Banco Santander-Chile (BSANTANDER) investor relations material

Executive summary

• 9M26 net income attributable to shareholders rose 11.9% YoY to Ch$892.8bn; YTD ROAE was 24.5%. Q3 net income fell 38.0% QoQ and 4.2% YoY as UF readjustment income normalized and provisions increased.

• Loan and customer-fund growth resumed, with improved efficiency; credit-quality indicators weakened, particularly in commercial and mortgage portfolios.

Financial highlights

• 9M26 total operating income rose 4.2% YoY to Ch$2,269.1bn; operating results before credit losses increased 8.9% to Ch$1,520.7bn.

• Net interest and readjustment income increased 7.0% YoY to Ch$1,618.9bn; net fee and commission income fell 3.3% to Ch$426.8bn, while financial results rose 0.6% to Ch$216.8bn.

• 9M26 operating expenses fell 4.2% YoY to Ch$748bn; administrative expenses declined 5.5%, partly offset by 3.4% personnel expense growth.

• Q3 net income was Ch$237.1bn; total operating income fell 16.0% QoQ to Ch$701bn, and Q3 fees and financial transaction results declined 7% and 13% QoQ, respectively.

Outlook and guidance

• 2026 ROAE guidance remained above 24%; YTD ROAE was 24.5%. A one-time Q4 deferred-tax revaluation expense is expected to affect earnings.

• 2027 guidance: loan growth 6%-7%, NIM ~4.0%, mid-to-high-single-digit non-interest income growth, low-30s efficiency ratio, stable cost of credit and ROAE of 22%-24%.

• 2027 macro assumptions include GDP growth of 3.5%, UF variation of 3.1% and a 4.5% average policy rate; cost of credit is expected at 1.35%-1.4%.

• Long-term ROAE target is above 20%; management expects investment recovery, loan growth and funding-mix improvements to support returns and margins.