Q2 2026 Banco Santander Chile Earnings Call Transcript
Key Points
- Banco Santander Chile (BSAC) delivered exceptionally strong profitability in Q2 2026, with net income up 40% QoQ and YoY, and ROAE reaching 31.5% for the quarter.
- The bank's efficiency ratio improved to 31.6% in H1 2026, positioning it as the most efficient bank in Chile, with operating expenses down 4.3% YoY.
- Banco Santander Chile (BSAC) maintains a solid capital position with a BIS ratio of 16.4% and CET1 at 11.1%, about 200 bps above the regulatory minimum.
- The approval of the National Reconstruction Plan, including corporate tax cuts and investment incentives, is expected to support economic growth and loan demand in the medium term.
- Banco Santander Chile (BSAC) saw positive loan growth dynamics in Q2, with total loans up 1.3% QoQ, and expects mid-single-digit growth for the full year, supported by government mortgage subsidies and better commercial demand.
- The macroeconomic environment remains challenging, with inflation at 4.3% and expected to rise to 4.4% in 2026, while GDP growth forecast has been revised down to around 1%.
- Unemployment has risen to 9.3% (seasonally adjusted), which could pressure asset quality and consumer lending demand.
- Cost of risk guidance was slightly increased to 1.35% for 2026, with NPLs and impaired loans showing moderate increases.
- Getnet's payment fees declined in Q2 due to increased competition and margin pressure, which may continue in the near term.
- The bank's effective tax rate is expected to remain elevated in the near term, with a normalized rate of 18-20% only after the tax reform is fully implemented over several years.
Ladies and gentlemen, thank you for standing by, and I would like to welcome you to Banco Santander-Chile's second-quarter 2026 earnings conference call on August 5, 2026. (Operator Instructions)
So with this, I would now like to pass the line to Patricia Perez, the Chief Financial Officer. Please go ahead.
Good morning, everyone, and thank you for joining us today. I'm Patricia Perez, CFO of Banco Santander-Chile, and I'm joined by Cristian Vicuna, Head of Strategy and Investor Relations; and Andres Sansone, Chief Economist.
This quarter reinforces the strength of our franchise, high profitability, disciplined cost management and a solid capital position, while we continue to execute our strategy to deliver a simpler and enhanced value proposition to customers with a focus on sustainable growth and shareholder returns.
First, Andres will give you an overview of the economic and regulatory environment. Cristian will then walk you through our strategy, our second quarter
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