Results are mixed: core interest income grew 7.9% YoY and efficiency improved to 32.5%, but headline earnings fell 1.7% YoY on lower inflation readjustments and credit costs rose to 1.55%. The 2026 guidance implies ROAE of 22-24% and NIM ~4%, which if achieved would support the current valuation. Watch for inflation trajectory (UF variation) and credit quality trends in coming quarters, particularly the one-off commercial loan provision. The stock has already rerated 42% YoY, so further upside depends on delivery against guidance.
Price Chart
Executive Summary
Banco Santander Chile reported 1Q26 results with net income attributable to shareholders of Ch$273,189 million ($1.45 per share), down 1.7% YoY but up 7.0% QoQ. ROAE was 23.0%, down from 25.7% a year ago, as lower inflation (UF variation of 0.3% vs 1.2%) compressed readjustment income. Net interest income grew 7.9% YoY, but total NII fell 4.7% YoY. The bank guided for 2026 ROAE of 22-24%, NIM of ~4%, and mid-single-digit loan growth. Credit costs rose to 1.55% from 1.36% YoY, with a one-off commercial loan provision.
Key Facts
- Net income attributable to shareholders: Ch$273,189 million in 1Q26, down 1.7% YoY, up 7.0% QoQ
- ROAE: 23.0% in 1Q26 vs 25.7% in 1Q25
- Net interest income + readjustments: Ch$489,527 million, down 4.7% YoY
- Net interest income (ex-readjustments): Ch$457,510 million, up 7.9% YoY
- NIM: 3.8% in 1Q26 vs 4.1% in 1Q25
- Efficiency ratio: 32.5% in 1Q26 vs 35.0% in 1Q25
- Cost of credit: 1.55% in 1Q26 vs 1.36% in 1Q25
- CET1 ratio: 10.9% as of March 2026
- BIS ratio: 16.4% as of March 2026
- Dividend of Ch$3.35 per share approved (60% of 2025 profits), yield 4.5%
- Total loans: Ch$40,898,127 million, down 0.5% YoY
- Customer funds: Ch$46,447,107 million, up 4.4% YoY
- 2026 guidance: ROAE 22-24%, NIM ~4%, cost of credit ~1.3%, CET1 ~11%
Financial Impact
Net income down 1.7% YoY to Ch$273,189 million; ROAE declined 270bp to 23.0%; NIM compressed 30bp to 3.8%; cost of credit rose 19bp to 1.55%
Risk Factors
- Lower inflation (UF variation) continues to pressure readjustment income and NIM
- Cost of credit rising to 1.55% with potential for further deterioration if economic activity weakens
- One-off commercial loan provision in mining sector may signal broader credit stress
- Loan portfolio contracting 0.5% YoY limits revenue growth potential
- Uncertainty around interchange fee regulation and open finance implementation
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001027552-26-000069 |
| Document: coverpage311.htm | 0001027552-26-000069 |
| Document: 0001027552-26-000069-index-headers.html | 0001027552-26-000069 |
| Document: 0001027552-26-000069-index.html | 0001027552-26-000069 |
| Document: 0001027552-26-000069.txt | 0001027552-26-000069 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 4d ago | 6-K | $31.96 | awaiting T+60 | — | $31.95 (−0.03%) |
Oct 13, 2026 13d ago | 6-K | $32.19 | awaiting T+60 | — | $31.95 (−0.75%) |
Sep 25, 2026 4w ago | Press Release | $34.37 | awaiting T+60 | — | $31.95 (−7.04%) |
Sep 23, 2026 4w ago | 6-K | $33.78 | awaiting T+60 | — | $31.95 (−5.42%) |
Sep 10, 2026 6w ago | 6-K | $35.27 | awaiting T+60 | — | $31.95 (−9.41%) |
Aug 20, 2026 9w ago | 6-K | $34.57 | awaiting T+60 | — | $31.95 (−7.58%) |
Aug 12, 2026 10w ago | 6-K | $34.28 | awaiting T+60 | — | $31.95 (−6.80%) |
Aug 12, 2026 10w ago | 6-K | $34.01 | awaiting T+60 | — | $31.95 (−6.06%) |
Aug 11, 2026 10w ago | 6-K | $35.03 | awaiting T+60 | — | $31.95 (−8.79%) |
Jul 29, 2026 12w ago | 6-K | $34.20 $31.96 | ▼ −6.55% | ▼ −11.28% | $31.95 (−6.58%) |
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