Banco Santander-Chile (BSANTANDER) Q2 2026 earnings summary

Executive summary

• Achieved strong profitability in Q2 2026, with net income up 40% quarter-over-quarter and year-over-year, and ROAE at 31.5% for the quarter and 27.2% YTD, driven by higher inflation-linked income and lower provisions.

• Strategy focuses on digital transformation, customer-centricity, and diversified business lines, supported by global platforms and efficiency gains.

• Loan growth improved, with total loans up 1.2% YTD and 1.3% QoQ; customer funds increased 7.1% YTD and 4.0% sequentially.

• Maintained best-in-class efficiency ratio at 31.6% YTD, outperforming industry peers.

• Shareholders approved a 60% dividend payout from 2025 profits, yielding 4.5%.

Financial highlights

• Net income attributable to shareholders reached CLP 382.6 billion in Q2 2026, up 40% QoQ and YoY; net income for 6M26 totaled $656 billion, up 19.2% YoY.

• Net interest and inflation-linked income rose 26.9% QoQ in 2Q26, with NIM at 4.7% for the quarter and 4.3% YTD.

• Total loans at CLP 41.4 trillion, up 1.2% YTD and 1.3% QoQ; mortgage loans grew 2% in the quarter.

• Total deposits at CLP 32.4 trillion, up 6% YTD and 4.5% QoQ; time deposits grew 11.8% YTD.

• Efficiency ratio improved to 30.8% in Q2 2026 and 31.6% for H1 2026, with operating expenses down 4.3% YoY.

Outlook and guidance

• Loan growth expected in mid-single digits for 2026, with NIMs around 4.1% for the year and efficiency ratio in the low 30%s.

• Cost of risk/credit guided at around 1.35% for 2026; ROAE expected above 24% for the year.

• For 2027, industry loan growth expected in mid-to-high single digits, with normalization in inflation and GDP expansion.

• Macro expectations for 2026: GDP growth of 1.0%, inflation (UF variation) 4.2-4.5%, and monetary policy rate averaging 4.5%.