Banco Santander-Chile - BSAC STOCK NEWS

Banco Santander Chile (NYSE: BSAC) reported strong Q3 2024 results with net income of $243,133 million ($0.58 per ADR), up 11.7% from Q2. The bank achieved a 23.1% ROAE in Q3 and 18.2% for the first nine months of 2024. Net interest and readjustment income increased 74.8% year-over-year, driven by improved cost of funds. Net fees grew 8.3% quarterly with 63.4% recurrence. The bank maintains strong market positions with 23.8% share in current accounts and 182,000 affiliated merchants on Getnet. The efficiency ratio improved to 36.3% in Q3, while maintaining a solid capital position with a 17.2% BIS ratio.

Banco Santander Chile (NYSE: BSAC) has announced its Third Quarter 2024 Analyst and Investor Webcast / Conference Call, scheduled for Wednesday, October 30, 2024, at 11.00 AM (EST). The event will feature key bank officers discussing the 3Q 2024 financial results, followed by a Q&A session. The Management Commentary report will be published on October 30, before market opening, with the quiet period beginning on October 16.

As of June 30, 2024, Banco Santander Chile reported:

• Total assets: $68,262,019 million (US$72,431 million)
• Outstanding gross loans: $40,565,553 million (US$43,043 million)
• Total deposits: $29,297,940 million (US$31,087 million)
• Shareholders' equity: $4,194,393 million (US$4,451 million)
• BIS capital ratio: 17.4%
• Core capital ratio: 10.6%

The bank employs 8,885 people and operates 244 branches throughout Chile.

Banco Santander Chile (NYSE: BSAC) reported strong Q2 2024 results, with net income attributable to shareholders reaching $217,724 million ($1.16 per share), an 81.1% increase from the previous quarter. The bank achieved an impressive ROAE of 20.7% in Q2 and 15.8% for the first half of 2024. Key highlights include:

- Net interest margin (NIM) recovery to 3.6% in Q2
- Net interest income up 54.5% year-over-year
- Net fees increased 6.5% quarter-over-quarter
- Cost of credit stable at 1.25%
- Solid capital levels with a BIS ratio of 17.4% and CET1 of 10.6%
- Upgraded 2024 guidance: ROAE 17%-18%, NIM 3.3%-3.5%

The bank's performance reflects strong income growth, improved efficiency, and stable asset quality despite economic challenges.

Banco Santander Chile (NYSE: BSAC) will host a webcast and conference call to discuss its 2Q 2024 financial results on August 2, 2024, at 10:00 AM New York Time. Key officers participating will include CFO Emiliano Muratore, Chief Strategy Officer & Head of IR Cristian Vicuña, and Economist Carmen Gloria Silva. The Management Commentary report will be available on July 31, 2024, ahead of the market opening. As of March 31, 2024, the bank has reported total assets of Ch$ 74,780,252 million (U.S.$ 76,187 million) and total deposits of Ch$ 30,416,891 million (U.S.$ 30,234 million). The BIS capital ratio stands at 17.0%, with a core capital ratio of 10.4%. Banco Santander Chile enjoys high-risk classifications in Latin America with stable ratings from leading agencies.

Banco Santander Chile announced its first-quarter 2024 earnings, reporting a net income decrease of 11.4% compared to the previous year. The bank showed a solid capital position with a CET1 ratio of 10.4% and a BIS ratio of 17.0%. Loan growth was driven by mortgages and commercial lending, while total deposits increased 2.5% QoQ. Interest income saw a recovery in 1Q24, and net income from fees increased 10.1% in the quarter. Support expenses grew 4.3% in line with guidance. The bank's efficiency ratio reached 47.4% as of March 31, 2024.

Banco Santander Chile announces the redemption of all outstanding JPY 10,500,000,000 0.60% Senior Fixed Rate Notes due 2024. The redemption date is set for March 29, 2024, with the redemption price being 100% of the principal amount of the Notes plus accrued and unpaid interest.

Banco Santander Chile files its 2023 Annual Report on Form 20-F with the SEC, offering shareholders access to detailed financial statements. Shareholders can obtain a hard copy for free by contacting the Investor Relations Office.

Banco Santander Chile's subsidiary Santander Consumer Finance to acquire Mundo Crédito for up to US$ 79 million, expanding its automotive loan portfolio. The operation subject to approval aims to reach between $50,000 million and $70,000 million, strengthening Santander Consumer's market position.

Banco Santander Chile (BSAC) announced its financial results for the twelve-month period ended December 31, 2023, and fourth quarter 2023. The net income attributable to shareholders decreased by 38.6% compared to the same period last year. The bank reported a solid net contribution from business segments, with a 34.7% increase. The Retail Banking segment saw a 25.6% increase in net contribution, the Middle-market segment increased by 27.9%, and the Corporate and Investment Banking (CIB) unit grew by 65.4% year over year. Net income from fees increased by 22.4% in 12M23, and the bank achieved top 1 in NPS among Chilean peers. The CET1 ratio remains solid at 11.1%, and the total Basel III ratio reaches 17.6% at the end of December 2023. The bank launched Work/Café Inversiones and reached a total of 91 Workcafés in Chile.