Banco Santander-Chile (BSANTANDER) Q2 2026 earnings summary

Executive summary

• Achieved strong financial performance in 2Q26 with a 31.5% ROAE and a 40% QoQ increase in net income, driven by higher inflation-linked income and lower loan loss provisions.

• Net income for 2Q26 reached $383 billion, and for 6M26 totaled $656 billion, up 19.2% YoY, with a 27.2% ROAE for the period.

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

Financial highlights

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

• Total deposits grew 4.5% QoQ and 6.0% YTD, while total loans increased 1.3% QoQ and 1.2% YTD, led by commercial and mortgage loans.

• Efficiency ratio improved to 30.8% in 2Q26 and 31.6% for 6M26, down from 35.3% in 6M25.

• Net fee income remained stable YoY, with strong growth in mutual fund and insurance brokerage fees.

• Market capitalization rose 30.8% YoY to $15.4 billion.

Outlook and guidance

• Management expects mid-single-digit loan growth, NIM around 4.1%, efficiency in the low 30s%, cost of credit at 1.35%, and ROAE above 24% for 2026.

• Long-term ROAE is projected above 20%, with stronger economic growth and lower inflation anticipated in 2027.