Banco Santander-Chile Announces Fourth Quarter 2024 Earnings
Banco Santander Chile (NYSE: BSAC) reported strong financial results for Q4 and full-year 2024. Net income attributable to shareholders reached $858 billion ($1.83 per ADR), marking a 72.8% increase year-over-year, with a Return on Average Equity (ROAE) of 20.2%. The bank achieved a robust NIM recovery of 4.2% in Q4 and 3.6% for 2024.
Operating income increased by 34.5% YoY, driven by stronger interest margins and lower funding costs, which decreased from 6.8% to 4.7%. The bank expanded its customer base by 6.4% YoY to 4.3 million customers, with digital customers growing 5.9% to 2.2 million. Customer funds increased 12.6% since December 2023, while the efficiency ratio improved to 39.0% from 46.6% year-over-year.
The bank maintained solid capital levels with a BIS ratio of 17.1% and CET1 of 10.5%, including a proposed 70% dividend payout for 2024 earnings.
Banco Santander Cile (NYSE: BSAC) ha riportato risultati finanziari solidi per il quarto trimestre e l'intero anno 2024. L'utile netto attribuibile agli azionisti ha raggiunto 858 miliardi di dollari (1,83 dollari per ADR), segnando un aumento del 72,8% rispetto all'anno precedente, con un Rendimento Medio del Patrimonio (ROAE) del 20,2%. La banca ha ottenuto un solido recupero del Margine di Interesse Netto (NIM) del 4,2% nel quarto trimestre e del 3,6% per il 2024.
Il reddito operativo è aumentato del 34,5% su base annua, grazie a margini di interesse più forti e costi di finanziamento più bassi, che sono diminuiti dal 6,8% al 4,7%. La banca ha ampliato la sua base clienti del 6,4% su base annua, raggiungendo 4,3 milioni di clienti, con clienti digitali in crescita del 5,9% a 2,2 milioni. I fondi dei clienti sono aumentati del 12,6% rispetto a dicembre 2023, mentre il rapporto di efficienza è migliorato al 39,0% rispetto al 46,6% rispetto all'anno precedente.
La banca ha mantenuto solidi livelli di capitale con un rapporto BIS del 17,1% e un CET1 del 10,5%, incluso un dividend payout proposto del 70% per gli utili del 2024.
Banco Santander Chile (NYSE: BSAC) informó resultados financieros sólidos para el cuarto trimestre y el año completo 2024. El ingreso neto atribuible a los accionistas alcanzó los 858 mil millones de dólares (1.83 dólares por ADR), marcando un aumento del 72.8% interanual, con un Retorno sobre el Patrimonio Promedio (ROAE) del 20.2%. El banco logró una sólida recuperación del Margen de Interés Neto (NIM) del 4.2% en el cuarto trimestre y del 3.6% para 2024.
Los ingresos operativos aumentaron un 34.5% interanual, impulsados por márgenes de interés más fuertes y menores costos de financiamiento, que disminuyeron del 6.8% al 4.7%. El banco amplió su base de clientes en un 6.4% interanual a 4.3 millones de clientes, con un crecimiento del 5.9% en clientes digitales, alcanzando los 2.2 millones. Los fondos de los clientes aumentaron un 12.6% desde diciembre de 2023, mientras que el ratio de eficiencia mejoró al 39.0% desde el 46.6% interanual.
El banco mantuvo niveles de capital sólidos con un ratio BIS del 17.1% y un CET1 del 10.5%, incluyendo un dividendo propuesto del 70% sobre las ganancias de 2024.
산탄데르 은행 칠레 (NYSE: BSAC)는 2024년 4분기와 연간 강력한 재무 결과를 보고했습니다. 주주에게 귀속된 순이익은 8580억 달러(ADR당 1.83달러)에 달해 전년 대비 72.8% 증가했으며, 평균자본이익률(ROAE)은 20.2%였습니다. 은행은 4분기에 4.2%의 견고한 순이자마진(NIM) 회복을 달성하고 2024년에는 3.6%를 기록했습니다.
영업이익은 전년 대비 34.5% 증가하여 더 강력한 이자 마진과 낮은 자금 조달 비용이 반영되었으며, 자금 조달 비용은 6.8%에서 4.7%로 감소했습니다. 은행은 전년 대비 6.4% 증가하여 430만 고객으로 고객 기반을 확대하였고, 디지털 고객도 5.9% 증가하여 220만 명에 달했습니다. 고객 자금은 2023년 12월 이후 12.6% 증가하였고, 효율성 비율은 46.6%에서 39.0%로 개선되었습니다.
은행은 BIS 비율 17.1%와 CET1 10.5%의 건전한 자본 수준을 유지하고 있으며, 2024년 수익의 70%를 배당금으로 지급할 것을 제안했습니다.
Banco Santander Chili (NYSE: BSAC) a annoncé des résultats financiers solides pour le quatrième trimestre et pour l'année entière 2024. Le bénéfice net attribuable aux actionnaires a atteint 858 milliards de dollars (1,83 dollar par ADR), marquant une augmentation de 72,8 % par rapport à l'année précédente, avec un Retour sur les Capitaux Propres Moyens (ROAE) de 20,2 %. La banque a réalisé une solide reprise du Marge d'Intérêt Net (NIM) de 4,2 % au quatrième trimestre et de 3,6 % pour 2024.
Le revenu opérationnel a augmenté de 34,5 % d'une année sur l'autre, soutenu par des marges d'intérêt plus solides et des coûts de financement plus bas, qui ont diminué de 6,8 % à 4,7 %. La banque a élargi sa base de clients de 6,4 % d'une année sur l'autre, atteignant 4,3 millions de clients, avec une croissance des clients digitaux de 5,9 % à 2,2 millions. Les fonds des clients ont augmenté de 12,6 % depuis décembre 2023, tandis que le ratio d'efficacité s'est amélioré à 39,0 % contre 46,6 % d'une année sur l'autre.
La banque a maintenu des niveaux de capital solides avec un ratio BIS de 17,1 % et un CET1 de 10,5 %, comprenant un dividende proposé de 70 % sur les bénéfices de 2024.
Banco Santander Chile (NYSE: BSAC) hat starke Finanzergebnisse für das vierte Quartal und das Gesamtjahr 2024 veröffentlicht. Der den Aktionären zurechenbare Nettogewinn erreichte 858 Milliarden US-Dollar (1,83 US-Dollar pro ADR), was einem Anstieg von 72,8 % im Jahresvergleich entspricht, mit einer durchschnittlichen Eigenkapitalrendite (ROAE) von 20,2 %. Die Bank erzielte im vierten Quartal eine robuste Erholung des Nettozinsmargens (NIM) von 4,2 % und 3,6 % für 2024.
Das Betriebsergebnis stieg im Jahresvergleich um 34,5 %, angetrieben durch stärkere Zinsmargen und niedrigere Finanzierungskosten, die von 6,8 % auf 4,7 % sanken. Die Bank erweiterte ihre Kundenbasis um 6,4 % im Jahresvergleich auf 4,3 Millionen Kunden, wobei die digitalen Kunden um 5,9 % auf 2,2 Millionen wuchsen. Die Kundengelder stiegen seit Dezember 2023 um 12,6 %, während sich das Effizienzverhältnis von 46,6 % auf 39,0 % verbesserte.
Die Bank hielt solide Kapitalniveaus mit einer BIS-Quote von 17,1 % und einem CET1 von 10,5 %, einschließlich einer vorgeschlagenen Ausschüttungsquote von 70 % der Gewinne für 2024.
- Net income increased 72.8% YoY to $858 billion
- ROAE improved to 26.0% in Q4 and 20.2% for full-year
- Operating income grew 34.5% YoY
- NIM improved from 2.2% to 3.6% in 2024
- Customer base expanded 6.4% YoY
- Efficiency ratio improved to 39.0% from 46.6%
- Strong capital position with 17.1% BIS ratio
- NPL ratio increased to 3.2%
- Impaired portfolio rose to 6.7%
- Cost to assets ratio increased to 1.5% from 1.3%
- Total operating expenses increased 12.4% YoY
Insights
Banco Santander-Chile's Q4 2024 results showcase remarkable financial strength and operational efficiency. The 72.8% YoY surge in net income to
The NIM expansion to
Asset quality metrics warrant attention, with NPLs at
The efficiency ratio of
The bank's digital strategy is yielding tangible results with 2.2 million digital customers and
Capital position remains robust with
SANTIAGO, Chile, Jan. 31, 2025 (GLOBE NEWSWIRE) -- Banco Santander Chile (NYSE: BSAC; SSE: Bsantander) announced today its results1 for the twelve-month period ended December 31, 2024, and fourth quarter 2024 (4Q24).
Strong Financial Performance with ROAE2 of
As of December 31, 2024, the Bank's net income attributable to shareholders totaled
In 4Q24, net income attributable to shareholders of the Bank totaled
The improvement in results is explained by an increase in the Bank's main revenue lines. Operating income increased by
Robust NIM5 recovery, reaching
Net interest and readjustment income (NII) for the year ended December 31, 2024 increased by
Continued Expansion of Customer Base with a
Our strategy to enhance digital products has led to a continued growth in our customer base reaching approximately 4.3 million customers, with over 2.2 million digital customers (
The Bank's market share in current accounts remains robust at
Customer funds increased
Customer funds (demand deposits, time deposits and mutual funds) increased by
Our customer's investments through mutual funds intermediated by the Bank also grew in the quarter, reaching an increase of
Net fees and commissions increase
Net fees increased
Efficiency ratio of
The Bank's efficiency ratio reached
Structural support expenses (salaries, administration and amortization) grew
Total operating expenses (which includes other expenses) increased
Cost of credit of
During the Covid-19 pandemic, asset quality benefited from state aid and pension fund withdrawals, which led to a positive performance in assets during that period, before normalizing in line with the performance of the economy and the drainage of excess liquidity from households. Currently, our clients' performance is reflecting the state of the economy and the labor market, where delinquency is higher than the levels we saw before the pandemic with the non-performing loans (NPL) ratio increasing to
Solid capital levels with a BIS7 ratio of
Our CET1 (Common Equity Tier 1) ratio remains at solid levels of
We made significant progress in our Chile First strategy in 2024
- Largest bank in terms of loans and deposits (
16.9% market share according to latest information from the CMF). - More than US
$ 450 million committed to invest in infrastructure and technology between 2023 and 2026. - A total of 99 Workcafés in Chile, serving our clients and the community in their different formats.
- Recognized by Euromoney as the Best Bank in the Country in the SME and ESG Categories.
- The only Chilean bank included in the DJSI emerging markets and within the top
3% of the most sustainable banks in the world. - Top Employer Certification January 2025 (seventh consecutive year).
- Recognized as the Best Bank in Chile for SMEs by Global Finance.
- ALAS20: First place in the category of leading company in sustainability.
- Institutional Investor: "Most Honored Company."
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 and Poor's, A+ from Japan Credit Rating Agency, AA- from HR Ratings and A from KBRA. All our ratings as of the date of this report have a stable outlook.
As of December 31, 2024, the Bank has total assets of
CONTACT INFORMATION
Cristian Vicuña
Chief Strategy Officer and Head of Investor Relations
Banco Santander Chile
Bandera 140, Floor 20
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 Annualized net income attributable to shareholders of the Bank divided by the average equity attributable to equity holders
3 The fourth quarter of 2024
4 The twelve months accumulated as of December31, 2024
5 NIM: Net interest margin. Annualized net interest income and annualized readjustments divided by interest-earning assets
6Recurrence: Net commissions divided by structural operating expenses (excludes other operating expenses).
7 Regulatory capital divided by risk-weighted assets, according to CMF BIS III definitions
8 Core capital divided by risk-weighted assets, according to CMF BIS III definitions.
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