BSAC · Banco Santander-Chile

Banco Santander-Chile's Q1 2026 results show resilient performance with net profit of Ch$280.5 billion, nearly flat YoY despite higher credit provisions of Ch$158.8 billion (vs Ch$139.5 billion prior year), driven by improved net interest income of Ch$457.5 billion and steady commissions at Ch$154.9 billion. Segment results highlight Retail & Commercial strength at Ch$179 billion net income (52% of total), supported by Ch$390 billion net interest and Ch$108 billion fees, while CIB contributed Ch$71.4 billion. Balance sheet remains solid with loans at Ch$40.9 trillion (stable QoQ), deposits Ch$31 trillion, and robust liquidity (LCR 151%, NSFR 116%). Credit quality shows provisions up but coverage maintained; total provisions Ch$1.39 trillion on loans. Capital position strong at 16.38% CET1 ratio, well above 12.63% minimum including buffers. No guidance provided; focus on risk management with detailed VaR, sensitivity, and stress metrics. Significant events include subsidiary stake sale generating Ch$26 billion equity gain, USD500 million bond issuance, and provision releases totaling Ch$23 billion.