BSAC · Banco Santander-Chile

Banco Santander-Chile delivered robust 2025 results with net income of Ch$1,053B (+22.8% YoY), propelled by NIM expansion to 4.0% from lower funding costs amid monetary policy easing (MPR to 4.5%). Net fees grew 8.9% to Ch$596B on customer expansion (4.6M total, +6.9%) and higher usage, boosting recurrence to 63.7%. Efficiency sharpened to 36.0% (best-in-class) via controlled expenses (+1.8%) despite tech investments and branch transformation. Credit costs rose modestly to 1.39% on new consumer model implementation (Ch$94B impact, offset by releases). CET1 held firm at 11.0% (+50bps organic) supporting 60% dividend payout. Loan book stable at Ch$41T (-0.9%), NPL steady at 3.2% with 114% coverage. Strategic digital push yielded 2.3M digital users (85% active), market-leading 21.8% current account share. No formal 2026 guidance issued; outlook supported by 2.3% GDP growth, stabilizing inflation at 3.5%.