72 issued by the Chilean Association of Accountants and Circular No. 1, issued by SVS, recognizing income on an accrual basis. 1, issued by the SVS, recognizing income on an accrual basis. Computer software has been valued as established in Circular No. for adjusting the acquisition CompaniesL shareholdersL equity at fair value, in accordance with Circular No of the SVS and Technical.
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All of the actions intended to improve our customer service quality allowed us to rank first among the main four Chilean banks, for the first time in our recent history, with a net promoter score index of Thus, amounts stated in U. Similarly, we implemented the first stage of a new website with diverse functionalities especially designed. In we entered a new partnership with Iberia airlines, which joined our existing alliances with Delta and Sky local airlines.
Accordingly, competition within this market is increasing as banks are continuously incorporating new and tailored products and services, dircular striving to improve service quality.
During the early s, the Chilean banking industry witnessed intense merger and acquisition activity. The office in Frankfurt was closed inwhen our foreign operations were centralized at the New York branch. Equity holders of the parent. We have played an important role in the economic history of Chile. We are convinced that in a highly competitive industry such as the Chilean banking system, a customer -centric focus is critical to generating loyalty and creating long-term profitable relationships.
Address of principal executive offices. Our mission and vision commits us to all of the diverse stakeholders related to our business, including customers, employees, investors and the community. Investments in other companies. We believe that we have a cost effective and highly competitive funding structure based on our leading market position in current accounts and demand deposits, especially among individuals.
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Unless otherwise specified, all references in this annual report to total loans are to loans to customers before deducting allowances for loan losses, and they do not include loans to banks or contingent loans. According to our estimates, we remained the largest private bank in Chile until In terms of credit risk, inloans related to Mutuos Hipotecariosas well as those financed with Mortgage Bondshad low gross before recoveries credit risk ratios of 0.
Deferred tax liabilities, net. We believe these initiatives are aligned with our strategy and the professional development that our team aspires to achieve. This breakdown may differ in some extents from breakdowns of our operating income for financial reporting and regulatory purposes.
Similarly, among our peers we were the bank with the best credit quality indicators in terms.
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Similarly, the ability to manage potential conflicts of interest has become increasingly important factor for our business given our widespread operations in many economic sectors with diverse third parties. Increased circlar and industry consolidation may adversely affect our operations.
In addition, we continued to enhance the capabilities of our Treasury by upgrading the Murex system, completing a new phase of the platform that allows us to clear derivatives with other Chilean banks while setting up diverse IT solutions to clear derivatives contracts with European counterparties EMIR.
Banchile Corredores de Bolsa S. Amid this environment, we focused on growing profitably by concentrating on those segments with a more balanced risk-return relationship. These measures have enabled us to maintain delinquency at adequate levels.
Among the budgeted expenditures for information technology, Our business is not materially affected by seasonality. We have made several strategic long-term investments in financial services companies that are engaged in activities complementary to our commercial banking activities.
Thus, on the whole, our aim of promoting profitable growth by maintaining a balanced risk-return equation has translated into improved delinquency indicators.
Over the last decade, we have also promoted the expansion of Mutuos Hipotecariosa mortgage lending product, which is not financed by mortgage finance bonds, but instead through our general funds.
Our way of thinking is reflected by a set of values that are shared by our employees and shareholders, which are aimed at providing our customers with world-class financial solutions and quality standards. Duringaligned with the moderate expansion of our loan book, and the less favorable conditions in overseas markets, we reduced our demand for funding, especially abroad. Furthermore, goals related to customer service were incorporated into the performance metrics of all of our employees by including a specific target for net promotion score.