Banco Santander-Chile (BSANTANDER) Q2 2026 earnings summary

Executive summary

• Delivered strong profitability in Q2 2026, with net income up 40% QoQ and YoY, and ROAE at 31.5% for the quarter and 27.2% YTD, driven by higher inflation-linked income and robust operations.

• Strategy focuses on digital transformation, customer experience, and diversified business lines, supported by global platforms and recognized by multiple industry awards.

• 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.

• External environment remains challenging with persistent inflation, weaker peso, and subdued economic activity, but regulatory reforms and government stimulus are expected to support growth.

Financial highlights

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

• Net interest and inflation-linked income rose 26.9% QoQ in Q2 2026, with NIM at 4.7% for the quarter and 4.3% YTD.

• Total loans: CLP 41.4 trillion, up 1.2% YTD and 1.3% QoQ; mortgage loans grew 2.0% QoQ.

• Total deposits: CLP 32.4 trillion, up 6% YTD and 4.5% QoQ, mainly driven by time deposits.

• Efficiency ratio: 31.6% in 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 full year.

• Efficiency ratio to improve into low 30s%; cost of risk expected around 1.35% for 2026.

• ROAE guidance raised to above 24% for 2026, with long-term sustainable ROE targeted above 20%.

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

• Cautious stance maintained due to macroeconomic uncertainties.