As of December 31, 2017 and 2016, the composition of intangible assets is as follows:
| As of December 31, 2017 | ||||||
Years of useful life |
Average remaining useful life | Net opening balance as of January 1, 2016 |
Gross balance | Accumulated amortization | Net balance | |
| MCh$ | MCh$ | MCh$ | MCh$ | |||
| Licenses | 3 | 1 | 1,656 | 10,932 | (9,732) | 1,200 |
| Software development | 3 | 2 | 56,429 | 314,115 | (252,096) | 62,019 |
| Total | 58,085 | 325,047 | (261,828) | 63,219 | ||
| As of December 31, 2016 | ||||||
Years of useful life |
Average remaining useful life | Net opening balance as of January 1, 2015 |
Gross balance | Accumulated amortization | Net balance | |
| MCh$ | MCh$ | MCh$ | MCh$ | |||
| Licenses | 3 | 2 | 2,060 | 10,932 | (9,276) | 1,656 |
| Software development | 3 | 2 | 49,077 | 286,781 | (230,352) | 56,429 |
| Total | 51,137 | 297,713 | (239,628) | 58,085 | ||