Banco Santander-Chile summons annual shareholders meeting and proposes a dividend of 60% of 2021 net income attributable to shareholders

Rhea-AI Summary

Banco Santander Chile (NYSE: BSAC) plans to propose a dividend of Ch$2.467 per share, marking a 5.6% dividend yield, during the Ordinary Shareholders' Meeting on April 27, 2022. This dividend reflects 60% of net income attributable to shareholders, with the remaining 40% allocated to enhance bank reserves. As of December 31, 2021, the bank reported total assets of US$ 74.5 billion and a BIS capital ratio of 15.9%, underscoring its robust financial position.

Positive

• Proposed dividend of Ch$2.467 per share equates to a 5.6% yield.
• 60% of net income allocated for shareholder dividends reflects strong profitability.
• Total assets of US$ 74.5 billion indicate solid financial strength.

Negative

• None.

Using today’s closing price this dividend, if approved by shareholders, is equivalent to a dividend yield of 5.6%

SANTIAGO, Chile, March 22, 2022 (GLOBE NEWSWIRE) -- Banco Santander Chile (NYSE: BSAC; SSE: Bsantander) informs that in a Board session held today, the Board of Directors agreed to summon an Ordinary Shareholders' Meeting, to be held remotely on Wednesday, April 27, 2022. Among other items to be submitted for approval to shareholders, the Board is proposing a dividend of Ch$2.46741747 per share, corresponding to 60% of net income attributable to shareholders. Likewise, the remaining 40% of net income attributable to shareholders will be destined to increase the Bank's reserves.

Banco Santander Chile is the largest bank in the Chilean market in terms of loans and assets. As of December 31, 2021, the Bank had total assets of US$ 74.5 billion, loans net of provisions of US$ 41.8 billion, deposits of US$ 32.8 billion, and total equity of US$ 4.1 billion. The BIS capital ratio as of December 31, 2021 was 15.9%, with a core capital ratio of 9.6%. Banco Santander Chile is one of the companies with the highest risk classifications in Latin America with an A1 rating from Moody's, A- from Standard and Poor's, A+ from Japan Credit Rating Agency, AA- from HR Ratings, and A from KBRA.

CONTACT INFORMATION
Robert Moreno
Investor Relations
Banco Santander Chile
Bandera 140, Floor 20
Santiago, Chile
Tel: (562) 2320-8284
Email: irelations@santander.cl
Website: www.santander.cl 

FAQ

What is the proposed dividend amount for Banco Santander Chile (BSAC)?

The proposed dividend amount is Ch$2.467 per share.

When will the Ordinary Shareholders' Meeting for BSAC be held?

The meeting will be held on April 27, 2022.

What is the dividend yield of Banco Santander Chile?

The dividend yield is 5.6%, based on the proposed dividend.

What percentage of net income is being allocated to dividends for BSAC?

60% of net income attributable to shareholders is proposed to be allocated to dividends.