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MarketBeat
Sat, May 9, 2026 astatine 11:05 AM CDT 8 min read
Key Points
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Banco Santander Chile posted beardown Q1 profitability, with nett income rising sequentially and instrumentality connected mean equity reaching 23%. Management said higher ostentation is supporting near-term margins, though a weaker macro backdrop could unit maturation and recognition prime aboriginal successful the year.
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The bank’s digital-plus-physical strategy continues to thrust lawsuit growth, with 4.8 cardinal full customers and 2.4 cardinal progressive customers. Current accounts, recognition paper transactions and communal money volumes each accrued twelvemonth implicit year.
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Credit prime and superior stay solid contempt a one-off provisioning deed that lifted outgo of hazard to 1.55% successful the quarter. Santander Chile inactive expects full-year outgo of hazard astir 1.3% to 1.35%, portion its CET1 ratio of 10.9% remains supra the minimum requirement.
Banco Santander Chile (NYSE:BSAC) said first-quarter profitability remained beardown contempt a much uncertain macroeconomic backdrop, with absorption pointing to higher ostentation arsenic a near-term enactment for margins portion cautioning that weaker maturation and household pressures could measurement aboriginal successful the year.
On the bank’s first-quarter 2026 net call, Patricia Pérez, main fiscal officer, introduced a presumption focused connected Chile’s economical outlook, Santander Chile’s integer strategy and quarterly results. Cristian Vicuña, main strategy serviceman and caput of capitalist relations, said nett income accrued sequentially and instrumentality connected mean equity reached 23% successful the quarter.
Management Flags More Challenging Macro Backdrop
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Andrés Sansone, main economist, said the planetary situation had go “more challenging and much uncertain” since the bank’s anterior webcast, citing the geopolitical daze successful the Middle East and its interaction connected vigor markets. He said the bank’s baseline assumes the struggle gradually deescalates but leaves lasting damage, keeping lipid prices supra pre-conflict levels.
Sansone said higher lipid prices impact Chile done imported inflation, weaker presumption of commercialized extracurricular copper and little country for planetary monetary easing. He estimated Chile’s system contracted 0.3% twelvemonth implicit twelvemonth successful the archetypal quarter, oregon 0.2% sequentially, marking the archetypal quarterly setback since aboriginal 2023.
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Under Santander Chile’s notation scenario, WTI lipid remains adjacent $100 per tube during the 2nd 4th earlier declining to astir $80 to $85 by year-end. Sansone said the slope inactive expects Chile’s system to turn 2% successful 2026, but with risks tilted to the downside. Inflation is expected to extremity the twelvemonth betwixt 4% and 4.5%, portion the cardinal slope is expected to support the argumentation complaint unchanged astatine 4.5% done 2026. The slope expects the speech complaint to adjacent the twelvemonth adjacent CLP 890 per U.S. dollar.
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