Losses from banking operational risk jumped 88% amid social crisis

Chile’s banking reported net losses due to operational risk events in 2019 worth CL$82 billion ($101 million), which means an increase of 88% compared to the previous year and its highest level since there is registration, according to the Commission for the Financial Market (CMF). BancoEstado led the expenses of this item (CL$7bn), followed by Santander (CL$ 4bn), and Banco de Chile (CL$ 2bn). Damage to physical assets was one of the main factors that determined this result, as the expenses for the period marked an increase of 567% year-to-year, to CL$16bn at the end of 2019.

Source: La Tercera Pulso