Estados financieros detallados de Banco de Chile (BCH): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Banco de Chile registró ingresos de $3.03T en el último ejercicio fiscal, con un CAGR de 5 años del 4.0%. El beneficio neto alcanzó $1.19T, con un CAGR a 5 años del 24.3%.
Márgenes de los últimos 12 meses: margen bruto 66.5%, margen operativo 37.3%, margen neto 29.6%.
Al precio actual de $41.10, BCH cotiza a un P/E de 16.25 y un ROE del 21.49%. La capitalización bursátil es de $20.8B, lo que la sitúa entre las empresas large-cap.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $2.40T | $2.33T | $2.50T | $2.73T | $2.49T | $3.03T | $5.31T | $5.09T | $4.65T | $3.03T |
| Coste de Ventas | $949.52B | $873.26B | $929.41B | $1.07T | $1.11T | $832.62B | $2.60T | $2.33T | $1.96T | $381.92B |
| Beneficio Bruto | $1.45T | $1.46T | $1.57T | $1.66T | $1.38T | $2.20T | $2.71T | $2.77T | $2.69T | $2.64T |
| I+D | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Generales y Administrativos | $711.99B | $716.70B | $740.59B | $769.53B | $746.16B | $693.62B | $1.03T | $1.15T | $1.19T | $1.13T |
| Gastos Operativos | $778.30B | $773.58B | $808.70B | $881.63B | $870.51B | $864.42B | $972.17B | $1.07T | $1.11T | $1.13T |
| Beneficio Operativo | $675.26B | $687.44B | $763.40B | $777.41B | $504.85B | $1.33T | $1.74T | $1.70T | $1.58T | $1.51T |
| EBITDA | $710.84B | $724.98B | $801.08B | $847.95B | $578.21B | $1.41T | $1.82T | $1.79T | $1.68T | $1.61T |
| Gastos por Intereses | $690.26B | $652.00B | $679.64B | $742.27B | $560.01B | $814.45B | $2.20T | $2.12T | $1.61T | $969.64B |
| Beneficio Antes de Impuestos | $675.26B | $687.44B | $763.40B | $777.41B | $504.85B | $1.33T | $1.74T | $1.70T | $1.58T | $1.51T |
| Impuestos | $100.21B | $115.36B | $159.77B | $173.66B | $103.22B | $275.97B | $289.21B | $322.11B | $333.60B | $320.12B |
| Beneficio Neto | $575.05B | $572.08B | $603.63B | $603.74B | $401.63B | $1.06T | $1.45T | $1.37T | $1.25T | $1.19T |
| BPA | $1078.00 | $1132.00 | $1178.00 | $1174.00 | $796.00 | $1570.00 | $2862.00 | $2720.00 | $2390.00 | $2360.00 |
| BPA Diluido | $1078.00 | $1132.00 | $1178.00 | $1174.00 | $796.00 | $1570.00 | $2862.00 | $2720.00 | $2390.00 | $2360.00 |
| Acciones en Circulación (Diluidas) | $512.3M | $505.1M | $505.1M | $505.1M | $505.1M | $505.1M | $505.1M | $505.1M | $505.1M | $505.2M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $977.62B | $30.33B | $1.05T | $1.43T |
| Beneficio Bruto | $650.66B | $645.90B | $661.74B | $792.10B |
| Beneficio Operativo | $379.78B | $339.32B | $359.62B | $478.59B |
| EBITDA | $403.44B | $363.40B | $372.81B | $718.57B |
| Beneficio Neto | $292.91B | $265.54B | $278.58B | $396.52B |
| BPA | $580.00 | $524.00 | $552.00 | $792.00 |
| BPA Diluido | $580.00 | $524.00 | $552.00 | $792.00 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $1.79T | $1.49T | $1.51T | $3.20T | $2.96T | $4.04T | $3.54T | $4.98T | $3.07T | $3.01T |
| Inversiones a Corto | $374.47B | $1.53T | $1.05T | $1.37T | $1.07T | $3.06T | $3.97T | $1.80T | $2.07T | $3.47T |
| Cuentas por Cobrar | $71.52B | $152.41B | $86.59B | $1.69T | $1.65T | $1.78T | $2.28T | $2.55T | $2.90T | $170.19B |
| Inventario | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $2.25T | $3.18T | $2.68T | $6.29T | $5.70T | $8.92T | $9.83T | $9.40T | $8.09T | $7.16T |
| Inmovilizado Material | $322.16B | $344.24B | $317.72B | $510.32B | $422.38B | $416.97B | $399.97B | $468.53B | $448.55B | $392.94B |
| Fondo de Comercio | $16.71B | $16.71B | $16.71B | $16.71B | $16.71B | $16.71B | $16.71B | $16.71B | $16.71B | $16.71B |
| Activos Intangibles | $48.32B | $55.74B | $68.76B | $75.00B | $77.40B | $89.23B | $123.32B | $153.90B | $175.25B | $191.27B |
| Activos Totales | $31.36T | $32.56T | $35.60T | $41.01T | $45.55T | $51.43T | $55.11T | $55.72T | $52.06T | $54.10T |
| Cuentas por Pagar | $146.35B | $190.15B | $176.83B | $231.47B | $273.14B | $322.22B | $379.54B | $336.94B | $420.26B | $429.86B |
| Deuda a Corto | $216.82B | $195.39B | $303.82B | $308.73B | $288.92B | $95.01B | $216.26B | $158.62B | $110.64B | $286.92B |
| Pasivos Corrientes | $19.24T | $19.37T | $20.72T | $22.72T | $24.63T | $28.10T | $28.55T | $29.73T | $29.53T | $30.17T |
| Deuda a Largo | $7.22T | $7.68T | $8.99T | $10.38T | $9.15T | $9.07T | $10.32T | $11.41T | $11.86T | $13.18T |
| Pasivos Totales | $28.05T | $29.02T | $31.93T | $37.11T | $41.55T | $46.61T | $49.68T | $49.64T | $45.55T | $47.42T |
| Reservas | $640.04B | $637.07B | $601.64B | $754.46B | $794.82B | $1.69T | $2.33T | $2.80T | $3.11T | $3.25T |
| Patrimonio Neto | $3.31T | $3.55T | $3.67T | $3.91T | $4.00T | $4.82T | $5.43T | $6.08T | $6.50T | $6.69T |
| Deuda Total | $7.43T | $7.88T | $9.30T | $10.83T | $9.56T | $9.27T | $10.62T | $11.67T | $12.06T | $13.55T |
| Deuda Neta | $5.27T | $4.87T | $6.74T | $6.27T | $5.53T | $2.16T | $3.11T | $4.89T | $6.93T | $7.07T |
| Capital Circulante | -$16.99T | -$16.19T | -$18.04T | -$16.43T | -$18.93T | -$19.18T | -$18.72T | -$20.33T | -$21.44T | -$23.00T |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $2.64T | $3.01T | $1.60T | $1.35T |
| Activos Totales | $55.47T | $54.10T | $54.54T | $55.16T |
| Pasivos Totales | $49.79T | $47.42T | $49.16T | $49.45T |
| Patrimonio Neto | $5.68T | $6.69T | $5.38T | $5.71T |
| Deuda Total | $14.20T | $13.55T | $13.65T | $13.98T |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | $575.05B | $572.08B | $603.63B | $603.75B | $401.63B | $1.06T | $1.45T | $1.37T | $1.25T | $1.19T |
| Amortizaciones | $35.58B | $37.54B | $37.68B | $70.54B | $73.36B | $76.80B | $84.20B | $92.31B | $94.60B | $95.11B |
| Compensación en Acciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cambio en Capital Circulante | -$587.66B | -$14.11B | -$2.35T | $216.10B | -$3.83T | $2.23T | -$1.02T | -$194.72B | -$3.82T | -$1.42T |
| Flujo de Caja Operativo | $162.54B | $872.56B | -$1.33T | $1.39T | -$2.47T | $3.01T | $128.61B | $1.73T | $396.64B | $826.08B |
| Inversiones (CapEx) | -$39.07B | -$42.00B | -$51.58B | -$66.17B | -$47.95B | -$65.80B | -$78.13B | -$86.70B | -$17.23B | -$77.30B |
| Adquisiciones | -$1.13B | 0 | 0 | -$671.0M | 0 | -$7.85B | 0 | 0 | 0 | 0 |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | -$366.65B | -$342.03B | -$374.08B | -$356.31B | -$350.54B | -$220.27B | -$539.83B | -$866.93B | -$815.93B | -$995.38B |
| Flujo de Caja Libre | $123.47B | $830.56B | -$1.39T | $1.32T | -$2.52T | $2.94T | $50.49B | $1.64T | $379.42B | $748.78B |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | -$1.19T | -$826.3M | -$177.76B | $163.00B |
| Inversiones (CapEx) | -$18.97B | -$6.5M | -$18.00B | -$6.94B |
| Flujo de Caja Libre | -$1.21T | -$832.8M | -$195.75B | $156.07B |
| Dividendos Pagados | 0 | $11.9M | -$1.01T | 0 |
| Compensación en Acciones | 0 | 0 | 0 | 0 |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | -2.9% | +7.2% | +9.3% | -9.0% | +21.8% | +75.4% | -4.1% | -8.8% | -34.9% |
| Crecimiento Beneficio Neto (anual) | | -0.5% | +5.5% | +0.0% | -33.5% | +163.0% | +36.9% | -5.0% | -9.1% | -4.5% |
| Crecimiento BPA (anual) | | +5.0% | +4.1% | -0.3% | -32.2% | +97.2% | +82.3% | -5.0% | -12.1% | -1.3% |
| Cambio en Acciones (anual) | | -1.4% | +0.0% | +0.0% | +0.0% | +0.0% | +0.0% | +0.0% | +0.0% | +0.0% |
| Crecimiento FCF (anual) | | +572.7% | -266.9% | +195.4% | -290.5% | +216.6% | -98.3% | +3146.6% | -76.9% | +97.4% |
| Margen Bruto | 60.5% | 62.6% | 62.8% | 60.7% | 55.3% | 72.5% | 51.0% | 54.3% | 57.8% | 87.4% |
| Margen Operativo | 28.1% | 29.4% | 30.5% | 28.4% | 20.3% | 44.0% | 32.7% | 33.3% | 34.0% | 50.0% |
| Margen EBITDA | 29.6% | 31.1% | 32.0% | 31.0% | 23.2% | 46.5% | 34.2% | 35.1% | 36.1% | 53.1% |
| Margen Neto | 23.9% | 24.5% | 24.1% | 22.1% | 16.1% | 34.9% | 27.2% | 27.0% | 26.9% | 39.4% |
| Margen FCF | 5.1% | 35.6% | -55.4% | 48.4% | -101.3% | 97.0% | 1.0% | 32.2% | 8.2% | 24.7% |
| Tasa Impositiva Efectiva | 14.8% | 16.8% | 20.9% | 22.3% | 20.4% | 20.7% | 16.7% | 19.0% | 21.1% | 21.2% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $241.01 | $1644.40 | $-2744.73 | $2618.97 | $-4989.87 | $5820.48 | $99.96 | $3245.17 | $751.19 | $1482.15 |
| Dividendo por Acción | $715.69 | $677.18 | $740.63 | $705.45 | $694.02 | $436.11 | $1068.78 | $1716.40 | $1615.43 | $1970.29 |
| Acciones en Circulación (Básicas) | $512.3M | $505.1M | $505.1M | $505.1M | $505.1M | $505.1M | $505.1M | $505.1M | $505.1M | $505.2M |
Qué mirar en empresas de Financial Services
- Efficiency Ratio (≤55%) — Gastos operativos / ingresos. Bancos top por debajo del 55%.
- ROA (≥1%) — Cuánto ganan por cada euro de activos. En banca el ROE engaña por el apalancamiento.
- ROTCE (≥12%) — Rentabilidad sobre Capital Tangible. Descuenta goodwill e intangibles.
- Capital / Activos (proxy Tier 1) (≥8%) — Proxy del ratio de capital. FMP no expone Tier 1 regulatorio directo.
- P/B (1,0-1,5x) — Métrica clásica bancaria. <1x puede ser oportunidad o distress.
- Rentabilidad por dividendo sostenible (≥2%, <8%) — Bancos UE pagan 5-7% sin estrés. >8% es señal de distress.
Rentabilidad
| Rentabilidad sobre capital | 21.49% |
| Rentabilidad sobre capital invertido | 2.20% |
| Rentabilidad sobre activos | 2.20% |
| Margen bruto | 66.52% |
| Margen operativo | 37.28% |
| Margen neto | 29.60% |
Salud financiera
| Deuda / Patrimonio | 2.45 |
| Ratio corriente | 0.36 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 13.89 | 17.83 | 16.82 | 13.44 | 18.17 | 8.52 | 6.20 | 7.43 | 9.47 | 14.56 |
| P/VC | 2.32 | 2.88 | 2.72 | 2.04 | 1.83 | 1.40 | 1.65 | 1.68 | 1.76 | 2.60 |
| P/V | 3.19 | 4.37 | 4.00 | 2.92 | 2.94 | 2.23 | 1.69 | 2.00 | 2.46 | 5.74 |
| Margen Bruto | 60.5% | 62.6% | 62.8% | 60.7% | 55.3% | 72.5% | 51.0% | 54.3% | 57.8% | 87.4% |
| Margen Operativo | 28.1% | 29.4% | 30.5% | 28.4% | 20.3% | 44.0% | 32.7% | 33.3% | 34.0% | 50.0% |
| Margen Neto | 23.9% | 24.5% | 24.1% | 22.1% | 16.1% | 34.9% | 27.2% | 27.0% | 26.9% | 39.4% |