FORM 6-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Report of Foreign Private Issuer

     Pursuant to Rule 13a-16 or 15d-16

of the Securities Exchange Act of 1934

For the month of February, 2014

Commission File Number 001-15266

BANK OF CHILE

 (Translation of registrant’s name into English)

Ahumada 251

 Santiago, Chile

 (Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F x Form 40-F o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes o No x

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-         

BANCO DE CHILE

REPORT ON FORM 6-K

Attached is a Press Release issued by Banco de Chile (“the Bank”) on February 6th, 2014, regarding its financial results for the Fourth Quarter and Year End 2013.

2

Santiago, Chile, February 6th, 2014, Banco de Chile (NYSE: BCH), a full service Chilean financial institution, market leader in a wide variety of credit and non-credit products and services across all segments of the Chilean financial market, today announced its results for the fourth quarter and year end 2013.

Our Brands

*Citi and the arc design in Trademark registered by Citigroup Inc.

Use under License.

Credit Ratings

(LT Foreign Currency)

Moody’s

Standard & Poors

2013 — 4th Qtr and Year End | Earnings Report

‘Cashing in on Competitive Advantages’

HIGHLIGHTS

·         BCH led the local industry in earnings and profitability, with a net income of Ch$ 514Bn (27% market share) and ROAE of 21.3%, respectively.

·         We became the most efficient bank in 2013, among main players, by achieving a cost-to-income ratio of 42.8%.

·         Recognized service quality. In the 4Q13 we were distinguished with the best customer experience in the local industry.

·         Based on the recent LQIF’s secondary equity offering, BCH’s free-float increased from 17.6% to 24.8%.

3

FINANCIAL SNAPSHOT

Arturo Tagle (CEO): ‘I’m glad to announce our results for the FY2013. This has been an excellent year for us, since we were able to profit from our consistent business strategy and market knowledge. In fact, we had to deal with a less dynamic economy by enhancing our value offerings and innovating in product development. This enabled us to improve in all aspects relevant to banking business, satisfying diverse needs coming from customers, employees, community and shareholders.  In this regard, we ended 2013 with a ROAE of 21.3% which is the highest in the local industry. This was the result of a net income amounting to Ch$514 Bn. and increasing 10% YoY, due to operating revenues that also rose by 10% YoY, controlled credit risk expenses and an improved operating efficiency that reached an outstanding 42.8%. All of these are key pillars of our mid-term strategy and we aspire to continue enhancing them, according to our business model’.

(1) See pages 13 to 16.

(2) Net interest income, foreign exchange transactions and net financial oper.  income.

(3) Net Income attributable to Bank’s owners (adjusted by minority interest).

(4) ROAE excludes provisions for minimum dividends.

(5) Net financial income divided by average interest earning assets.

(6) ‘Chile-T’ series has not been considered for calculation. As of Dec. 31, 2012, 1,861,179,156 Chile-T shares had been subscribed.

4

Business Environment:

Chilean Economy

A moderate slowdown in the local economy may reduce commercial activity in 2014…however; solid macro fundamentals and a responsive monetary policy should contribute to overcome lower growth…

·                  The Chilean economy continued reducing its pace of growth in 2013, by posting a GDP YoY advance of 4.0%. This is partly explained by the slowdown observed by the end of the year, which is reflected by a 2.7% average growth in the 4Q13. Although this figure is below the average of previous years, it still places us above the LatAm and the world.

·                  The previously mentioned slowdown was largely explained by sliding investment activity, which was mainly prompted by postponed macro projects in mining  which affected the whole cluster that involves manufacturing, industrial services and so on. Lastly, higher energy costs also contributed to a reduced economic activity.

·                  On the positive hand, private consumption —that represents more than 60% of GDP— has continued to be the main driver of growth. This relies on unemployment averaging 6.0% in 2013, together with rising real wages and credit conditions that remained fair. However, retail sales are moderately sliding, which indicates a gradual slowdown.

·                  In terms of inflation, the CPI accumulated a 3.0% increase in 2013. This was above market expectations and Central Bank’s estimates. During 2013, inflation was mainly fostered by increasing prices in food, energy and transportation.

·                  It is worth noting that inflation was concentrated on the 4Q13. This was mainly the result of a sharp devaluation of Ch$ against US$ that was aligned with a global trend in currencies. An expansionary monetary policy started in Chile in the 4Q13 also contributed to Ch$ devaluation. Altogether this resulted in higher prices of tradable goods.

·                  Regarding the monetary policy, the Central Bank has maintained the policy rate at 4.5% since November 2013. However, the Central Bank has also announced its intention of carrying out further cuts in coming quarters depending on inflationary expectations and the trend followed by the local economy.

·                  For 2014, growth expectations have been revised downward, with consensus figures reaching ~4.0%.

·                  Notwithstanding the tempered slowdown forecasted for the Chilean economy, it is important to pay attention to its solid fundamentals. In this regard, high credit ratings (AA- by S&P), low CDS risk premiums, reduced levels of public debt and current account deficit, large international reserves, floating exchange rate regime and growth potential of 5.0%, place Chile in good standing to return to GDP growth figures around 4.5%  starting by the second half of 2014.

KEY ECONOMIC INDICATORS

GDP & Unemployment

(12m % change and end-of-period %)

5

Inflation

(12m % change and %)

Business Environment:

Local Banking Industry

Industry’s loan growth has been in line with the economic cycle and historical sensitivities of approximately 2x…loan growth has been the main driver for net income advance for the industry in 2013…

·                  Aligned with trends in GDP, industry’s loan growth has decelerated in the last two years. Actually, after reaching a peak of 17.3% YoY advance in 2011, the industry’s loan book expanded by 12.4% in 2012 and 10.3% in 2013. The last figure reflects the economy’s slowdown, with GDP growing at 4.0% in 2013 according market expectations.

·                  Sensitivity with respect to the economy is higher for commercial and consumer than mortgage loans. The former is steered by long-term decisions made by companies but also includes short-term financing for foreign trade transactions, working capital needs and so on. Thus, this product has followed a similar trend than total loans in YoY growth, with a peak of 19.4% in 2011, an average of 12.1% in a three-year period and sliding to 9.0% in 2013. Likewise, consumer loans that normally fund mid-term consumption of durable goods and ongoing household spending, are also well-influenced by the economic cycle. As a result, this product grew 14.2% in 2013, after a high of 18.0% in 2011 and a mean of 14.0% between 2010 and 2013. However, year-end balances include ~Ch$430 Bn. related to the absorption of a player’s credit card business by its banking subsidiary. This explains 3.3% of YoY growth and 0.8% of the average. On the other hand, mortgage loans have shown less dynamic but more stable growth rates, with an average of 11.5% in the period and 11.3% YoY for 2013. We expect similar sensitivities to GDP for next year by product.

·                  As for results, in 2013 the industry reported a net income of Ch$1,916 Bn., which is 17.6% above the figure of 2012 and includes a Ch$78 Bn. one-off related to the sale of a player’s subsidiary in 2013. By excluding this effect, industry’s bottom line would have grown 13.8% YoY. As a result, the banking system posted a slight rise in profitability by pointing a 15.2% ROAE in 2013 (14.7% excluding the aforesaid one-off) vis-a-vis 14.9% in 2012.

·                  The annual advance of Ch$287 Bn. in net income is explained by revenue and expense factors. In revenues, the industry posted 12-month rises of Ch$563 Bn. (+13.1%) in net interest income and Ch$220 Bn. (+25.1%) in other operating revenues, both owing to: (i) a 10.3% growth in loans, (ii) a 9.5% rise in demand deposits, and (iii) the positive effect of lower short-term interest rates on the funding with interest bearing liabilities in Ch$. The latter especially benefited the structural UF net asset position held by the industry amid a scenario of lower UF variation in 2013 vis-à-vis 2012. Regarding fees, recently approved regulations explain the tiny 1.9% (or Ch$25 Bn.) increase recorded by this line item YoY. Also worth noting is the mentioned extraordinary effect of the sale of a player’s subsidiary.

6

·                  The former factors allowed the industry to more than offset: (i) a YoY rise of Ch$148 Bn. (+12.1%) in loan loss provisions, in line with a 10.3% loan growth, a smoothing economic cycle and potential deterioration in borrowers’ payment capacity, and (ii) a surge of Ch$321 Bn (+9.7%) in expenses, due to higher personnel and administrative expenses.

INDUSTRY’S KEY FIGURES

* Excludes operations of subsidiaries abroad.

7

Earnings Report:

Net Income

Our net income grew by 9.8% YoY, based on operating revenues that were boosted by loan growth, competitive funding and higher contribution of the UF position…that more than offset higher loan loss provisions…resulting in attractive profitability ratios that continued to outperform the industry…

During 2013 we continued to lead the local banking industry in terms of net income, by holding a market share of 26.8% as of Dec. 2013. This is consistent with a bottom line of Ch$514 Bn. for the FY2013, which represented a 9.8% YoY advance as compared to the Ch$468 Bn. generated in 2012. This annual increase was mainly the consequence of:

·                  Sustained loan growth and stable lending spreads, in all of the targeted segments. We have selectively expanded our loan book by prioritizing those segments with a fair risk-return equation.

·                  Higher contribution from non-interest bearing liabilities as a result of increasing balances and despite recent cuts in interest rates.

·                  Higher revenues from the UF net asset position. This was the combination of: (i) greater exposure to inflation, and (ii) repricing effect (following two consecutive cuts in the monetary policy rate in the 4Q13) on Ch$-denominated liabilities that fund such assets. These effects more than offset a lower UF variation in 2013 as compared to 2012.

·                  Higher results from our Treasury management, associated with earnings from term gapping, liabilities repricing and administration of our investment portfolio.

These positive factors were partly offset by higher loan loss provisions, mainly due to volume effects and higher risk charges related to certain wholesale customers, as well as moderate deterioration in the SME segment. Also, we recorded a higher income tax, due to a greater income before income tax in 2013 and tax benefits recorded in 2012 (deferred taxes).

Our outstanding performance in net income enabled us to remain the most profitable bank within the local banking industry by attaining a ROAE of 21.3% for the FY 2013. This figure was well above the industry average (Ex BCH) of 13.8% for the same period.

NET INCOME

(In billions of Ch$, except for %)

8

(1) ROAE excludes provisions for minimum dividends.

On a QoQ basis, our net income declined by 4.9%, from Ch$140 Bn. in the 4Q12 to Ch$133 Bn. in the 4Q13. This minor shrink had mainly to do with: (i) higher loan loss provisions, influenced by greater credit charges related to a specific wholesale customer that faced financial difficulties, and (ii) operating expenses that climbed in the 4Q13 as compared to the 4Q12, due to higher personnel expenses, including a special bonus granted to the staff. These factors were partly offset by higher operating revenues that grew at a proportionally lower rate.

Earnings Report:

Operating Revenues

Strong income-generating capacity based on core business, UF position, hedge of US$ exposure and higher results from the management of investments and term gapping…

Our operating revenues amounted to Ch$1,456 Bn. in the FY2013, which was 10.1% above the Ch$1,322 Bn. recorded in 2012. This excellent performance was mainly steered by:

·                  Average loans growing 8.7% YoY, based on an upward trend in Retail Banking with average loans going up 12.2% YoY, and —to a lesser extent— Wholesale Banking average loans rising 5.5% YoY. Loan growth has been along with stable lending spreads, all of which resulted in Ch$60 Bn. of higher revenues from loans in 2013 with respect to 2012.

·                  DDA average balances rising 10.2% YoY. This enabled us to offset a decline in nominal interest rates, following two consecutive cuts of 25 bp on the monetary policy interest rate since Oct-13. Thus, revenues from DDA liabilities rose by nearly Ch$23 Bn. YoY.

·                 Higher contribution from our UF net asset position by roughly Ch$18 Bn. mainly due to a higher exposure to inflation at attractive interest rates and —to a lesser extent— lower interest rates on peso-denominated liabilities that fund those assets. These effects enabled us to largely offset a shrink in UF variation from 2.45% in 2012 to 2.05% in 2013.

·                  A positive exchange rate effect on the hedge of loan loss provisions related to US$-denominated loans and other US$-indexed liabilities. In 2012, US$ depreciated by 7.8% with respect to Ch$. Conversely, the US$ appreciated by 9.6% in 2013. Consequently, results from this hedge position grew by ~Ch$18 Bn. in 2013 as compared to 2012.

·                  Higher revenues of approximately Ch$18 Bn. from the management of our AFS portfolio and trading securities, term gapping and other effects.

9

The aforesaid allowed us to more than offset an approximately Ch$16 Bn. one-off in 2013, associated with the accumulated effect of the first time adoption of the credit value adjustment on derivatives.

TOTAL OPERATING REVENUES

Notes: Expenses related to credit cards loyalty programs have been reclassified from operating expenses to paid fees and commissions. Previous quarters and years have been homologated accordingly.

On a QoQ basis, our total operating revenues posted a 6.8% increase from Ch$368 Bn. in the 4Q12 to Ch$393 Bn. in the 4Q13. This Ch$25 Bn. increase was principally the result of: (i) revenues from loans that increased 10.1% (~Ch$15 Bn.), based on a 10.2% rise in average total loans and stable lending spreads, (ii) more contribution from our UF net asset position by ~Ch$7 Bn., due to an enlarged exposure to inflation and more convenient funding in Ch$, (iii) the contribution of our DDA funding that grew by 9.6% (~Ch$5 Bn.) based on average balances that increased 11.9%. Also, there was a positive exchange rate effect (~Ch$4 Bn.) on the hedge of US$-denominated provisions due to rises of 1.0% and 4.2% in the Ch$/US$ exchange rate in the 4Q12 and the 4Q13, respectively. These positive factors allowed us to largely offset a decrease of ~Ch$4 Bn. in net fees and commissions, as well as the recognition of ~Ch$9 Bn. related to the recognition of credit value adjustment on derivatives in the 4Q13 as compared to the 4Q12.

Earnings Report:

Loan Loss Provisions

Loan loss provisions grew above our loan book, prompted by volume effect, countercyclical allowances and specific credit risk events linked to wholesale customers…

Our loan loss provisions increased by 28.4% YoY, from Ch$188 Bn. in 2012 to Ch$242 Bn. in 2013. Even though this rise is above our loan growth, it is well-explained by business drivers rather than credit deterioration. Actually, the YoY variance in LLP was mainly fostered by:

·                  Loan book expansion focused on Retail Banking. Our average total loans grew by 8.7% YoY in 2013, supported by a 12.2% YoY increase in Retail Banking average loans and a 5.5% YoY rise in Wholesale Banking average loans. This loan growth turned into volume effect of approximately Ch$22 Bn. on loan loss provisions.

·                  A YoY rise of roughly Ch$8 Bn. in (countercyclical) provisions set during 2013 as compared to 2012, based on our less optimistic outlook for the local economy.

·                  A negative exchange rate effect of nearly Ch$13 Bn. on our loan loss provisions indexed to US$. This was the result of a 7.8% US$ depreciation in 2012 and a 9.6% US$ appreciation in 2013 with respect to the Chilean peso.

·      Higher loan loss provisions of ~Ch$10 Bn., principally associated with one corporate customer that faced financial stress in 2013, and –to a lesser extent– linked to a gradual deterioration of credit conditions in the SME business that we witnessed in 2013.

All in all, our LLP ratio rose by 19bp YoY, from 1.04% in 2012 to 1.23% in 2013. By adjusting the other than loan related factors, the indicator would have slightly increased YoY, which makes sense in light of the tiny variation displayed by our charge-offs ratio. Despite this YoY rise, our LLP ratio remained below the industry’s average (ex BCH) of 1.29% as of Dec. 2013. Also, our past-due ratio was 1.13% in 2013 vis-à-vis 0.97% in 2012. Nevertheless, our ratio has systematically continued to be well below the industry’s average of 2.14% as of Dec. 2013.

10

LOAN LOSS PROVISIONS & ALLOWANCES

On a QoQ basis, our loan loss provisions recorded a 34.0% increase from Ch$51 Bn. in the 4Q12 to Ch$68 Bn. in the 4Q13. The rise of Ch$17 Bn. had mainly to do with: (i) 10.2% growth in average loans explaining Ch$5 Bn, (ii) negative exchange rate effect of ~Ch$4 Bn. on US$-denominated LLP due to increases in the Ch$/US$ exchange rate of 1.0% and 4.2% in the 4Q12 and the 4Q13, respectively, and (iii) credit risk deterioration of a specific wholesale customer. As a result, our LLP ratio increased by 24bp in the 4Q13 in relation with the 4Q12.

Earnings Report:

Operating Expenses

A controlled and stable cost base has contributed to higher net income…and significant improvements in all of our efficiency ratios…

Our total operating expenses recorded a slight 1.8% YoY increase, from Ch$612 Bn. in the FY2012 to Ch$623 Bn. in the FY2013. This tempered increment had mainly to do with:

·                 A 4.3% YoY rise in personnel expenses (~Ch$13 Bn), which was mainly explained by the recognition of inflation in salaries and a 1.0% YoY expansion in headcount. Also, we recorded higher other personnel expenses related to training activities and general benefits, including an exceptional bonus of Ch$5.3 Bn. to our staff as we completed 120 years of history.

·                  Administrative expenses increasing only 2.0% YoY (~Ch$5 Bn.) as a consequence of: (i) additional expenses in office supplies of ~Ch$2 Bn. that were mainly related to the purchase of password-generating devices for electronic money transfers by customers, (ii) higher IT expenses by ~Ch$2 Bn. related to ongoing projects and internal developments, and (iii) greater rentals and insurance expenses by approximately Ch$1 Bn.

The above factors were mostly offset by a 28.5% YoY decrease (~Ch$6 Bn) owing to: (i) other general expenses that decreased by Ch$5 Bn. in the FY2013 as compared to the FY2012, based on operational write-offs incurred in 2012, and (ii) contingency provisions together with provisions for assets received in lieu of payment that jointly decreased by Ch$1 Bn. YoY.

Notwithstanding the above, the rise in our total operating expenses was proportionally lower than the increase posted by our operating revenues (10.1% YoY). This translated into an improved cost-to-income ratio that changed from 46.3% in 2012 to 42.8% in 2013 and placed us at the top of the industry in efficiency. Besides, we have benefited from higher productivity in our distribution channels and back office, which allowed us to enhance our cost-to-assets ratio from 2.7% to 2.6% within the same period.

11

TOTAL OPERATING EXPENSES

Notes:  For purposes of comparison certain line items have been reclassified for the 4Q12 and the FY2012.

On a quarterly basis, our cost base increased 9.2% from Ch$155 Bn. in the 4Q12 to Ch$169 Bn. in the 4Q13. The main reasons for this change were: (i) a 13.8% rise (~Ch$11 Bn.) in personnel expenses that mostly relied on a special bonus to the staff (~Ch$5 Bn.) celebrating our 120 years of existence and higher headcount, (ii) greater other general operating expenses by ~Ch$5 Bn., and (iii) additional impairments by ~Ch$2 Bn. associated with software and goodwill that comes up from the acquisition of Legg Mason’s operations in Chile. These factors were partly counterbalanced by administrative expenses that went down by ~Ch$3 Bn. in the 4Q13 vis-à-vis the 4Q12, supported by lower expenses in advertising, outsourcing and maintenance. As a result of the above, we posted a slight deterioration in efficiency, from 42.1% in the 4Q12 to 43.0% in the 4Q13.

Earnings Report:

Loan Portfolio

Double-digit overall growth rate in loans by emphasizing expansion in Retail Banking and Middle Market companies…along with selective growth in consumer loans in order to maintain a fair risk-return equation…maintaining our leading market position in most of the lending products…

We ended the FY2013 with a loan book of Ch$20.9 trillion, which represents an 11.2% YoY upsurge as compared to the Ch$18.8 trillion recorded in the FY2012. This expansion has been largely fostered by organic growth, especially linked to Retail Banking, with a focus on middle and upper income individuals and SMEs, rather than consumer finance. Furthermore, in Wholesale Banking we achieved significant growth in Large Companies (annual sales between Ch$1.6 and Ch$70 Bn.) while supplementing a lower expansion in Corporations (annual sales > Ch$70 Bn.) by acquiring a ~Ch$500 Bn. portfolio of commercial loans from a local competitor.

More importantly, our growth was profitable as we were able to maintain a tempered upward trend in lending spreads. Altogether, our loan growth enabled us to rank second in total loans within the local industry by attaining a market share of 19.1%* as of Nov. 30, 2013. In a breakdown by product, main reasons for loan growth were related to:

·                  Residential mortgage loans that continued to show a solid trend by growing 12.7% YoY and reaching Ch$4.7 trillion. This ending balance enabled us to rank third in the local industry with a stake of 17.4%* as of Dec. 31, 2013. Although we believe mortgage loans are strategic in our effort to improve cross-selling, we have moderated our growth pace, based on our aim to increase lending spreads in this product and stricter loan-to-value requirements that we have set up in light of the expected deceleration in the economy and consumption of durable goods. We believe this product will retake a mid-term growth trend, based on mean reversion expectations for the real estate sector.

·                  Commercial loans that surged 11.5% YoY. This loan expansion was steered by Large Companies and SMEs, instead of Corporations. This was the result of specific financing deals settled by our Large Companies division by the end of 2013, which boosted the unit’s loan book by 23.3% YoY. Likewise, commercial loans to SMEs went up by 11.9% YoY. In contrast, in the Corporate market we not only faced fierce competition locally but also attractive foreign debt markets for Chilean companies. As a result, loans to Corporations declined 3.2% YoY. All in all, in 2013 we stayed

12

at the top of the industry in commercial loans with a 19.5%* market share as of Dec. 31, 2013 with a balance of Ch$13.1 trillion.

·                  A reduced exposure to some segments in consumer loans. Since the 1Q13 and based on diverse signs suggesting an economic slowdown and changes in payment behavior of consumer finance customers, we decided to tighten credit assessment among lower income segments. Conversely, we have promoted growth in middle and upper income segments, where we still have room to penetrate transactional services like credit cards and credit lines by taking advantage of our significant customer base. We believe that we have been successful in achieving these goals through selective growth and by keeping an eye on profitability. On the whole, we ended 2013 with consumer loans of Ch$3.1 trillion and a market share of 20.9%*. Our drop in market share is mainly explained by the transfer of a player’s credit card business to its banking subsidiary, representing ~1.6%.

LOAN PORTFOLIO: BREAKDOWN / GROWTH / MARKET SHARE

(In Billions of Ch$ and %)

13

Earnings Report:

Funding Structure

We continued to diversify our funding in sources, markets and durations……this provides us with a competitive cost of funding as compared to our peers…

Since 2011, we have carried out a consistent policy of funding diversification. These actions have been conducted in order to maintain our competitive advantage in terms of funding cost and also to lengthen the duration of our liabilities, which enables us to improve our liquidity indicators. During 2013 we continued implementing this strategy by taking advantage of our outstanding credit ratings, which are the highest within LatAm for non-state owned banks. Thus, in 2013 we carried out several international placements at attractive spreads, such as:

Placements in HK were made under the US$2 billion MTN (mid-term notes) program we registered in the Luxemburg Stock Exchange in the 3Q13. Additionally, in 2013 we issued long-term bonds in the local market by ~USD960 million (including subordinated bonds of ~USD7 million). This strategy bolsters our funding, especially in terms of liquidity. Also, due to these actions our debt issued has increased from 9.1% to 16.8% of our funding in the last four years.

As for deposits, DDA balances continued to represent an important source of funding by accounting for 23.1% of our assets in the FY2013. This is one of the highest shares for a Chilean banking institution. We believe this solid and stable funding characteristic is the result of our outstanding brand recognition and customers’ confidence in the Bank’s soundness, which is supported by excellent credit ratings. In this regard, service quality is also crucial, especially in personal banking, where we held a market share of 30.2% in current account balances as of Dec. 31, 2013.

It is also worth noting that our ratio of core deposits (DDAs + CDs of retail customers) to loans remained almost flat YoY. This demonstrates that debt issued has replaced less stable funding sources rather than core deposits.

Altogether, our diversified and strong funding enabled us to maintain our competitive advantage in terms of cost of funding. This is reflected by our ratio of average interest earning assets to average interest bearing liabilities that changed from 1.47x for the FY2012 to 1.50x for the FY2013. In addition, all of the above has resulted in the lowest cost of funding in the local banking industry, amounting to 3.4% as of Dec. 31, 2013.

14

FUNDING: BREAKDOWN / EVOLUTION

(In Billions of Ch$ and times)

Earnings Report:

Capital Adequacy & Other Topics

Our capital adequacy remains strong, based on a consistent mid-term capital strategy…

As of December 31, 2013 our total equity accounted for Ch$2,284 Bn. This figure is 13.8% above the Ch$2,007 Bn. posted a year earlier. The growth of our equity is well supported by a mid-term strategy intended to maintain capital adequacy ratios that afford organic expansion in our business. Aligned with this strategy, the net YoY variance of Ch$277 Bn. in equity has been rooted in:

·                  The completion of an equity offering by ~Ch$253 Bn. (~3.9 million shares) that commenced on Dec. 2012. Consequently, we added capital by Ch$134 Bn. 2013.

·                  The recognition of inflation effect on our shareholders’ equity by retaining ~Ch$36 Bn. from our net income of 2012.

15

·                  A capitalization of stock dividends by ~Ch$86 Bn. from our net distributable income of 2012, based on a payout ratio of 70% (once deducted the payment to the Central Bank equivalent to 100% of SAOS’ stake in our economic rights plus the rights of SM-Chile A shares).

·                  Approximately Ch$24 Bn. of higher net income (net of provisions for minimum dividends) in 2013 as compared to 2012.

·                  The above was partly offset by lower OCI of approximately Ch$3.1 Bn.

Based on the above, we have been able to maintain solid capital adequacy ratios. In fact, as of Dec. 31, 2013 our BIS ratio was 13.1%, which is only 17 bp below the indicator reported in 2012 but more than three percentage points above the regulatory threshold of 10.0% imposed on BCH. Likewise, our Tier I (assets) ratio more than doubles the regulatory limit of 3.0%, while our Tier I (RWA) is touching 10.0%. These ratios give us room to sustainably expand our business.

EQUITY & CAPITAL ADEQUACY

(In Billions of Ch$ and %)

Notes:

Assets: Total Assets | RWA: Risk-Weighted Assets | Total Capital: Basic Capital + supplementary capital (if any).

Basic Capital: paid-in capital, reserves and retained earnings, excluding capital of subsidiaries and foreign branches.

16

PUBLIC SECONDARY EQUITY OFFERING BY LQIF

In order to reinforce the liquidity of our stock, LQIF successfully sold 6.7 billion of its direct rights in Banco de Chile…

On January 14, 2014, LQIF stated the intention of selling —through a public auction— up to 6.9 billion shares of its direct ownership in Banco de Chile, representing 7.4% of BCH’s outstanding shares. The final offering, registered locally and overseas (USA), was declared “successful” on January 28, 2014 by LQIF’s board of directors. The next day, a total of 6.7 billion stocks were auctioned at Ch$67 per share within the local market. As a result of this transaction, the free-float of our stock increased from 17.6% to 24.8%, while LQIF kept controlling BCH by holding a stake —directly and indirectly— of 51.2%.

Business Segments:

Retail Banking

We continued to promote selective growth in Retail banking…

The FY2013 was challenging for our Retail Banking Segment. New regulations put pressure on the Individual Banking Business by cutting interest rate caps, reducing margins in insurance brokerage and empowering customers. Nevertheless, our Retail Segment could properly overcome these trends by improving segmentation, enhancing transactional services and —more importantly— growing selectively. As a result, the segment recorded an income before income tax of Ch$303 Bn. in the FY2013, being 21.2% YoY above the figure of 2012.

The main reason behind this performance was the 9.6% YoY rise recorded in operating revenues, principally fostered by:

·                  A loan book that maintained a growing trend by advancing 10.9% YoY in year-end balances and 12.2% in average loans, along with lending spreads that slightly dropped. This growth was mainly due to the expansion in the middle and upper income segments of Individual Banking (+13.1% YoY in average loans) and SMEs (+12.6% YoY in average loans). Conversely, based on our less positive outlook for consumer finance, we entirely tightened the credit process, causing a slowdown in average loans (+3.9% YoY).

·                  A solid upward trend in non-interest bearing liabilities. Average balances of DDA held by this segment rose by 12.2% YoY, which increased the profitability of interest earning assets, despite cuts in the monetary policy interest rate.

·                  Higher contribution from the UF net asset position allocated to the segment, due to a greater exposure to UF-indexed assets and more convenient funding in Ch$, rather than higher UF variation.

·                  These factors more than counterbalanced a 2.1% decrease in fees and commissions that was largely explained by lower fee income from insurance brokerage and a negative expense effect in the customer loyalty program for credit cards due to an increase in the Ch$/US$ exchange rate.

The above enabled us to more than offset a 12.8% YoY rise in loan loss provisions. This was largely explained by the segment’s loan book expansion (+12.2% in average loans) and greater countercyclical provisions set in 2013 that were partly allocated to this segment.

17

Notes: For purposes of comparison certain line items have been reclassified for the 4Q12 and the FY2012.

On a QoQ basis, our Retail Banking segment posted a 13.8% YoY advance in income before income tax in the 4Q13 as compared to the 4Q12. This was mainly the result of operating revenues going up 8.5% YoY, based on average loans that grew 11.2%, average DDA expanding 14.1% and higher contribution from the UF position that benefited from a better funding. These factors were partly offset by loan loss provisions that increased 7.9% (below loan expansion) and operating expenses that rose 5.6% in the 4Q13 in relation to the 4Q12.

Business Segments:

Wholesale Banking

In Wholesale Banking we have prioritized expansion in Middle Market, that provides us with a fair risk return relationship …

In 2013, our Wholesale Banking segment had to deal with intense competition from local banking players, but also from the international debt market, as Chilean corporations took advantage of low international interest rates and the country’s credit rating. However, the segment was able to overcome this scenario by prioritizing growth in businesses with fair risk-return equation and in which we had room to increase penetration. All in all, our Wholesale Banking segment recorded a 15.5% YoY rise in income before income tax by reaching Ch$247 Bn. in 2013.

This significant advance principally relied on operating revenues growing 19.1% YoY, due to:

·                  Total loans expanding 11.6% YoY in year-end balances and 5.5% YoY when looking at average loans. As mentioned earlier, this was mainly fuelled by higher penetration of Large Companies (turnover between Ch$1.6 and Ch$70 Bn.) rising 14.2% YoY in average loans, in part due to short-term financing deals settled in the 4Q13. Conversely, average loans of our Corporate Banking decreased 4.0% YoY. Segment’s loan growth also included the acquisition of a ~Ch$500 Bn. portfolio of commercial loans from another player in the 3Q and 4Q13.

·                  A positive impact in revenue from funding with non-interest bearing liabilities. In this regard, a YoY increase of 7.4% in DDA average balances enabled us to more than offset the negative effect of a monetary policy interest rate that has recently been cut twice by 25 bp.

·                  A higher contribution from our UF net asset position. This was steered by an enlarged UF asset exposure and better funding conditions with Ch$, rather than an increase in inflation.

The above factors allowed the segment to largely overcome loan loss provisions that grew fourfold YoY by nearly Ch$30 Bn. This increment can be broken down in: (i) a negative exchange rate effect of ~Ch$13 Bn., due to a drop of 7.8% in the exchange rate (Ch$/US$) in 2012 and an increase of 9.6% in 2013, (ii) ~Ch$13 Bn. mainly associated with a deteriorated credit condition of a specific corporate customer in 2013, and (iii) the allocation of countercyclical allowances set in 2013.

18

Notes: For purposes of comparison certain line items have been reclassified for the 4Q12 and the FY2012.

On a QoQ basis, income before income tax fell by 14.5% in the 4Q13 in relation to the 4Q12. Main reasons for this change were: (i) loan loss provisions rising ~Ch$14 due to the impact of allowances set in order to reflect credit deterioration of some specific customers in the 4Q13 (Ch$9 Bn.), a negative exchange rate effect (Ch$4 Bn.), as well as loan growth (Ch$3 Bn.), and (ii) higher expenses QoQ (~Ch$10 Bn.) mainly due to IT developments, personnel expenses and a favorable basis for comparison in the 4Q12. These factors were partly offset by operating revenues growing 14.2%, based on expansions in average loans (+8.9%), average DDA (+9.0%) and higher contribution from the UF exposure due to a more convenient funding.

Business Segments:

Treasury

The P&L of our Treasury was affected by lower revenues from trading and the effect of credit value adjustment on derivatives...

In 2013 our Treasury posted an income before income tax of ~Ch$10 Bn., which signified a 55.8% YoY slide as compared to the ~Ch$23 Bn. posted in 2012. The main reason for a lowered bottom line was a similar decline (27.1% YoY) in operating revenues, principally due to:

·                  A decrease in other operating revenues of approximately ~Ch$20 Bn. in 2013 as compared to 2012. This was mainly the consequence of the previously mentioned one-off associated with the first time adoption of the credit value adjustment on derivatives.

·                  Results from assets held for trading that decreased by approximately Ch$6 Bn. on a YoY basis. This performance had mainly to do with downward shifts in the CLP/CLF yield curve affecting our net positions in derivatives. Furthermore, upward changes in the CLP/USD yield curve also contributed to lower results from our net on-shore/off-shore positions.

·                  The above was partly offset by higher revenues from the management of our AFS portfolio by carrying out sales that amounted to ~Ch$8 Bn. in 2012 and ~Ch$15 Bn. in 2013.

As for our investment portfolio, based on our expectations on upcoming interest rates cuts by the Central Bank, we have continued to take positions in AFS securities. As a result of this decision, we have increased our year-end balances from Ch$1.3 to Ch$1.7 trillion between 2012 and 2013, which entails a 32.4% YoY rise.

Regarding our O.C.I., this line item recorded a YoY decrease from a net unrealized gain of ~Ch$26 Bn. in 2012 to a net unrealized loss of ~Ch$4 from in 2013. This was mainly the result of AFS net gains that we realized during 2013 and net unrealized losses from hedge accounting interest rate derivatives.

19

Notes: For purposes of comparison certain line items have been reclassified for the 4Q12 and the FY2012.

On a QoQ basis, income before income tax of our Treasury decreased from ~Ch$9 Bn. in the 4Q12 to ~Ch$2 Bn. in the 4Q13. The main driver for these results was a decrease of approximately ~Ch$12 Bn. in operating revenues, principally owing to: (i) the recognition of the credit value adjustment on derivatives set in the 4Q13, (ii) lower revenues from trading by approximately Ch$4 Bn., and (iii) the effect of lower inflation on the accrual of AFS securities (UF variation was 1.1% in the 4Q12 and 0.9% in the 4Q13). All of these factors were partly offset by better expense figures.

Business Segments:

Subsidiaries

Results from our subsidiaries have been affected by changes in portfolio mix in Mutual Funds and Stock Brokerage businesses…partly offset by higher income from our Insurance Brokerage subsidiary…

Our subsidiaries reported an income before income tax of Ch$33 Bn. for the FY2013, which means a 5.6% YoY decline when compared to the Ch$35 Bn. recorded in 2012. This lowered bottom line was principally the consequence of:

·                  An 11.4%YoY decline (or Ch$1.8 Bn.) in income before income tax of our Mutual Funds subsidiary. This decline is explained by unfavorable customer preferences rather than growth in assets under management (AUM). In fact, this company continued to lead the market in terms of AUM, with a 21.9% market share as of Dec. 31, 2013, based on a 3.8% YoY advance in average AUM. However, the company has not been able to overcome market trends associated with volatile stock markets that have encouraged investors to look for havens in fixed-income, which bear lower commissions than mutual funds invested in stocks. Also, organizational restructuring has contributed to a temporary increase in the company’s cost base.

·                  A 9.9% decrease (or Ch$1.2 Bn.) in earnings before income tax recorded by our Stock Brokerage subsidiary. In 2013, our Stock Brokerage subsidiary increased the stock trading turnover by 5.3% YoY in 2013, ranking second in the local market with a 10.0% market share as of Dec. 31, 2013. In terms of revenues, stock and fixed-income trading were positive drivers for the subsidiary in 2013. However, performance in these businesses was not high enough to overcome lowered results from currency trading and other revenues.

The factors mentioned above were partly offset by a better YoY performance in our Insurance Brokerage subsidiary, which posted a 37.0% (or Ch$1.3 Bn.) annual rise in income before income tax. These higher results were associated with a 4.0% YoY increase in written premiums, based on positive local market trends in spending, demand for credits and traveling.

20