Banco Santander Chile (NYSE: BSAC) reported 1Q26 net income attributable to shareholders of Ch$273 billion (US$272 million; $1.45 per share, US$0.63 per ADR) and a ROAE of 23.0%. QoQ net income rose 7.0% driven by higher fees and financial transaction income. The bank declared a $3.35 per share dividend (60% payout). CET1 was 10.9% and BIS ratio 16.4% at March 31, 2026. Net fees grew 4.5% YoY; efficiency ratio improved to 32.5%. Total customers nearly 4.8 million; total assets Ch$69,896,903 million.
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AI-generated analysis. Not financial advice.
Positive
Net income Ch$273 billion (1Q26)
ROAE improved to 23.0% QoQ
Dividend of $3.35 per share (60% payout)
Efficiency ratio improved to 32.5%
Net fees +4.5% YoY
Customer base +9.7% YoY (≈4.8M)
Negative
Net income -1.7% YoY
NII accumulated -4.7% YoY due to lower inflation
NIM declined to 3.8% (1Q26)
CET1 ratio 10.9% (capital cushion moderate)
News Market Reaction – BSAC
-0.37%
1 alert
-0.37%News Effect
-$56MValuation Impact
$15.01BMarket Cap
0.2xRel. Volume
On the day this news was published, BSAC declined 0.37%, reflecting a mild negative market reaction.
This price movement removed approximately $56M from the company's valuation, bringing the market cap to $15.01B at that time.
Net income:$273 billionROAE:23.0%Profit growth QoQ:7.0%+5 more
8 metrics
Net income$273 billionNet income attributable to shareholders in 3M26
ROAE23.0%Return on average equity in 3M26
Profit growth QoQ7.0%Net income growth vs 4Q25
Dividend per share$3.35 per share (yield 4.5%, 60% payout)Dividend on 2025 profits approved April 2026
Efficiency ratio32.5%Efficiency in 3M26 vs 35.0% in 3M25
Net interest margin3.8%NIM in 3M26 vs 4.0% in 4Q25 and 4.1% in 1Q25
Customer base≈4.8M customers (2.7M active, +9.7% YoY)Total and active customers as of March 31, 2026
Capital ratiosCET1 10.9%, BIS 16.4%As of March 31, 2026
Market Reality Check
Price:$31.93Vol:Price at $32.10, down 2.9...
normal vol
$31.93Last Close
VolumePrice at $32.10, down 2.96%, with volume 600,650 vs 440,131 20-day average (relative volume 1.36x).normal
TechnicalTrading above 200-day MA, with price $32.10 versus 200-day MA at $29.80.
Peers on Argus
BSAC fell 2.96% while key peers were mixed: WF +0.29%, BCH -1.89%, CIB -1.54%, F...
BSAC fell 2.96% while key peers were mixed: WF +0.29%, BCH -1.89%, CIB -1.54%, FHN -0.85%, WBS -0.70%. Moves do not clearly align with a sector-wide trend.
Filing of Form 20-F with complete audited FY 2024 financial statements.
Pattern Detected
Earnings releases often showed strong metrics but mixed to slightly negative next-day price reactions.
Recent Company History
Over the past year, Banco Santander Chile has repeatedly reported strong profitability, with ROAE around or above 24% and efficiency ratios improving into the mid‑30s. Earnings updates on Apr 30, 2025, Jul 31, 2025, Oct 30, 2025 and Jan 30, 2026 highlighted rising net income, robust NIM near 4.0%, and solid capital ratios (CET1 around 10.7–11.0%, BIS about 16.7–16.9%). Despite this, price reactions were often modest or negative, suggesting a history of muted or cautious market responses to strong earnings.
Historical Comparison
-0.7% avg move · Past earnings and related filings (5 events) led to an average move of -0.69%, showing that BSAC’s p...
earnings
-0.7%
Average Historical Moveearnings
Past earnings and related filings (5 events) led to an average move of -0.69%, showing that BSAC’s price reactions to results were typically modest or slightly negative.
Earnings updates from Q1–Q4 2025 show sustained ROAE above 20%, NIM around 4.0%, improving efficiency into the mid‑30s, and CET1 near 11%, alongside consistent plans for a 60% dividend payout of profits.
Market Pulse Summary
This announcement highlights resilient Q1 2026 performance for Banco Santander Chile, with ROAE of 2...
Analysis
This announcement highlights resilient Q1 2026 performance for Banco Santander Chile, with ROAE of 23.0%, a 7.0% QoQ profit increase, and an efficiency ratio improved to 32.5%. Capital ratios remained solid, with CET1 at 10.9% and BIS at 16.4%, while the customer base expanded to about 4.8 million. Investors may watch NIM at 3.8% in a low‑inflation environment, fee recurrence of 68.9%, and the approved $3.35 per‑share dividend funded by 2025 profits.
Key Terms
roae, adr, cet1 ratio, bis ratio, +3 more
7 terms
roaefinancial
"Solid financial performance with a ROAE2 of 23.0% in 3M26"
ROAE stands for Return on Average Equity, a profitability ratio that shows how much net income a company generates for its owners relative to the average amount of shareholder equity invested over a period. It’s like measuring the interest rate a business pays its owners on the capital they’ve left in the company, with the ‘average’ smoothing out swings in equity during the year. Investors use ROAE to compare how efficiently different companies turn owner capital into profits and to assess management’s ability to deliver returns over time.
adrfinancial
"net income attributable to shareholders totalled $273 billion ($1.45 per share and US$0.63 per ADR)"
An American Depositary Receipt (ADR) is a financial certificate that lets investors buy shares of a foreign company through U.S. stock markets, similar to buying a local wrapper that represents the underlying foreign shares. ADRs matter because they make investing in overseas companies easier and more liquid by trading in U.S. dollars and under U.S. market rules, while still carrying currency, regulatory, and country-specific risks that can affect share value.
cet1 ratioregulatory
"The Bank maintains a solid CET1 ratio8 of 10.9% with a BIS ratio9 of 16.4%"
CET1 ratio measures a bank's core equity capital (the most loss-absorbing funds like common stock and retained earnings) relative to the size of its risk-adjusted assets. It shows how big the bank's financial cushion is compared with what it has on its books; a higher ratio means greater ability to absorb losses, lower regulatory risk, and generally more investor confidence in the bank's stability.
bis ratioregulatory
"CET1 ratio8 of 10.9% with a BIS ratio9 of 16.4% as of the end of March 2026"
The BIS ratio is a measure of a bank’s financial cushion, calculated by comparing the bank’s capital to the size and risk of its assets as defined by international banking standards. It tells investors how well a bank can absorb losses and stay solvent—think of it as the thickness of an airbag relative to the size of a car: the bigger the cushion, the safer the ride. Regulators use it to judge stability and permission to grow lending.
nimfinancial
"Net interest income increased 7.9% YoY with a NIM13 of 3.8% in 3M26"
NIM (net interest margin) measures the gap between the interest a bank earns on loans and other interest‑producing assets and the interest it pays to depositors and creditors, shown as a percentage of the bank’s earning assets. Think of it like a store’s markup: a wider NIM means the bank keeps more money from its core lending activity, boosting profit potential. Investors watch NIM because shifts reveal how profitable a bank’s lending is, and how sensitive that profit is to interest‑rate changes and shifts in the mix of loans versus other assets.
gaapfinancial
"report is presented in accordance with Chilean Bank GAAP as defined by the Financial Markets Commission"
GAAP, or Generally Accepted Accounting Principles, are a set of standardized rules and guidelines that companies follow when preparing their financial statements. They ensure consistency, transparency, and comparability across different companies, making it easier for investors to understand and compare financial information accurately. This helps investors make informed decisions based on trustworthy and uniform financial reports.
ifrsfinancial
"similar to IFRS but takes precedence where differences exist"
International Financial Reporting Standards (IFRS) are a set of common accounting rules used by many companies worldwide to prepare financial statements, so numbers like revenue, profit and assets are measured in the same way across borders. For investors, IFRS matters because it makes it easier to compare the financial health and performance of different companies—like using the same ruler to measure different objects—reducing surprises and helping informed investment decisions.
AI-generated analysis. Not financial advice.
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SANTIAGO, Chile, April 30, 2026 (GLOBE NEWSWIRE) -- Banco Santander Chile (NYSE: BSAC; SSE: Bsantander) announced today its results1 for the three-month period ended March 31, 2026, and first quarter 2026 (1Q26).
Solid financial performance with a ROAE2 of 23.0% in 3M263 and profit growth of 7.0% in the quarter, in an environment of lower inflation.
As of March 31, 2026, net income attributable to shareholders totalled $273 billion ($1.45 per share and US$0.63 per ADR). Compared to the prior quarter (4Q25), net income attributable to shareholders increased 7.0% QoQ4, primarily due to higher financial transaction and fee income, as well as lower other expenses, partially offset by a weaker margin due to a lower inflation environment. As a result, ROAE increased from 21.9% in 4Q25 to 23.0% in 1Q265.
Compared to the same period of the previous year, net income attributable to shareholders showed a slight decrease of 1.7%, and ROAE was 25.7% in 3M256 versus 23.0% in 3M26, mainly due to the impact of lower inflation on the readjustment income line (margin), as the UF variation was 0.3% in 3M26 compared to 1.2% in 3M25. This was offset by a 4.5% YoY7 in commissions, higher results from financial transactions, and good expense control.
Furthermore, at the shareholders' meeting in April 2026, it was agreed to distribute 60% of the 2025 profits as cash dividends. This represents a dividend of $3.35 per share with a yield of 4.5% (as of the date of approval). The Bank maintains a solid CET1 ratio8 of 10.9% with a BIS ratio9 of 16.4% as of the end of March 2026.
The expansion of the customer base continues, with total customers increasing by 9.7%YoY. Our strategy of strengthening digital products has led to continuous growth in our customer base, reaching almost 4.8 million customers, of which 2.7 million are active customers.
The Bank's market share in current accounts remains strong at 21.2% as of February 2026, driven by increased customer demand for US dollar current accounts, as customers can open these accounts digitally through our platform in just a few simple steps. This also demonstrates the success of Getnet's strategy to promote cross-selling of other products, such as current accounts for SMEs.
Net fees increased 4.5% in 3M26, reaching recurrence levels10 of 68.9%.
Net fee income increased by 4.5% in the three months ending March 31, 2026, compared to the same period in 2025, driven by an increase in customers and greater product usage. As a result, the recurrence ratio (total net fees divided by structural support expenses) increased from 61.8% YTD11 to March 2025 to 68.9% YTD to March 2026, demonstrating that more than two-thirds of the Bank's expenses are financed by commissions generated by our customers.
Best in Class in Efficiency12 with 32.5% in 3M26.
The Bank's efficiency ratio reached 32.5% as of March 31, 2026, an improvement over the 35.0% recorded for the same period of the previous year. Total operating expenses (including other expenses) decreased by 6.7% in 3M26 compared to 3M25 due to lower administrative costs. The 3M25 period was impacted by expenses associated with the implementation of Project Gravity (the migration of the core banking system to cloud infrastructure) and dual-running of servers in parallel, prior to the shutdown of legacy systems in 2Q25. This expenditure was not repeated in 3M26.
Net interest income increased 7.9% YoY with a NIM13 of 3.8% in 3M26 in a quarter with low inflation.
Net interest income and readjustments (NII) accumulated as of March 31, 2026, decreased by 4.7% YoY and 2.9% QoQ. This decrease is due to lower inflation during the quarter, which had a UF variation of 0.3% compared to 1.3% in 3M25 and 0.6% in 4Q25. This was partially offset by a 7.9% YoY increase in interest income, demonstrating good balance sheet control and funding costs. Therefore, the net interest margin (NIM) reached 3.8% in 3M25, lower than the 4.0% in 4Q25 and 4.1% in 1Q25.
Consumer loans grow 4.2% YoY, driven by credit cards and auto financing
Consumer loans increased by 4.2% since March 31, 2025, and by 0.8% QoQ, reflecting a more dynamic environment. Within this portfolio, credit card lending increased by 5.1% since March 31, 2025, and by 0.5% QoQ slightly above the previous quarter, which is typically marked by higher demand associated with the end-of-year holidays. Meanwhile, total loan originations remained stable, reflecting lower demand for mortgage and commercial loans.
Banco Santander Chile is one of the companies with the highest risk ratings in Latin America, with an A2 rating from Moody's, A- from Standard & Poor's, A+ from the Japan Credit Rating Agency, AA- from HR Ratings, and A from KBRA. All of our ratings have a stable outlook as of the date of this report.
As of March 31, 2026 the Bank had total assets of Ch$69,896,903million (US$72,684 million), total gross loans (including interbank loans) at amortized cost of Ch$40,898,127 million (US$42,529million), total deposits of Ch$ 30,993,953million (US$32,230 million), and shareholders' equity of Ch$4,739,335million (US$4,928million). The BIS capital ratio was 16.4%, with a core capital ratio of 10.9%. As of March 31, 2026, Santander Chile employed 8,355 people and had 228 branches throughout Chile.
CONTACT INFORMATION Cristian Vicuña Chief Strategy Officer and Head of Investor Relations Banco Santander Chile Bandera 140, 20th Floor Santiago, Chile Email: irelations@santander.cl Website: www.santander.cl
1 The information contained in this report is presented in accordance with Chilean Bank GAAP as defined by the Financial Markets Commission (FMC). 2 Net profit attributable to shareholders of the Bank annualized divided by the average equity attributable to shareholders. 3 The three months ended on March 31, 2026. 4 Quarter vs. quarter. (1Q26 vs 4Q25). 5 First quarter of 2026. 6 The three months ending on March 31, 2025 7 Year over year. (3M26 vs 3M25). 8 Common Equity Tier 1 under Chilean regulation. 9 Regulatory capital divided by risk-weighted assets, under Chilean regulation. 10 Recurrence: net commissions divided by structural support expenses. 11 Year to date. 12 Operating expenses including impairment and other operating expenses/ margin+commissions+ financial transactions and other net operating income. 13 NIM: Net interest margin. Annualized YTD net interest income and readjustments divided by average interest-earning assets.
FAQ
What were Banco Santander Chile (BSAC) reported earnings for 1Q26?
Net income attributable to shareholders was Ch$273 billion in 1Q26. According to the company, this equals $1.45 per share and US$0.63 per ADR, with ROAE of 23.0% for the quarter.
How much dividend did BSAC approve and when was it declared?
The bank approved a $3.35 per share cash dividend, representing a 60% payout of 2025 profits. According to the company, the dividend yield at approval was reported as 4.5%.
What capital ratios did Banco Santander Chile report on March 31, 2026?
CET1 was reported at 10.9% and the BIS ratio at 16.4% as of March 31, 2026. According to the company, these figures reflect regulatory capital under Chilean rules.
How did net fees and efficiency perform for BSAC in 1Q26?
Net fees increased by 4.5% year-over-year and the efficiency ratio improved to 32.5%. According to the company, recurrence of net fees rose to 68.9% YTD to March 2026.
What drove the quarter-over-quarter net income increase for BSAC in 1Q26?
QoQ net income rose 7.0%, mainly from higher financial transaction and fee income and lower other expenses. According to the company, this was partly offset by a weaker margin from lower inflation.
What were BSAC's key balance sheet totals as of March 31, 2026?
Total assets were Ch$69,896,903 million, gross loans Ch$40,898,127 million, deposits Ch$30,993,953 million, and shareholders' equity Ch$4,739,335 million. According to the company, figures are under Chilean Bank GAAP.
