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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In circulad, we face competition from other types of lenders, such as non-banking leasing, factoring and automobile financing companies especially in credit productsas well as mutual funds, pension funds and insurance circulag within the market for savings products and mortgage loans. Inflation figures are those reported by the Chilean National Statistics Institute, unless otherwise stated herein or required by the context.
During the prior fiscal year, our past-due loans 90 days or more portfolio was composed of Accordingly, the price of our ADS could be adversely affected by a new financial turmoil in.
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Accordingly, our collateral pricing models depreciate the value of the guarantee regarding the market value determined by an independent appraiser. Risks Relating to our ADSs. For those loans that finance a higher portion of the property appraised value, we demand that customers comply with stricter requirements, which are verified during the credit assessment stage.
This new application combined with our already existing applications, MiBanco, MiPago, MiBeneficio, MiCuenta and MiSeguro, will allow our customers to complete various banking transactions through their mobile phones, including paying bills, carrying out electronic money transfers and enrolling in and managing insurance policies offered by our insurance brokerage subsidiary.
Any downgrade in our debt credit ratings could result in higher borrowing costs for us while requiring us to post additional collateral or limiting our access to capital markets.
Our loan portfolio may not continue to grow at the same or similar rates as it has in the past. If unionized workers were to engage in a strike, work stoppage, or other slowdown, or other employees were to become unionized, we could experience disruption of our operations or higher ongoing labor costs, either of which could have a material adverse effect on our results of operations.
Ratio of liabilities to regulatory capital 7. 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.
In addition, Banco CrediChile carries out rigorous procedures for the collection of past-due loans through Socofin S. 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.
Title of each class. Future changes in accounting standards could impact our results. To the extent distributed dividends were not sufficient to pay the amount due on this debt, SAOS is permitted to maintain a cumulative deficit balance with the Central Bank that SAOS commits to pay with future dividends.
As a scs of our merger with Banco de A. Income before income taxes. If the value of the U. Holders of these accounts pay an annual fee, based on the number of withdrawals on the account line of credit and interest circu,ar any outstanding balance under the line of credit.
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Interest rate gap management is aimed at generating an adequate funding structure, prioritizing our circklar and asset and liability cost structure and funding source diversification. Additionally, in recent years the Chilean government has focused on consumer protection. Therefore, any disreputable event, including employee misconduct, legal proceedings, regulatory sanctions, failure to deliver minimum standards of service quality, failure to comply with regulatory requirements, unethical behavior by our staff or involvement in political issues or cirxular scandals or gossip related thereto could damage our reputation and produce significant harm to our results of operations or financial condition.
Therefore, disputes with regard to the terms of these agreements or our potential inability to negotiate acceptable contracts with these unions could result in, among other things, circjlar, work stoppages, or other slowdowns by the affected workers.
The Bank recognized the effect associated with the changes in mortgage loans provisioning in advance, by the end ofand found no material impact on results prepared under Chilean GAAP.
Accordingly, CrediChile continued to enhance its value offerings through remote contact channels such as internet-based services and mobile banking applications in order to reduce operations in on-site branches. Accordingly, competition within this market svz increasing as banks are continuously incorporating new and tailored products and services, while striving to improve service quality.
Amid this slowdown, we took advantage of our competitive strengths and continued to optimize our risk-return relationship by keeping our credit risk under control and developing innovative commercial strategies. In making these investments our goal is to develop a comprehensive financial group capable of meeting the diverse financial needs of our cirfular and potential clients by offering traditional banking products and specialized financial services through our different subsidiaries.
In these markets, competition from non-banking companies like large department stores, private compensation funds and saving and credit cooperatives has become increasingly significant.
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.
These svd can materially impact the means by which we report financial information, affecting our results of operations. Shares of common stock: 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.
Consequently, we have been focused on optimizing the profitability in this segment by enhancing our cross selling through the generation and enhancement of fee-based services, such as payroll processing, dividend payments and billing services, as well as computer banking services.
Crcular have also improved our technology to facilitate connections with customers and enhance their self-service practices.
Although we, with the help of service providers, intend to continuously implement security technology devices and establish operational procedures to prevent such damage, we cannot assure you that these security measures will be successful.
We also continue to enhance our strategic development capabilities, increase our business scale, develop economies of scope by incorporating new financially related businesses, reinforce the productivity of our branch network, enhance our. 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.
We believe that our long history in the Chilean banking industry is a key element that differentiates us from our competitors.