BancoEstado delivers public annual report for 2015 and defines new challenges
The Executive Committee of BancoEstado, comprised of its Chairman, Jorge Rodríguez, its Vice-Chairman, Enrique Marshall, and CEO, Jessica López submitted its 2015 balance sheet, referring to the fact that the bank is the only financial institution capable of breaking down the barriers to the financial system.
BancoEstado’s Executive Committee defined financial inclusion as one of the most significant issues of the year in terms of progress, as it is a fundamental aspect of an institution with a mission that transcends the market. ”The expansion of our territorial and digital coverage; the support we give to State institutions and organisations for providing services; and coordination with public and private entities for encouraging the operation of small companies are a fundamental aspect of our activities”, said BancoEstado’s president, Jorge Rodríguez.
In 2015, and its complex economic scenario, BancoEstado provided an income of US$ 369 million and in the course of 14 years, BancoEstado has provided an income around of US$ 3,000 million to State Treasury.
Jorge Rodríguez, President of BancoEstado said, “Our objectives are to facilitate financial access to the financial system for all our inhabitants, with no distinction whatsoever; to lead the offer of products and financial and non-financial services to individuals and companies; and to support the deployment of certain public policies. In this context, profitability becomes an objective signal of our efficiency within the financial system”.
In accordance with its strategic objectives for 2018, based fundamentally on consolidating financial inclusion in the country, BancoEstado has carried out an ambitious plan of opening new branches, which considers the inclusion of offices on municipal premises.
17 new branches were opened in 2015, with a total of 380 offices throughout the country. This effort is based on BancoEstado’s capacity for the sustainable development of its credit and services portfolio, in other words, to generate profits on the capital that the Chilean State has invested in it, maintaining manageable risks.
Similarly, the Executive Committee pointed out that BancoEstado is the only bank existing in 102 Municipalities in Chile, and that it represents 31% of the total ATM’s in the country, with a total of 2,469 machines operating in 2015. Last year, 2984 new CajaVecina outlets were incorporated, totalling 16,504 to date.
Similarly, BancoEstado’s transactional levels increased with operations that totalled 131 million per month. In this area, automated operations grew by 14% in 2015, representing 95% of the Bank’s total operations.
CHALLENGES FOR 2016
This year, BancoEstado estimates its market participation at around 14%, being one of the three most important Banks in the system. Furthermore, it will increase its coverage over the next two years, with a special focus on far-off localities. In this context, it is contemplating the opening of 27new branches this year (subject to the approval of the Governing Council).
In line with its expansion plans for the next two years, BancoEstado will put 2,500 new Caja Vecina into operation and aims to have more than 9 million CuentaRUT account holders.
“Our profitability has enabled us to strengthen our social role and achieve sustainable growth levels. We continue to be the leaders in the areas of financial inclusion and territorial coverage”, said the president of BancoEstado, who also described the corporation’s challenges for 2016, stating that “we will continue to give concrete support to economic reactivation”.
BancoEstado will continue to be everyone’s bank for everybody, without distinctions. And for this reason, it will continue to promote social and economic integration, working efficiently and with complete commitment to all the inhabitants of our country.