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(If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g-3-2(b): 82- ____.)

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BANCO DE CHILE
REPORT ON FORM 6-K

Attached is an English translation of:
a) A press release published by Banco de Chile in local newspapers on April 29, 2005, regarding consolidated financial statements for the three months ended March 31, 2005.
b) A Press Release issued by Banco de Chile (“the Bank”) on April 29, 2005, regarding financial statements for the three months ended March 31, 2005.

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Banco de Chile and Subsidiaries

Consolidated Financial Statements
as of March 31, 2005 and 2004

BANCO DE CHILE AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS AS OF MARCH 31,
(Expressed in million of Chilean pesos)
________________

ASSETS	2005	2004
	MCh$	MCh$
CASH AND DUE FROM BANKS	898,928.2	1,020,304.9
LOANS:
Commercial loans	2,944,866.2	2,698,205.5
Foreign trade loans	621,956.9	641,193.8
Consumer loans	739,263.0	629,799.2
Mortgage loans	752,449.8	1,103,797.8
Leasing contracts	362,382.3	288,156.1
Contingent loans	557,737.7	447,248.7
Other outstanding loans	1,016,747.1	519,374.5
Past due loans	87,295.7	109,428.5
Total loans	7,082,698.7	6,437,204.1
Allowance for loan losses	(148,932.9)	(181,705.4)
Total loans, net	6,933,765.8	6,255,498.7
OTHER LOANS:
Interbank loans	2,722.5	52,816.7
Investments purchased under agreements to resell	25,309.1	23,152.6
Total other loans	28,031.6	75,969.3
INVESTMENTS:
Government securities	1,055,661.6	1,053,213.3
Other financial investments	281,662.0	455,092.5
Investment collateral under agreements to repurchase	313,861.0	439,705.4
Assets held for leasing	23,589.3	25,964.8
Assets received in lieu of payment	15,697.2	16,537.8
Other non-financial investments	2.2	2.2
Total investments	1,690,473.3	1,990,516.0
OTHER ASSETS	299,485.4	296,926.1
FIXED ASSETS:
Bank premises and equipment, net	132,611.1	129,756.0
Investments in other companies	5,430.4	5,022.6
Total fixed assets	138,041.5	134,778.6
Total assets	9,988,725.8	9,773,993.6

BANCO DE CHILE AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS AS OF MARCH 31,
(Expressed in million of Chilean pesos)
________________

LIABILITIES AND SHAREHOLDERS’ EQUITY	2005	2004
	MCh$	MCh$
DEPOSITS AND OTHER LIABILITIES:
Current accounts	1,529,891.6	1,288,324.6
Time deposits	4,107,213.3	4,010,961.5
Other demand and time deposits	693,160.7	695,850.2
Securities sold under agreements to repurchase	331,625.4	443,668.4
Mortgage finance bonds	664,518.5	1,007,403.5
Contingent liabilities	560,061.2	447,380.9
Total deposits and other liabilities	7,886,470.7	7,893,589.1
BONDS ISSUED:
Bonds	177,879.1	3,026.9
Subordinated bonds	301,867.2	272,766.6
Total bonds issued	479,746.3	275,793.5
BORROWINGS FROM FINANCIAL INSTITUTIONS AND CENTRAL BANK:
Central Bank credit lines for renegotiation of loans	1,676.1	2,617.5
Other Central Bank borrowings	83,506.2	—
Borrowings from domestic financial institutions	107,875.3	52,860.6
Foreign borrowings	634,025.8	670,483.8
Other liabilities	36,739.7	43,272.2
Total borrowings from financial institutions and Central Bank	863,823.1	769,234.1
OTHER LIABILITIES	199,851.9	221,424.3
Total liabilities	9,429,892.0	9,160,041.0
MINORITY INTEREST	0.8	4.2
SHAREHOLDERS’ EQUITY:
Capital and reserves	515,094.1	570,060.8
Other equity accounts	2,899.5	5,159.4
Net income for the year	40,839.4	38,728.2
Total shareholders’ equity	558,833.0	613,948.4
Total liabilities and shareholders’ equity	9,988,725.8	9,773,993.6

BANCO DE CHILE AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME AS OF MARCH 31,
(Expressed in million of Chilean pesos)
________________

	2005	2004
	MCh$	MCh$
OPERATING RESULTS:
Interest revenue	113,938.5	116,363.1
Gains from trading activities	5,318.8	10,804.9
Income from fees and other services	38,999.9	34,442.6
Other operating income	3,044.0	5,306.2
Total operating revenues	161,301.2	166,916.8
Less:
Interest expense	(30,694.6)	(31,592.5)
Losses from trading activities	(4,032.5)	(5,294.1)
Expenses from fees and other services	(7,356.8)	(6,645.4)
Loss from foreign exchange transactions	(5,564.5)	(11,330.8)
Other operating expenses	(4,207.2)	(3,212.2)
Gross margin	109,445.6	108,841.8
Personnel salaries and expenses	(34,073.9)	(32,130.0)
Administrative and other expenses	(22,995.9)	(20,704.0)
Depreciation and amortization	(4,157.8)	(4,071.8)
Net margin	48,218.0	51,936.0
Provision for loan losses	(5,068.0)	(9,939.0)
Total operating income	43,150.0	41,997.0
NON OPERATING RESULTS:
Non operating income	1,141.5	1,406.3
Non operating expenses	(2,957.5)	(2,504.5)
Equity participation in net income (loss) in investments in other companies	199.3	(52.3)
Net loss from price-level restatement	3,929.0	2,653.4
Income before income taxes	45,462.3	43,499.9
Income taxes	(4,622.7)	(4,770.9)
Income after income taxes	40,839.6	38,729.0
Minority interest	(0.2)	(0.8)
Net income for the year	40,839.4	38,728.2

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2005 First Quarter Results

Santiago, Chile, April 29, 2005 Banco de Chile (NYSE: BCH), a Chilean full service 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 results for the first quarter ended March 31, 2005.		FINANCIAL HIGHLIGHTS
		Net income for the 1Q05 was Ch$ 40,839 million, an increase of 5.4% compared to 1Q04. The Bank’s ROAE continued to be outstanding, reaching a 24.4% during 1Q05, broadly exceeding the system’s average of 17.2%. The Bank’s loan portfolio grew by 9.2% over the last twelve-month period and 3.7% during the 1Q05.

Selected Financial Data	1Q04	4Q04	1Q05	% Change  1Q05/1Q04
Income Statement (Millions, Chilean pesos)
Net Financial Incom e	73,440	92,841	77,679	5.8%
Incom e from Services	29,892	34,851	30,480	2.0%
Gains on Sales of Financial Ins trum ents	5,511	(7,304)	1,286	(76.7)%
Operating Revenues	108,843	120,388	109,445	0.6%
Provis ions for Loan Loss es	(14,788)	(20,748)	(13,499)	(8.7)%
Total Operating Expens es	(56,646)	(69,505)	(61,028)	7.7%
Net Incom e	38,729	30,722	40,839	5.4%
Earnings per Share (Chilean pesos)
Net incom e per Share	0.57	0.46	0.62	8.8%
Book value per Share	9.01	10.08	8.42	(6.5)%
Balance Sheet (Millions, Chilean pesos)
Loan Portfolio	6,490,023	6,833,800	7,085,422	9.2%
Total As s ets	9,773,996	9,572,012	9,988,726	2.2%
Shareholders' Equity	613,948	669,137	558,833	(9.0)%
Profitability
ROAA	1.63%	1.26%	1.69%
ROAE	21.8%	18.7%	24.4%
Net Financial Margin	3.5%	4.3%	3.6%
Efficiency ratio	52.0%	57.7%	55.8%
Asset Quality
Past Due Loans / Total Loans	1.69%	1.23%	1.23%
Allowances / Total Loans	2.80%	2.23%	2.10%
Allowances / Pas t Due Loans	166.1%	181.5%	170.6%
Capital Adequacy
Total Capital / Risk Adjus ted As sets	13.2%	11.7%	11.9%

	2005 First Quarter Results

 

First Quarter 2005 Highlights

The Bank

• Annual Shareholders’ Meeting. As a consequence of the end of the legal and statutory three- year permanence term established for the members of Board of Directors, at the Ordinary Shareholders Meeting of the Bank, held on March 17, 2005, it was agreed to completely reelect the Board of Directors. It was also agreed to designate Alternate Directors. The following were appointed as Directors for a three year term: Fernando Cañas Berkowitz (Chairman), Andrónico Luksic Craig (Vice Chairman), Jorge Awad Mehech, Jacob Ergas Ergas, Thomas Fürst Freiwirth, Guillermo Luksic Craig, Rodrigo Manubens Moltedo, Gonzalo Menéndez Duque, Máximo Pacheco Matte, Francisco Pérez Mackenna, Segismundo Schulin- Zeuthen Serrano, Edmundo Eluchans Urenda and Jorge Ergas Heymann, the two latter as Alternate Directors.
  
• Distribution of Dividends. At the above mentioned indicated Ordinary Shareholders Meeting of the Bank, distribution and payment of dividend N°193 was approved at the amount of Ch$2.2993 per common share (1,379.58/ADS), and consequently charged against year 2004 Banco de Chile net income.
  
• Sale of Shares issued by Banco de Chile. At the Board of Director’s Meeting held on March 24, 2005 it was decided to initiate the sale of 1,701,994,590 shares issued by the Bank (2.5% of the total outstanding shares), previously bought according to the share repurchasing program launched on March 26, 2004. The sale will begin with a preferential offer to shareholders in accordance to the Chilean Corporate Law and ultimately seeks to increase the Bank’s capital base thus anticipating future loan growth.
  
• Fitch Ratings upgrades Banco de Chile and affirms a stable outlook. On March 31, 2005, Fitch Ratings upgraded the long-term and short-term foreign currency ratings of Banco de Chile to “A“ from “A-“ and to “F1” from “F2”, respectively, as a result of its solid performance and sound balance sheet, standing in line with the recent upgrade of Chile’s sovereign long-term foreign currency ratings.
  
• Loan portfolio. As of March 31, 2005, the Bank’s loan portfolio, net of interbank loans, totaled Ch$7,082,699 million, reflecting an annual and quarterly growth of 10.0% and 3.9%, respectively. The Bank reached a market share of 17.7% as of March 31, 2005.
  
• A new local bond placement. On March 22, 2005, the Bank placed a new series of subordinated bonds for a total amount of UF2 million with an annual real rate of 4.34% and maturity in 2023. These bonds were rated AA by the Chilean rating agencies and will complement the Bank’s long-term financing, strengthening at the same time the Bank’s capital base.
  
  
• All of Banco de Chile’s shares can now trade as ADRs. The Bank has obtained the Chilean Central Bank’s approval to trade all its shares as American Depositary Receipts. Previously, only 34% of its shares could be converted into ADS, percentage equivalent to the incidence of ten Banco de A. Edwards’ shares in the total shares of the merged bank. Banco de A. Edwards launched its ADR program in 1995 which was renewed by Banco de Chile after the merger.
  
  
• Branch network expansion. During 1Q05 the Bank opened three new branches and installed 56 additional ATMs in order to support the expected expansion of the Bank’s presence in the retail sector. The 2005 strategic plan considers opening over 20 branches and further expanding the ATM network in a context of a healthy and growing economy.
  
  
• Banco de Chile as a member of the consortium of banks which will form the Financial Administrator of Transantiago (AFT). Recently, Banco de Chile along with other Chile’s three largest banks and two important companies from the technological and retail sectors, was awarded the 12 year contract under the Concession System known as the Financial Adminsitration of Transantiago. Transantiago is an urban transport plan which will implement a comprehensive public transportation system in the Santiago Metropolitan Region. The AFT will administrate the US$700 million that are expected to be collected annually as surface and underground fares and also manage the smart card system payment.
  
  
• The Bank signs Ch$200 million Syndicated Credit Agreement. Banco de Chile has signed a syndicated credit agreement for US$ 200 million with four foreign banks, which will permit Banco de Chile to finance its international business operations from Chile and expand the base of working capital to consolidate its operations in its New York Branch (US$ 50 million will be directly allocated to this branch). The interest rate of the loan was set at Libor + 0.225%, which constitutes the lowest interest rate that a Chilean company has obtained internationally for a loan with a five year termination payment period since the Asian financial crisis.
  
  
• The Mutual Funds subsidiary continues to develop new products. Banchile General Administrator of Funds, in line with its strategy of continued product innovation, launched during 1Q05 three new mutual funds: “Banchile Garantizado 112”, “Fondo Mutuo Inversión 10” and “Fondo Mutuo

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Page 2 of 15

	2005 First Quarter Results

Financial System Highlights

• The Chilean Financial System reached a net income of Ch$200,730 million during 1Q05, representing a 2.1% increase compared to 1Q04 and 37.8% rise relative to the previous quarter. The annual increase in net income was mainly driven by net financial income, fee income and a decrease in provisions for loan losses, factors that more than offset the increase in operating expenses and lower gains on sales of financial instruments. The 1Q05 net income resulted in a system’s ROAE of 17.2%.

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Page 3 of 15

	2005 First Quarter Results

Banco de Chile 2005 First-Quarter Consolidated Results

NET INCOME

The Bank’s total net income for 1Q05 reached Ch$ 40,839 million, an increase of 5.4% in comparison to 1Q04, which mainly reflects the Bank’s solid revenue momentum following its loan portfolio expansion, improved funding mix and enhanced asset quality, fueled by favorable economic conditions and increased domestic demand.

As a consequence of this result the Bank posted an annualized return on average assets (ROAA) and annualized return on average shareholders’ equity (ROAE) of 1.69% and 24.4%, respectively, for 1Q05, exceeding figures of 1.63% and 21.8% registered in 1Q04.

In relation to the comparative lower results obtained during 4Q04, it is worth mentioning that such quarter was mainly impacted by extraordinary expenses as a result of the one-time bonus paid under completion of the collective bargaining process with the workers’ unions, marked to market losses related to a cross currency swap transaction and higher provisions for loan losses.

Bank, Subsidiaries and Foreign Branches' Net Income
(in millions of Chilean pesos)	1Q04	4Q04	1Q05	% Change  1Q05 / 1Q04
Bank	31,574	23,849	33,701	6.7%
Foreign Branches	1,253	384	426	(66.0)%
Stock Brokerage	2,019	3,043	3,482	72.5%
Gral Adm. of Funds	2,085	2,474	1,754	(15.9)%
Insurance Brokerage	366	20	212	(42.1)%
Financial Advisory	818	428	205	(74.9)%
Factoring	788	417	1,179	49.6%
Securitization	19	26	(11)	(157.9)%
Promarket	3	19	24	700.0%
Socofin	(196)	69	(154)	(21.4)%
Trade Services	-	(7)	21	-
Total Net Income	38,729	30,722	40,839	5.4%

During 1Q05, the Bank’s subsidiaries contributed by 16.4% to the consolidated net income, with an overall outcome of Ch$6,712 million compared to Ch$5,902 million registered in 1Q04. This higher result was mainly driven by the Stock Brokerage and the Factoring subsidiaries.

The Stock Brokerage subsidiary’s net income increase during 1Q05 was a consequence of higher fee income primarily from its participation in the public offering of the stock of an important shipping company and from trading of US dollars. The Factoring company increased its results by almost 50% as its loan portfolio expanded by 79% over the last twelve-months.

Lower results during 1Q05, compared to 1Q04, coming from both the General Administrator of Funds and the Insurance Brokerage subsidiary, principally reflected a change in the service agreement for the usage of distribution channels between the Bank and these companies, which implied higher revenue for the Bank and higher fee expenses for these subsidiaries (with no impact at the consolidated bottom line). The Financial Advisory subsidiary’s net income decline during 1Q05 compared to 1Q04, was primarily due to the materialization of the structure of two important syndicated loans during 1Q04.

During 1Q05 and in comparison to 1Q04, the foreign branches’ net income was impacted by higher operating costs related to legal counseling and advisory expenses in the New York branch.

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Page 4 of 15

	2005 First Quarter Results

NET FINANCIAL INCOME

Net financial income climbed to Ch$77,679 million in 1Q05 from Ch$73,440 million in 1Q04, as a result of a 3.5% growth in average interest earning assets and an 8 basis point increase in net financial margin¹.

Net Interest Revenue
(in millions o f Chilean pesos)	1Q04	4Q04	1Q05	% Change  1Q05 / 1Q04
Interest revenue	116,363	126,019	113,938	(2.1)%
Interest expense	(31,592)	(57,116)	(30,694)	(2.8)%
Foreign Exchange
transactions, net	(11,331)	23,938	(5,565)	(50.9)%
Ne t Financial Incom e	73,440	92,841	77,679	5.8%
Avg. Int. earning assets	8,383,144	8,670,096	8,680,371	3.5%
Net Financial Margin1	3.5%	4.3%	3.6%	-

The increase in average interest earning assets was principally fueled by expansions in commercial and consumer loans, lease contracts and contingent loans.

Net financial margin increased slightly from 3.5% in 1Q04 to 3.6% in 1Q05 principally due to a better funding mix mainly related to the strong increase in non-interest bearing demand deposits. This effect was reflected in the improvement of the ratio of interest bearing liabilities to interest earning assets which declined to 68.7% in 1Q05 from 72.3% in 1Q04. This positive factor more than offset the negative repricing effect derived from the increase in short term interest rates (as the Bank’s liabilities reprice faster than its assets).

It is important to note, that the Chilean Central Bank has been raising the monetary policy interest rate several times since September 2004 in approximately 100 basis points. In particular, the monetary authority raised this rate twice between December 2004 and March 2005 by 50 basis points (from 2.25% in December 2004 to 2.75% in March 2005). On the contrary, the Central Bank cut its short-term reference interest rate for monetary policy by 100 basis points in 1Q04 (from 2.75% in December 2003 to 1.75% in January 2004).

Therefore, net financial income decreased by 16.3% in 1Q05 compared to the previous quarter due to a decline of 70 basis points in the net financial margin. This decline was influenced by the lower inflation rate, measured by the variation of the UF which was 0.7% in 4Q04 compared to -0.7% in 1Q05, implying that during 1Q05 the Bank earned lower interest income on the portion of UF denominated interest earning assets financed by nominal interest bearing liabilities and by non-interest bearing liabilities.

NET INCOME FROM SERVICES

Total net income from services reached Ch$30,480 million in 1Q05, representing approximately 28% of the Bank’s consolidated operating revenue. The 2.0% increase in fee income in comparison to the same period of the prior year, was driven by larger fees coming from the Stock Brokerage subsidiary, as a consequence of its participation in the public offering of an important shipping company during 1Q05 and a rise in the volume of business generated by the General Administrator of Funds and Insurance Brokerage. In addition, higher income fees were registered during 1Q05 in foreign branches for services related to investments in securities and mutual funds of chilean clients abroad. In regards to lower fees reflected in 1Q05 compared to 1Q04 accounted as in the Bank, they were mainly attributed to higher sales force and cobranding expenses accounted for in this item during 1Q05.

It is worth recalling that during the last quarter of 2004 fees reached a record level for the past three years with outstanding performances obtained by the Bank’s traditional banking services, the General Administrator of Funds and the Stock Brokerage subsidiaries. As for the Bank’s fees the decrease in 1Q05 versus 4Q04 was mainly due to higher cobranding expenses and lower fees from leasing and prepaid loans.

________________________
1	Net financial income divided by average interest earning assets.

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Page 5 of 15

	2005 First Quarter Results

Net Income from Services, by Company
(in millions o f Chilean pesos)	1Q04	4Q04	1Q05	% Change 1Q05 / 1Q04
Bank	18,772	20,753	17,461	(7.0)%
General Adm. of Funds	4,120	5,390	4,824	17.1%
Financial Advisory	1,030	644	295	(71.4)%
Insurance Brokerage	1,048	646	1,500	43.1%
Stock Brokerage	2,370	4,476	3,485	47.0%
Factoring	139	129	182	30.9%
Socofin	1,944	2,198	1,877	(3.4)%
Securization	60	84	25	(58.3)%
Promarket	0	1	1	-
Foreign Branches	409	530	805	96.8%
Trade Services	-	-	25	-
Total Net Incom e from
Services	29,892	34,851	30,480	2.0%

NET GAINS ON SALES OF FINANCIAL INSTRUMENTS

Gains on sales of financial instruments for the first quarter of 2005 decreased by 76.7% to Ch$1,286 million from Ch$5,511 million in 1Q04 mainly as a consequence of higher earnings obtained from the sale of Central Bank instruments and mortgage finance bonds issued by the Bank, as the medium and long term interest rates decreased between 50 to 70 basis points approximately during 1Q04. The losses accounted for in 4Q04 in this line, were mainly related to the mark to market of a cross currency swap transaction.

PROVISIONS

Provisions amounted to Ch$13,499 million in 1Q05, an 8.7% decrease compared to 1Q04 and a 34.9% drop relative to the previous quarter. This decline principally reflects a healthier loan portfolio, in line with an improved economic environment which has positively impacted the overall risk of mainly corporate clients with the consequent up-grades in some of their risk classifications. Accordingly, the Bank’s provisions to average loans declined to 0.76% in 1Q05 from 0.92% in 1Q04, or 1.21% in 4Q04.

The Bank’s portfolio has also shown better performance, in comparison to the system in reaching, in unconsolidated terms, a ratio of provisions, net of recoveries, to average loans of 0.32% in comparison to a 0.64% for the system as of March 2005. Also, important coverage efforts stand behind the allowances to past due loans ratio of 167% sustained by the Bank in 1Q05, compared to the system’s average of 163%.

Charge-offs decreased significantly compared to the previous quarter and, as a consequence, the ratio of charge-offs to average loans dropped to 1.04% in 1Q05 from 1.74% in 4Q04, remaining at the same level as in 1Q04.

Allow ances and Provisions
(in millions o f Chilean pesos)	1Q04	4Q04	1Q05	% Change  1Q05 / 1Q04
Allowances
Allowances at the beginning of each period	182,466	162,786	152,512	(16.4)%
Price-level restatement	1,009	(1,122)	1,316	30.4%
Charge-off	(16,557)	(29,900)	(18,394)	11.1%
Provisions for loan losses established, net	14,788	20,748	13,499	(8.7)%
Allow ances at the end of each period	181,706	152,512	148,933	(18.0)%
Provisions
Provisions	(14,788)	(20,748)	(13,499)	(8.7)%
Ratios
Allow ances / Total loans	2.80%	2.23%	2.10%
Provisions, net /Avg.Loans	0.53%	0.79%	0.31%
Provisions / Avg. Loans	0.92%	1.21%	0.76%
Charge-offs / Avg. Loans	1.03%	1.74%	1.04%
Recoveries / Avg. Loans	0.39%	0.41%	0.45%

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Page 6 of 15

	2005 First Quarter Results

OTHER INCOME AND EXPENSES

Total Other Income and Expenses rose to Ch$6,615 million in 1Q05 from Ch$3,439 million in 1Q04 or Ch$5,469 million in 4Q04, mainly as a consequence of higher recoveries of loans previously charged-off and, to a lesser extent, a decrease in expenses associated to assets received in lieu of payments and positive results in participation in earnings of equity investments.

OPERATING EXPENSES

Total operating expenses reached Ch$61,028 million during the first quarter of 2005, an increase of 7.7% compared to 1Q04, due principally to higher personnel and administrative expenses related to the Bank’s focus on expanding both its commercial banking activities and its subsidiaries’ lines of business.

Consequently, personnel salaries and expenses grew by 6.1% during 1Q05, compared to 1Q04, mostly attributable to the incorporation of 297 employees into the Bank. On the administrative side, the 11.1% increase was primarily explained by legal counseling and advisory expenses recorded during 1Q05 in the New York branch, higher expenses coming from the network expansion (129 new ATMs and 3 new branches) principally concentrated in rental disbursements and advertising and promotional campaigns’ expenses mostly supporting Credichile consumer banking, credit cards usage and new checking accounts services.

A higher depreciation and amortization expense during 1Q05, relative to 1Q04, was primarily the result of higher expenses incurred on behalf of the Neos project.

Lower operating expenses recorded during 1Q05 relative to the previous quarter, were mainly driven by a decrease in personnel salaries and administrative expenses. The decrease in personnel salaries was highly the result of the one time-bonus granted in the anticipated four-year collective bargain agreement paid in 4Q04 by the Bank to its workers. The drop in administrative expenses was principally due to lower expenses related to maintenance of fixed assets and to lower advertising and sponsorship expenses.

Operating Expenses
(in millions of Chilean pesos)	1Q04	4Q04	1Q05	% Change  1Q05 / 1Q04
Personnel s alaries and expenses	(32,130)	(39,811)	(34,074)	6.1%
Adm inistrative and other expenses	(20,704)	(25,573)	(22,996)	11.1%
Depreciation and am ortization	(3,812)	(4,121)	(3,958)	3.8%
Total operating expenses	(56,646)	(69,505)	(61,028)	7.7%
Efficiency Ratio*	52.0%	57.7%	55.8%	-
Efficiency Ratio**	48.5%	54.3%	52.1%	-
* Operating expenses/Operating revenues
** Excludes depreciation and amortization

Price-level restatement amounted to a positive Ch$3,929 million in 1Q05 compared to a positive Ch$2,653 million during 1Q04, mainly as a consequence of higher negative inflation rate used for adjustment purposes during 1Q05 (-0.5% in 1Q04 compared to -0.8% in 1Q05).

The Bank’s income taxes totaled Ch$4,623 million in 1Q05 compared to Ch$4,771 million in 1Q04, representing effective income tax rates of 10.2% and 11.0%, respectively. It is worth mentioning that our effective tax rate is significantly lower than Chile’s 17% statutory corporate tax rate as the Bank has been permitted to deduct dividend payments to SAOS from its taxable income base.

As of march 31, 2005, the Bank’s loan portfolio, net of interbank loans, totaled Ch$7,082,699 million reflecting a twelve-month growth of 10% and a quarterly expansion of 3.9% (or 15.6% in annual terms). Loan growth was positively impacted by the country’s dynamic economic growth.

The annual expansion was mainly driven by commercial, consumer and contingent loans, which registered a growth of 9.1%, 17.4% and 24.7%, respectively.

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Page 7 of 15

	2005 First Quarter Results

In regards to the portfolio mix, it is worth mentioning that the Bank's focus on cross-selling of lease and factoring contracts has resulted in an increase in the relative weight of these products within the total loan portfolio, contributing to a higher average yield. As far as mortgage loans are concerned, the Bank continued increasing its high yielding residential mortgage loans financed by the Bank's general borrowings accounted as other outstanding loans, instead of mortgage loans financed by mortgage finance bonds.

Over the last twelve months, the Bank has achieved a healthy growth rate in both the individual and corporate segments. The segment of lower income individuals posted the highest annual loan growth reaching 18.1%, followed by the high income individual segment at 16.3%.

Large and middle market segments also performed well with growth rates of 7.3% and 6.7% respectively.

On a quarterly basis, the 3.9% growth in loans reveals an overall emphasis in lending activities in line with improved expectations for 2005. Moreover, this growth is the highest quarterly increase since the merger, and was also fueled principally by commercial and consumer loans. However, a significant recovery was noted in foreign trade loans as these had shown negative growth rates in the previous quarter. It is worth mentioning that the Bank is currently focused on strengthening its lending potential through the expansion of its distribution network, and sales force and by redesigning its CRM technology platform.

Loan Portfolio
(in millions of Chilean pesos)	Mar-04	Dic-04	Mar-05	% Change  12 - months	% Change  1Q05 / 4Q04
Commercial Loans	2,698,206	2,844,350	2,944,866	9.1%	3.5%
Mortgage Loans 1	1,103,798	813,323	752,450	(31.8)%	(7.5)%
Consumer Loans	629,799	686,316	739,263	17.4%	7.7%
Foreign trade Loans	641,194	594,259	621,957	(3.0)%	4.7%
Contingent Loans	447,249	526,654	557,738	24.7%	5.9%
Others Outstanding Loans 2 3	519,375	928,712	1,016,747	95.8%	9.5%
Leasing Contracts	288,156	341,102	362,382	25.8%	6.2%
Past-due Loans	109,429	84,008	87,296	(20.2)%	3.9%
Total Loans, net	6,437,206	6,818,724	7,082,699	10.0%	3.9%
Interbank Loans	52,817	15,076	2,723	(94.8)%	(81.9)%
Total Loans	6,490,023	6,833,800	7,085,422	9.2%	3.7%
1 Mortgage loans financed by mortgage bonds.
2 Includes mortgage loans financed by the Bank’s general borrowings and factoring contracts.
3 According to the new guidelines dictated by the Superintendency of Banks, credit lines and overdrafts accounted as  other outstanding loans were reclassified as consumer loans and commercial loans in 1Q04. The information for the   prior quarters was reclassified for comparative purposes.

Past Due Loans
(in millions of Chilean pesos)	Mar-04	Dic-04	Mar-05	% Change 12 - months	% Change  1Q05 / 4Q04
Commercial loans	93,578	67,841	69,942	(25.3)%	3.1%
Consumer loans	3,498	3,663	3,458	(1.1)%	(5.6)%
Residential mortgage loans	12,353	12,504	13,896	12.5%	11.1%
Total Pas t Due Loans	109,429	84,008	87,296	(20.2)%	3.9%

Past due loans dropped significantly to Ch$87,296 million as of March 31, 2005, from Ch$109,429 million recorded twelve-months ago. This 20.2% contraction was driven by reduced past due loans in the commercial portfolio as a consequence of the sustained charge-off policy that the Bank has been implementing. During 1Q05 past-due loans registered a slight increase of 3.9% mainly explained by one client from the construction sector. However, the past due loans to total loans ratio remained stable at 1.23%,while allowances to past due loans reached 171%.

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Page 8 of 15

	2005 First Quarter Results

FUNDING

Total liabilities increased by 2.9% during the last twelve months mainly due to an 11.4% expansion in non interest bearing liabilities. During 1Q05, total liabilities rose by 5.9%, driven by both an increase of 4.7% in interest bearing liabilities and a growth of 8.4% in non-interest bearing liabilities.

The annual increase in non-interest bearing liabilities was triggered by the 18.8% growth in current account balances, as a result of low interest rates, low inflation rates and, to a lesser extent, an increase in the number of checking accounts.

On the other hand, interest bearing liabilities showed a slight decrease over the last twelve-months, mostly due to the drop in mortgage finance bonds, as a consequence of a 31.8% decrease in mortgage loans financed by these liabilities. The issuance of bonds (other bonds) partially offset the 34% decrease in mortgage finance bonds, in response to the strategy of financing mortgage loans with the Bank’s general borrowings.

Regarding higher interest bearing liabilities recorded during 1Q05 relative to the previous quarter, they were mainly driven by an increase in medium term time deposits and the issuance of subordinated bonds. The latter will allow strengthening the Bank’s capital base and increase the duration of the Bank’s liabilities.

Funding
(in millions of Chilean pesos)		Mar-04		Dic-04		Mar-05		% Change  12 - months		% Change  1Q05 / 4Q04
Non-interest Bearing Liabilities
Current Accounts		1,288,325		1,413,172		1,529,892		18.8%		8.3%
Bankers drafts and other deposits		798,789		691,896		755,657		(5.4)%		9.2%
Other Liabilities		758,479		820,169		884,020		16.6%		7.8%
Total		2,845,593		2,925,237		3,169,569		11.4%		8.4%
Interest Bearing Liabilities
Savings & Time Deposits		3,818,351		3,634,373		3,920,610		2.7%		7.9%
Central Bank Borrow ings		2,617		108,697		85,182		3,154.9%		(21.6)%
Repurchase agreements		443,669		346,293		331,625		(25.3)%		(4.2)%
Mortgage Finance Bonds		1,007,404		782,577		664,519		(34.0)%		(15.1)%
Subordinated Bonds		272,767		264,174		301,867		10.7%		14.3%
Other Bonds		3,027		180,063		177,879		5,776.4%		(1.2)%
Borrow ings from Domestic Financ . Inst.		52,861		26,188		107,875		104.1%		311.9%
Foreign Borrow ings		670,484		590,784		634,026		(5.4)%		7.3%
Other Obligations		43,271		44,488		36,740		(15.1)%		(17.4)%
Total		6,314,451		5,977,637		6,260,323		(0.9)%		4.7%
Total Liabilities		9,160,044		8,902,874		9,429,892		2.9%		5.9%

INVESTMENT PORTFOLIO

As of March 2005, the Bank’s investment portfolio totaled Ch$1,676,494 million, an increase of 5.1% compared to December 2004. This quarterly increase was mainly fueled by short term Central Bank securities in order to comply with technical reserve requirements² as a result of the 8.6% growth in demand deposits during such period. In terms of composition, in a context of increased interest rates, the Bank has reduced the duration of its investment portfolio.

At March 31, 2005, the investment portfolio was comprised principally by:

________________________
2	Technical reserve applies to demand deposits, checking accounts, or obligations payable on sight, other deposits unconditionally payable immediately or within a term of less than 30 days and time deposits payable within 10 days prior to maturity, to the extent their aggregate amount exceeds 2.5 times the amount of a bank’s capital and reserves.

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Page 9 of 15

	2005 First Quarter Results

SHAREHOLDER´S EQUITY

As of March 31, 2005, the Bank’s Shareholder Equity totaled Ch$558,833 million (US$953 million), a 9.0% decrease compared to 1Q04 mainly due to a drop in capital and reserves.

This drop was a consequence of the Bank’s tender offer for the repurchase of common stocks, representing 2.5% of the total outstanding shares. While maintained in the Bank’s portfolio, the value of the 1,701,994,590 repurchased shares must be deducted from the basic capital.

At the end of March 2005, on a consolidated basis, Total Capital to Risk-Adjusted Assets (BIS ratio) was 11.94%, and Basic Capital to Total Assets was 5.15%, both well above the minimum requirements applicable to Banco de Chile of 10% and 3%, respectively.

Shareholders' Equity
(in million of Chilean pesos)		Mar-04		Dic-04		Mar-05		% Change  12 - months
Capital and Reserves		570,061		516,310		515,094		(9.6)%
Accumulated adjustment for translation differences 3		4,842		1,343		2,886		(40.4)%
Unrealized gain (loss) on permanent financial invest. 4		316		77		14		(95.6)%
Net Income		38,729		151,407		40,839		5.4%
Total Shareholders' e quity		613,948		669,137		558,833		(9.0)%

________________________
3	Represents the effect of the variation in the exchange rate on investments abroad that exceed the restatement of these investments according to the change in the consumer price index.
4	Financial investments traded on a secondary market are shown adjusted to market value, following specific instructions from the Superintendency of Banks and Financial Institutions. These instructions state that such adjustments should be recognized against income, except in the case of the permanent portfolio, when an equity account, “Unrealized gains (losses) on permanent financial investments”, may be directly charged or credited.

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Page 10 of 15

	2005 First Quarter Results

BANCO DE CHILE CONSOLIDATED STATEMENTS OF INCOME (Under Chilean GAAP) (Expressed in millions of constant Chilean pesos (MCh$) as of March 31, 2005 and millions of US dollars (MUS$))

			Quarters					% Change						Year ended					% Change
	1Q04		4Q04		1Q05		1Q05	1Q05-1Q04		1Q05-4Q04		Dec.03		Dec.04		Mar.05		Mar.05	Dec 04-Dec 03
	MCh$		MCh$		MCh$		MUS $					MCh $		MCh $		MUS $		MCh $
Interest revenue and expense
Interest revenue	116,363		126,019		113,938		194.3	(2.1) %		(9.6) %		435,906		539,025		113,938		194.3	23.7 %
Interest expense	(31,592)		(57,116)		(30,694)		(52.3)	(2.8) %		(46.3) %		(207,665)		(213,181)		(30,694)		(52.3)	2.7 %
Net interest revenue	84,771		68,903		83,244		142.0	(1.8) %		20.8 %		228,241		325,844		83,244		142.0	42.8 %
Income from services, net
Income from fees and other services	39,749		45,273		42,044		71.7	5.8 %		(7.1) %		139,394		165,370		42,044		71.7	18.6 %
Other services expenses	(9,857)		(10,422)		(11,564)		(19.7)	17.3 %		11.0 %		(41,929)		(39,543)		(11,564)		(19.7)	(5.7) %
Income from services, net	29,892		34,851		30,480		52.0	2.0 %		(12.5) %		97,465		125,827		30,480		52.0	29.1 %
Other operating income, net
Gains on financial instruments, net	5,511		(7,304)		1,286		2.2	(76.7) %		n/a		5,420		(3,126)		1,286		2.2	n/a
Foreign exchange transactions, net	(11,331)		23,938		(5,565)		(9.5)	(50.9) %		n/a		92,591		17,519		(5,565)		(9.5)	(81.1) %
Total other operating income, net	(5,820)		16,634		(4,279)		(7.3)	(26.5) %		n/a		98,011		14,393		(4,279)		(7.3)	(85.3) %
Operating Revenues	108,843		120,388		109,445		186.7	0.6 %		(9.1) %		423,717		466,064		109,445		186.7	10.0 %
Provision for loan losses	(14,788)		(20,748)		(13,499)		(23.0)	(8.7) %		(34.9) %		(61,119)		(72,924)		(13,499)		(23.0)	19.3 %
Other income and expenses
Recovery of loans previously charged-off	6,233		7,106		7,942		13.5	27.4 %		11.8 %		25,818		33,466		7,942		13.5	29.6 %
Non-operating income	1,406		1,411		1,142		1.9	(18.8) %		(19.1) %		5,384		4,782		1,142		1.9	(11.2) %
Non-operating expenses	(4,148)		(2,947)		(2,668)		(4.6)	(35.7) %		(9.5) %		(15,188)		(15,784)		(2,668)		(4.6)	3.9 %
Participation in earnings of equity investments	(52)		(101)		199		0.3	n/a		n/a		(1,240)		433		199		0.3	n/a
Total other income and expenses	3,439		5,469		6,615		11.1	92.4 %		21.0 %		14,774		22,897		6,615		11.1	55.0 %
Operating expenses
Personnel salaries and expenses	(32,130)		(39,811)		(34,074)		(58.1)	6.1 %		(14.4) %		(127,302)		(135,506)		(34,074)		(58.1)	6.4 %
Administrative and other expenses	(20,704)		(25,573)		(22,996)		(39.2)	11.1 %		(10.1) %		(81,840)		(87,666)		(22,996)		(39.2)	7.1 %
Depreciation and amortization	(3,812)		(4,121)		(3,958)		(6.7)	3.8 %		(4.0) %		(17,242)		(15,849)		(3,958)		(6.7)	(8.1) %
Total operating expenses	(56,646)		(69,505)		(61,028)		(104.0)	7.7 %		(12.2) %		(226,384)		(239,021)		(61,028)		(104.0)	5.6 %
Loss from price-level restatement	2,653		(1,879)		3,929		6.7	48.1 %		n/a		(4,104)		(7,406)		3,929		6.7	80.5 %
Minority interest in consolidated subsidiaries	(1)		0		0		0.0	n/a		n/a		(2)		(1)		0		0.0	(50.0) %
Income before income taxes	43,500		33,725		45,462		77.5	4.5 %		34.8 %		146,882		169,609		45,462		77.5	15.5 %
Income taxes	(4,771)		(3,003)		(4,623)		(7.9)	(3.1) %		53.9 %		(14,136)		(18,202)		(4,623)		(7.9)	28.8 %
Net income	38,729		30,722		40,839		69.6	5.4 %		32.9 %		132,746		151,407		40,839		69.6	14.1 %

The results have been prepared in accordance with Chilean GAAP on an unaudited, consolidated basis. All figures are expressed in constant Chilean pesos as of March 31, 2005, unless otherwise stated. Therefore, all growth rates are in real terms. All figures expressed in US dollars (except earnings per ADR) were converted using the exchange rate of Ch$586.45 for US$1.00 as of March 31, 2005. Earnings per ADR were calculated considering the nominal net  income and, the exchange rate and the number of shares existing at the end of each period.

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Page 11 of 15

	2005 First Quarter Results

BANCO DE CHILE CONSOLIDATED BALANCE SHEETS (Under Chilean GAAP) (Expressed in millions of constant Chilean pesos (MCh$) as of March 31, 2005 and millions of US dollars (MUS$))

ASSETS		Dec 03		Mar 04		S ep 04		Dec 04		Mar 05		Mar-05		% Change
		MCh$		MCh$		MCh$		MCh$		MCh$		MUS $		Dec 04- Dec 03		Mar 05-Mar 04		Mar 05- Dec 04
Cash and due from banks
Noninterest bearing		654,899		826,039		591,804		535,320		645,561		1,100.8		(18.3%)		(21.8%)		20.6%
Interbank bearing		216,330		194,266		125,058		348,171		253,367		432.0		60.9%		30.4%		(27.2%)
Total cash and due from banks		871,229		1,020,305		716,862		883,491		898,928		1,532.8		1.4%		(11.9%)		1.7%
Financial investments
Government securities		1,027,221		1,053,214		1,034,422		906,347		1,055,662		1,800.1		(11.8%)		0.2%		16.5%
Investments purchase under agreements to resell		30,158		23,152		42,631		26,100		25,309		43.2		(13.5%)		9.3%		(3.0%)
Investment collateral under agreements to repurchase		424,954		439,705		439,641		344,405		313,861		535.2		(19.0%)		(28.6%)		(8.9%)
Other investments		466,184		455,093		268,519		317,564		281,662		480.3		(31.9%)		(38.1%)		(11.3%)
Total financial investments		1,948,517		1,971,164		1,785,213		1,594,416		1,676,494		2,858.8		(18.2%)		(14.9%)		5.1%
Loans, Net
Commercial loans		2,686,513		2,698,206		2,675,944		2,844,350		2,944,866		5,021.5		5.9%		9.1%		3.5%
Consumer loans		598,575		629,799		675,515		686,316		739,263		1,260.6		14.7%		17.4%		7.7%
Mortgage loans		1,146,981		1,103,798		935,270		813,323		752,450		1,283.1		(29.1%)		(31.8%)		(7.5%)
Foreign trade loans		669,339		641,194		640,976		594,259		621,957		1,060.5		(11.2%)		(3.0%)		4.7%
Interbank loans		13,445		52,817		40,354		15,076		2,723		4.6		12.1%		(94.8%)		(81.9%)
Lease contracts		273,474		288,156		328,285		341,102		362,382		617.9		24.7%		25.8%		6.2%
Other outstanding loans		448,402		519,375		732,935		928,712		1,016,747		1,733.7		107.1%		95.8%		9.5%
Past due loans		107,275		109,429		97,140		84,008		87,296		148.9		(21.7%)		(20.2%)		3.9%
Contingent loans		416,493		447,249		506,327		526,654		557,738		951.0		26.4%		24.7%		5.9%
Total loans		6,360,497		6,490,023		6,632,746		6,833,800		7,085,422		12,081.8		7.4%		9.2%		3.7%
Allowances		(182,466)		(181,706)		(162,786)		(152,512)		(148,933)		(254.0)		(16.4%)		(18.0%)		(2.3%)
Total loans, net		6,178,031		6,308,317		6,469,960		6,681,288		6,936,489		11,827.8		8.1%		10.0%		3.8%
Other assets
Assets received in lieu of payment		15,890		16,538		16,320		16,001		15,697		26.8		0.7%		(5.1%)		(1.9%)
Bank premises and equipment		129,901		129,756		131,348		131,609		132,611		226.1		1.3%		2.2%		0.8%
Investments in other companies		5,385		5,022		5,487		5,369		5,430		9.3		(0.3%)		8.1%		1.1%
Other		256,346		322,894		454,548		259,838		323,077		550.8		1.4%		0.1%		24.3%
Total other assets		407,522		474,210		607,703		412,817		476,815		813.0		1.3%		0.5%		15.5%
Total assets		9,405,299		9,773,996		9,579,738		9,572,012		9,988,726		17,032.4		1.8%		2.2%		4.4%

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Page 12 of 15

	2005 First Quarter Results

BANCO DE CHILE CONSOLIDATED BALANCE SHEETS (Under Chilean GAAP) (Expressed in millions of constant Chilean pesos (MCh$) as of March 31, 2005 and millions of US dollars (MUS$))

LIABILITIES & S HAREHOLDERS ' EQUITY		Dec 03		Mar 04		S ep 04		Dec 04		Mar 05		Mar-05				% Change
		MCh$		MCh$		MCh$		MCh$		MCh$		MUS $		Dec 04- Dec 03		Mar 05-Mar 04		Mar 05- Dec 04
Deposits
Current accounts		1,248,505		1,288,325		1,296,527		1,413,172		1,529,892		2,608.7		13.2%		18.8%		8.3%
Bankers drafts and other deposits		674,597		798,789		806,083		691,896		755,657		1,288.5		2.6%		(5.4%)		9.2%
Saving accounts and time deposits		3,480,034		3,818,351		3,543,534		3,634,373		3,920,610		6,685.3		4.4%		2.7%		7.9%
Total deposits		5,403,136		5,905,465		5,646,144		5,739,441		6,206,159		10,582.5		6.2%		5.1%		8.1%
Borrowings
Central Bank borrowings		28,349		2,617		2,622		108,697		85,182		145.3		283.4%		3154.9%		(21.6%)
Securities sold under agreements to repurchase		433,910		443,669		450,652		346,293		331,625		565.5		(20.2%)		(25.3%)		(4.2%)
Mortgage finance bonds		1,031,495		1,007,404		905,173		782,577		664,519		1,133.1		(24.1%)		(34.0%)		(15.1%)
Other bonds		3,180		3,027		178,677		180,063		177,879		303.3		5562.4%		5776.4%		(1.2%)
Subordinated bonds		275,753		272,767		266,644		264,174		301,867		514.7		(4.2%)		10.7%		14.3%
Borrowings from domestic financial institutions		50,720		52,861		47,990		26,188		107,875		183.9		(48.4%)		104.1%		311.9%
Foreign borrowings		730,031		670,484		444,756		590,784		634,026		1,081.1		(19.1%)		(5.4%)		7.3%
Other obligations		60,601		43,271		46,160		44,488		36,740		62.6		(26.6%)		(15.1%)		(17.4%)
Total borrowings		2,614,039		2,496,100		2,342,674		2,343,264		2,339,713		3,989.5		(10.4%)		(6.3%)		(0.2%)
Other liabilities
Contingent liabilities		416,520		447,382		509,057		527,915		560,061		955.0		26.7%		25.2%		6.1%
Other		264,236		311,097		440,130		292,254		323,959		552.5		10.6%		4.1%		10.8%
Total other liabilities		680,756		758,479		949,187		820,169		884,020		1,507.5		20.5%		16.6%		7.8%
Minority interest in consolidated subsidiaries		5		4		1		1		1		0.0		(80.0%)		(75.0%)		0.0%
S hareholders' equity
Capital and Reserves		574,617		575,219		520,317		517,730		517,994		883.3		(9.9%)		(9.9%)		0.1%
Net income for the year		132,746		38,729		121,415		151,407		40,839		69.6		14.1%		5.4%		(73.0%)
Total shareholders' equity		707,363		613,948		641,732		669,137		558,833		952.9		(5.4%)		(9.0%)		(16.5%)
Total liabilities & shareholders' equity		9,405,299		9,773,996		9,579,738		9,572,012		9,988,726		17,032.4		1.8%		2.2%		4.4%

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Page 13 of 15

	2005 First Quarter Results

BANCO DE CHILE SELECTED CONSOLIDATED FINANCIAL INFORMATION

		Quarters						Year  ended
		1Q04		4Q04		1Q05		Dec 03		Dec.04
Earnings per Share
Net income per Share (Ch$) (1)		0.57		0.46		0.62		1.95		2.28
Net income per ADS (Ch$) (1)		341.33		277.70		369.15		1,169.92		1,368.59
Net income per ADS (US$) (2)		0.55		0.50		0.59		1.95		2.44
Book value per Share (Ch$) (1)		9.01		10.08		8.42		10.39		10.08
Shares outstanding (Millions)		68,080		66,378		66,378		68,080		66,378
Profitability Ratios (3)(4)
Net Interest Margin		4.04%		3.18%		3.84%		2.75%		3.84%
Net Financial Margin		3.50%		4.28%		3.58%		3.86%		4.04%
Fees / Avg. Interest Earnings Assets		1.43%		1.61%		1.40%		1.17%		1.48%
Other Operating Revenues / Avg. Interest Earnings Assets		-0.28%		0.77%		-0.20%		1.18%		0.17%
Operating Revenues / Avg. Interest Earnings Assets		5.19%		5.55%		5.04%		5.10%		5.49%
Return on Average Total Assets		1.63%		1.26%		1.69%		1.45%		1.59%
Return on Average Shareholders' Equity		21.84%		18.65%		24.43%		20.01%		23.56%
Capital Ratios
Shareholders Equity / Total Assets		6.28%		6.99%		5.59%		7.52%		6.99%
Basic capital / total assets		5.84%		5.37%		5.15%		6.08%		5.37%
Basic Capital / Risk-Adjusted Assets		9.02%		7.81%		7.57%		9.20%		7.81%
Total Capital / Risk-Adjusted Assets		13.21%		11.67%		11.94%		13.22%		11.67%
Credit Quality Ratios
Past Due Loans / Total Loans		1.69%		1.23%		1.23%		1.69%		1.23%
Allowance for loan losses / past due loans		166.05%		181.54%		170.61%		170.09%		181.54%
Allowance for Loans Losses / Total Loans		2.80%		2.23%		2.10%		2.87%		2.23%
Provision for Loan Losses / Avg.Loans (4)		0.92%		1.21%		0.76%		0.96%		1.11%
Operating and Productivity Ratios
Operating Expenses / Operating Revenue		52.04%		57.73%		55.76%		53.43%		51.29%
Operating Expenses / Average Total Assets (3)		2.39%		2.86%		2.52%		2.46%		2.51%
Loans per employee (million Ch$) (1)		715		730		756		697		730
Average Balance Sheet Data (1)(3)
Avg. Interest Earnings Assets (million Ch$)		8,383,144		8,670,096		8,680,371		8,312,051		8,492,253
Avg. Assets (million Ch$)		9,488,341		9,718,867		9,685,752		9,185,641		9,524,416
Avg. Shareholders Equity (million Ch$)		709,172		658,997		668,591		663,345		642,742
Avg. Loans		6,450,316		6,864,861		7,083,135		6,380,914		6,576,769
Avg. Interest Bearing Liabilities (million Ch$)		6,057,997		6,000,138		5,967,464		6,064,013		6,039,223
Other Data
Inflation Rate		0.25%		0.17%		0.22%		1.07%		2.43%
Exchange rate (Ch$)		623.21		559.83		586.45		599.42		559.83
Employees		9,080		9,365		9,377		9,130		9,365

Notes

(1) These figures were expressed in constant Chilean pesos as of March 31, 2005.

(2) These figures were calculated considering the nominal net income, the shares outstanding and the ex change rates existing at the end of each period.

(3) The ratios were calculated as an average of daily balances.

(4) Annualized data.

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	2005 First Quarter Results

CONTACTS:	Jacqueline Barrio (56-2) 653 2938 jbarrio@bancochile.cl
	Rolando Arias (56-2) 653 3535 rarias@bancochile.cl

FORWARD-LOOKING INFORMATION

The information contained herein incorporates by reference statements which constitute ‘‘forward-looking statements,’’ in that they include statements regarding the intent, belief or current expectations of our directors and officers with respect to our future operating performance. Such statements include any forecasts, projections and descriptions of anticipated cost savings or other synergies. You should be aware that any such forward-looking statements are not guarantees of future performance and may involve risks and uncertainties, and that actual results may differ from those set forth in the forward-looking statements as a result of various factors (including, without limitations, the actions of competitors, future global economic conditions, market conditions, foreign exchange rates, and operating and financial risks related to managing growth and integrating acquired businesses), many of which are beyond our control. The occurrence of any such factors not currently expected by us would significantly alter the results set forth in these statements.

Factors that could cause actual results to differ materially and adversely include, but are not limited to:

• changes in general economic, business or political or other conditions in Chile or changes in general economic or business conditions in Latin America;
• changes in capital markets in general that may affect policies or attitudes toward lending to Chile or Chilean companies;
• unexpected developments in certain existing litigation;
• increased costs;
• unanticipated increases in financing and other costs or the inability to obtain additional debt or equity financing on attractive terms; and

You should not place undue reliance on such statements, which speak only as of the date that they were made. Our independent public accountants have not examined or compiled the forward-looking statements and, accordingly, do not provide any assurance with respect to such statements. These cautionary statements should be considered in connection with any written or oral forward-looking statements that we may issue in the future. We do not undertake any obligation to release publicly any revisions to such forward-looking statements after completion of this offering to reflect later events or circumstances or to reflect the occurrence of unanticipated events.

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