · Balance sheet | unavailable | unavailable | — |
| P/B · Valuation | 705.8x | 0 (vs peers) | 17% |
| P/E (TTM) · Valuation | 3.2x | 83 (vs peers) | 17% |
| Dividend yield · Returns | 0.0% | 0 (vs peers) | 14% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality100/100 · 2/4 factors with a value
- Returns0/100 · 1/1 factors with a value
- Valuation42/100 · 2/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Bank of Chile (BCH). Latest full fiscal year: 2022; data up to 2024-12-31.
Figures computed from the financial statements: YoY growth -10.7%; net margin 1,571,522.8%; ROE 25,665.4%.
The estimated value range is 150.15–220.35 USD per share (median of 4 methods, agreement: medium); assumptions are illustrative. Against the central value of 178.19 USD, the price of 39.49 USD leaves a potential of 351.2% (value / price − 1) and a margin of safety of 77.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 58.0% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROE: 25,665.4%
- ROA: 2,326.3%
- EPS CAGR 3Y: 33.8%
- P/E (TTM): 3.2x
- The price is below the estimated value range
What contradicts it
- P/B: 705.8x
- Dividend yield: 0.0%
Not assessed (insufficient data or a ratio without meaning): Cost-to-income, Net interest margin, Revenue CAGR 3Y, NPL ratio, Cost of risk, Loan-to-deposit.
Versus the vertical median
Commercial Banks, NEC (SIC 6029) · same industry (4-digit SIC) · compared with 20 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BCHBank of Chile | 3,989.2 bn | 3.2 | 25,665.4% | 1,571,522.8% | −10.7% | +13% / +84% |
| HDBHdfc Bank Limited | 186.2 bn | 23.4 | 9.1% | 30.8% | +15.2% | −34% / −19% |
| KBKB Financial Group Inc. | 41.2 bn | 13.4 | 8.3% | 0.0% | +17.8% | +35% / +185% |
| NTBThe Bank of N.T. Butterfield & Son Limited | 2.2 bn | 10.1 | 21.4% | 38.2% | +4.6% | +19% / +100% |
| BLXForeign Trade Bank Of Latin America, Inc. | 1.9 bn | 9.2 | 16.2% | 67.8% | +14.1% | +14% / +110% |
| PGCPeapack Gladstone Financial Corp | 839.4 m | 16.4 | 7.7% | 16.4% | +24.1% | +75% / +91% |
| AVALGrupo Aval Acciones Y Valores S.A. | 30 | 0.1 | — | — | −2.4% | +3% / +93% |
| BAPCredicorp Ltd | — | — | 16.5% | 20.0% | +7.0% | +40% / +186% |
| BMOBank Of Montreal | — | — | 10.1% | 24.0% | +10.6% | +41% / +116% |
| MUFGMitsubishi UFJ Financial Group, Inc. | — | — | 9.1% | 14.6% | +9.5% | +39% / +156% |
| SANBanco Santander, S.A. | — | — | 12.8% | — | +0.0% | +12% / +194% |
| INGIng Groep NV | — | — | 15.6% | 32.4% | +21.8% | +27% / +133% |
| CMCanadian Imperial Bank Of Commerce | — | — | 13.7% | 28.9% | +13.8% | +39% / +190% |
| RYRoyal Bank Of Canada | — | — | 15.3% | 30.6% | +16.1% | +36% / +132% |
| BCSBarclays PLC | — | — | 9.6% | 64.6% | +3.7% | +4% / +228% |
| INTRINTER & Co, INC. | — | — | 11.1% | 14.2% | +34.7% | −56% / −25% |
| VBNKVersaBank | — | — | 6.1% | 22.8% | +11.7% | +90% / +193% |
| TDToronto Dominion Bank | — | — | 16.9% | 30.3% | +18.4% | +53% / +110% |
| LYGLloyds Banking Group plc | — | — | 10.0% | 24.0% | +7.9% | +3% / +141% |
| SUPVGrupo Supervielle S.A. | — | — | 13.6% | 12.2% | −13.9% | −48% / +73% |
| NWGNatWest Group plc | — | — | 14.2% | 19.3% | +3.1% | −1% / +209% |
1- and 3-year price returns: for BCH from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 24.45 Total return -38% · Per year -38% | 43.44 Total return 10% · Per year 10% | 65.73 Total return 66% · Per year 66% |
| 3 years | 19.41 Total return -51% · Per year -21% | 39.21 Total return -1% · Per year -0% | 65.73 Total return 66% · Per year 19% |
| 5 years | 15.41 Total return -61% · Per year -17% | 35.38 Total return -10% · Per year -2% | 65.73 Total return 67% · Per year 11% |
- Exit P/E± 9.80
- Net margin± 6.86
- Annual revenue growth± 6.20
- Annual dilution± 0.58
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Apr 2026; since then the company filed 6-K (02 Nov 2026), 6-K (30 Oct 2026), 6-K (29 Oct 2026), 6-K (04 Sept 2026), 6-K (03 Sept 2026).
In brief
Banco de Chile is one of the largest commercial banks in Chile, holding a market share of over a fifth of the system's net income, according to its 2025 annual report 1. Its core activity is commercial banking for individuals and companies, complemented by specialised subsidiaries. Its relevance now lies in growing fee income and digital modernisation, against a backdrop of falling inflation and moderate economic growth 1.
SWOT
Strengths
- Profit leader in the Chilean banking system for several consecutive years, with a strong position in individuals' current accounts.
- Broad range of services through subsidiaries, including brokerage, mutual funds, insurance and payment processing.
- Extensive distribution network and a large base of digital customers linked to the FAN account.
Weaknesses
- Results depend heavily on the Chilean economy, and lending growth was moderate.
- The physical branch network carries high costs, although the company has gradually reduced it.
- Exposure to local currency and interest rate movements affects margins.
Opportunities
- Expansion of payment services through the new processing subsidiary could bring additional fee income.
- Use of artificial intelligence and automation could raise operating efficiency.
- A recovery in private investment in mining and energy could boost demand for commercial credit.
Threats
- Political uncertainty and long approval processes could discourage investment and lending.
- Competition in digital and consumer lending could reduce market share.
- Regulatory or policy changes by Chilean authorities could affect banking activity.
Risks
- Dependence on the Chilean economyhigh
Results depend on economic activity, inflation and interest rates in Chile, which the company cannot control.
- Interest rate and inflation volatilitymedium
Sudden changes in policy rates could affect interest margins and loan quality.
- Currency riskmedium
Depreciation of the Chilean peso against the US dollar could affect the value of the ADSs and distributions to holders.
- Regulation and public policymedium
Changes in tax, pension or health policy could alter the operating environment for banks.
- Technology and cybersecurity risklow
System migration and the adoption of artificial intelligence could expose the bank to operational or security incidents if not well managed.
Investment thesis
What would need to be true (bull case)
- If its leadership in profit and deposits holds, the bank could benefit from a stable revenue base and favourable funding costs.
- Growth in fees and digital products could diversify revenue and reduce reliance on interest margins.
- A recovery in private investment could boost demand for commercial loans and treasury services.
What would break the thesis
- If the Chilean economy slows again, lending could stagnate and loan loss provisions could rise.
- Lower interest rates could compress margins, and digital competition could reduce market share.
- Political uncertainty could delay investment and keep business confidence low.
What to watch
- Development of commercial and consumer loan market shares versus reported levels2026
- Pace of growth in fee income and results of the Banchile Pagos subsidiary2026
- Completion of cloud migration and the new core banking platform2026-2027
- Central Bank policy decisions and inflation trend, which influence margins2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Apr 2026; since then the company filed 6-K (02 Nov 2026), 6-K (30 Oct 2026), 6-K (29 Oct 2026), 6-K (04 Sept 2026), 6-K (03 Sept 2026).
The business
The retail segment serves individuals and micro, small and medium companies with credit cards, instalment loans, residential mortgages and current accounts 1. The wholesale segment provides commercial loans, leasing, trade finance and cash management services 1. The subsidiary Banchile Pagos, launched in November 2025, and Socofin, merged into the bank in 2025, complete the service offering 1.
The bank merged with Citibank Chile in 2008, which resulted in two brands, Banco de Chile and Banco Edwards-Citi, the latter oriented to higher-income segments 1. Its recent strategy emphasises the FAN account, which reached about two million customers by December 2025, and digitalisation and artificial intelligence through a partnership with Microsoft 1.
Segments
Treasury and subsidiaries
Treasury provides sophisticated financial products to clients, while subsidiaries cover brokerage, mutual funds, investments and insurance; net fee income grew 11.6 percent in 2025 1.
Market context
The Chilean banking system is dominated by a few large banks, and Banco de Chile ranked first in system net income for the fifth year in a row, with a 22.4 percent share at 31 December 2025 1. Economic growth was 2.5 percent in 2025, and inflation fell to 3.4 percent, supported by a monetary policy that lowered the reference rate to 4.5 percent 1.
Lending grew moderately in 2025, but demand was supported by lower borrowing costs and improving consumer confidence 1. Private investment grew in real terms in 2025, mainly in mining and energy, although business sentiment indicators stayed negative in most sectors 1.
Trends
- Falling inflation and interest ratesmixed
Lower inflation and policy rates could improve loan income and consumer lending volumes, although interest margins could be compressed if rates fall further 1.
- Digitalisation of servicestailwind
Cloud migration, a new ERP system and use of artificial intelligence could reduce operating costs and raise productivity, if implementation proceeds as planned 1.
- Political and economic uncertaintyheadwind
Business sentiment remained negative in most sectors, and slow approval of large projects could slow investment and demand for commercial credit 1.
- Growing fee incometailwind
Net fee income and service revenues grew strongly in 2025, and the launch of the acquiring subsidiary Banchile Pagos could extend this revenue source 1.
Competitive position
Banco de Chile competes with other private banks and state-owned banks in Chile for loans, deposits and mutual funds. The official source does not detail competitors with US-listed shares, so the analysis relies on the market positions the company reports 1.
Its leadership in profit and in current account deposits gives it a scale advantage, but competitive pressure in consumer lending and digital services could reduce market share if investment is not sustained 1.
- Other private Chilean banks
Compete in commercial, consumer and mortgage lending; the source does not name them.
- State-owned Chilean banks
Present in the local banking market with a role in payments and lending; the source does not detail them.
- Banks with Chilean operations through subsidiaries
Compete in the corporate segment and in treasury services.
- Mutual fund and brokerage providers
Compete with the company's subsidiaries in fund management and securities brokerage.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)02 Nov 2026
- Current report (foreign issuer)30 Oct 2026
- Current report (foreign issuer)30 Oct 2026
- Current report (foreign issuer)29 Oct 2026
- Current report (foreign issuer)04 Sept 2026
- Current report (foreign issuer)03 Sept 2026
- Current report (foreign issuer)27 Aug 2026
- Current report (foreign issuer)27 Aug 2026
- Current report (foreign issuer)21 Aug 2026
- Current report (foreign issuer)31 Jul 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Banco de Chile · 30 Apr 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.