Banco Itaú (ITAUCL) Investor presentation summary

Macroeconomic environment and outlook

• Loan growth in the Chilean banking industry remained subdued in 2024, with a 12-month growth rate of 0.9% in 4Q24.

• Monetary policy interest rates declined from 9.1% in 4Q23 to 5.7% in 4Q24, supporting a stable financial margin.

• Inflation in Chile is forecasted at 4.5% for 2024 and 4.1% for 2025, with GDP growth expected at 2.5% and 2.3% respectively.

• Colombia saw a continued disinflation process, with the central bank making smaller rate cuts and maintaining resilient labor markets.

Business transformation and growth

• Maintained a diversified loan mix, with retail loan weight increasing by 3.8 percentage points since 2021.

• Achieved steady growth in transactional products, with significant increases in credit card advances and foreign trade transactions via digital channels.

• Asset under management (AuM) grew 1.6x faster than the industry, ranking top in AuM growth among Chilean banks.

• Expanded market share in spot and derivatives markets, and recognized as a leader in trade finance and investment banking.

Financial performance and efficiency

• Financial margin with clients remained stable despite declining interest rates, ending 2024 at Ch$263.4 billion.

• Commissions and fees grew 22.1% YoY in 4Q24, driven by asset management and financial advisory services.

• Non-interest expenses were tightly controlled, growing below inflation and peer averages, with personnel and administrative costs showing minimal increases.

• Cost of credit risk was 1.3% for 2024, within guidance, with improved NPL ratios and strong recoveries in 4Q24.

• Recurring net income for 2024 was Ch$384.6 billion, nearly flat YoY, with consolidated ROTE at 11.4%.