Key Points – Banco Santander Chile posted strong Q1 profitability, with net income rising sequentially and return on average equity reaching 23%.
Management said higher inflation is supporting near-term margins, though a weaker macro backdrop could pressure growth and credit quality later in the year. – The bank’s digital-plus-physical strategy continues to drive customer growth, with 4.8 million total customers and 2.4 million active customers
Current accounts, credit card transactions and mutual fund volumes all increased year over year. – Credit quality and capital remain solid despite a one-off provisioning hit that lifted cost of risk to 1.55% in the quarter. Santander Chile still expects full-year cost of risk around 1.3% to 1.35%, while its CET1 ratio of 10.9% remains above the minimum requirement. Banco Santander Chile (NYSE:BSAC) said first-quarter profitability remained strong despite a more uncertain macroeconomic backdrop, with management pointing to higher inflation as a near-term support for margins while cautioning that weaker growth and household pressures could weigh later in the year.
On the bank’s first-quarter 2026 earnings call, Patricia Pérez, chief financial officer, introduced a presentation focused on Chile’s economic outlook, Santander Chile’s digital strategy and quarterly results. Cristian Vicuña, chief strategy officer and head of investor relations, said net income increased sequentially and return on average equity reached 23% in the quarter. Management Flags More Challenging Macro Backdrop Andrés Sansone, chief economist, said the global environment had become “more challenging and more uncertain” since the bank’s prior webcast, citing the geopolitical shock in the Middle East and its impact on energy markets.