Banco Santander Chile (NYSE: BSAC) reported strong results for the six months ended June 30, 2026, with 2Q26 net income attributable to owners of CLP 383 billion (CLP 2.00 per share, US$0.90 per ADR), up 40.0% QoQ and 40.4% versus 2Q25. ROAE rose to 31.5% in 2Q26 from 23.0% in 1Q26 and 24.5% in 2Q25, driven mainly by higher readjustment income in a 2.5% inflation quarter and lower loan loss provisions.
For 6M26, net income reached CLP 656 billion, up 19.2% YoY, with ROAE of 27.2%. The bank approved a 60% payout of 2025 profits, equivalent to CLP 3.35 per share (4.5% yield). Capital remained solid with a CET1 ratio of 11.1% and BIS ratio of 16.6%. Efficiency improved to 30.8% in 2Q26 and 31.6% in 6M26. NIM reached 4.7% in 2Q26, while total loans grew 1.3% QoQ and total deposits 4.5% QoQ. The customer base exceeded 4.8 million, supporting higher fee income and a recurrence ratio of 64.1%.
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2Q26 net income CLP 383 billion, up 40.0% QoQ and 40.4% YoY
2Q26 ROAE 31.5%, versus 23.0% in 1Q26 and 24.5% in 2Q25
6M26 net income CLP 656 billion, up 19.2% YoY with ROAE 27.2%
Dividend payout 60% of 2025 profits, CLP 3.35 per share, 4.5% yield
Efficiency ratio 30.8% in 2Q26, improving from 32.5% in 1Q26
2Q26 NIM 4.7% after 26.9% QoQ rise in net interest and adjustments
Total loans +1.3% QoQ, led by commercial and mortgage growth
Total deposits +4.5% QoQ, customer funds +4.0% QoQ, +7.1% vs Dec 2025
Customer base >4.8 million, with 6.9% YoY growth and 64.1% recurrence ratio
Strong capital with CET1 11.1% and BIS ratio 16.6%
SANTIAGO, Chile, July 29, 2026 (GLOBE NEWSWIRE) -- Banco Santander Chile (NYSE: BSAC; SSE: Bsantander) announced today its results1 for the six-month period ended June 30, 2026, and second quarter 2026 (2Q26).
Solid financial performance with a ROAE2 of 31.5% in 2Q263 and a 40.0% increase in earnings for the quarter.
In the second quarter of 2026, net income attributable to the Bank's owners totaled $383 billion ($2.00 per share and US$0.90 per ADR). Compared to the previous quarter (1Q26), net income attributable to the Bank's owners increased 40.0% QoQ4, and 40.4% compared to 2Q255, primarily due to higher net income from readjustments in a quarter with higher inflation (2.5% vs. 0.3% in 1Q26 and 1.0% in 2Q25), in addition to lower loan loss provisions during the quarter. As a result, ROAE increased from 24.5% in 2Q25 and 23.0% in 1Q26 to 31.5% in 2Q26.
As of June 30, 2026, net income attributable to the Bank's owners totaled $656 billion ($3.48 per share and US$1.51 per ADR). Compared to the same period of the previous year, net income increased by 19.2%, reaching a ROAE of 27.2% in 6M26 versus 25.1% in 6M256. This is mainly due to higher net interest income resulting from higher inflation in the readjustment income line, as the UF variation was 2.7% in 6M26 compared to 2.2% in 6M25. Higher results from financial transactions and lower operating expenses also contributed to this improvement.
Furthermore, at the shareholders' meeting in April 2026, it was agreed to distribute 60% of the 2025 profits as dividends. This represents a dividend of $3.35 per share and a yield of 4.5%. The Bank maintains a solid CET1 ratio of 11.1% with a BIS ratio7 of 16.6% as of June 2026.
Customer base expansion continues, with total customers increasing 6.9% YoY8.
The strategy of strengthening digital products has led to continued growth in our customer base, reaching over 4.8 million customers, of which 2.7 million are active. The Bank's market share in current accounts remained strong, reaching 20.8% as of May 2026. Furthermore, increased use of digital platforms continued to drive fee income, with YoY growth of 10% in mutual fund brokerage and 26.6% in insurance brokerage. As a result, the recurrence ratio9 increased from 61.9% YTD10 to June 2025 to 64.1% YTD to June 2026, demonstrating that almost two-thirds of the Bank's expenses are funded by customer-generated fees.
Best in Class in Efficiency1130.8% in 2Q26.
The Bank's efficiency ratio reached 30.8% in the quarter, an improvement over the 32.5% recorded in 1Q26. This improvement was driven by higher net readjustment income due to higher inflation during the quarter and lower credit risk expenses, coupled with effective cost control. For the first six months of 2026, the efficiency ratio reached 31.6%, an improvement on the 35.3% registered in 6M25.
Net interest income and readjustments increased 26.9% QoQ with a NIM12 of 4.7% in 2Q26.
In 2Q26, total net interest and readjustment income increased by 26.9% compared to 1Q26, primarily due to a strong 441.2% increase in readjustment income in 2Q26. This was driven by the UF (Unidad de Fomento, a Chilean inflation-indexed unit of account) inflation rate, which rose from 0.3% in 1Q26 to 2.5% in 2Q26, due to the inflationary shock from oil prices. As a result, the NIM for the quarter increased from 3.8% in 1Q26 to 4.7% in 2Q26.
Net interest income and readjustments accumulated to June 30, 2026, increased 7.4% YoY, with net interest income growing 5.4% and net readjustment income growing 17.7%. As a result, the net interest margin (NIM) increased from 4.1% in 6M25 to 4.3% in 6M26.
Total loans grow 1.3% QoQ, driven by commercial and mortgage loans
Total loans at amortized cost increased 1.2%YoY compared to December 31, 2025, and 1.3% QoQ, reflecting growth in commercial, mortgage, and auto loans during the quarter. This was partially offset by lower growth in credit cards and consumer instalment loans.
This quarter we began to see an incipient improvement in growth in Commercial loans, increasing by 1.5% since December 31, 2025, and 1.3% QoQ. This trend is explained, firstly, by the impact of the Chilean peso's appreciation against the US dollar since December 2025, and by greater demand for foreign trade loans in recent months. Secondly, it reflects a slight improvement in the growth of non-foreign trade loans.
Mortgage lending increased by 1.4% since December 31, 2025, and by 2.0% QoQ, due to a better origination dynamic and higher inflation in the quarter. Additionally, with an improved economic environment and new measures to encourage home purchases, we expect a gradual recovery in mortgage demand in the coming periods.
At the same time, Cost of Risk in the quarter was contained at 1.22% levels.
Total deposits grew 4.5% in the quarter.
In the quarter, total deposits increased 4.5% QoQ, with time deposits growing 7.0% QoQ and demand deposits increasing 1.4% QoQ, related to our customers' increased liquidity in recent months. Mutual funds, meanwhile, grew 3.1% QoQ. Overall, customer funds grew 4.0% QoQ.
Compared to December 31, 2025, our clients' funds grew by 7.1%. Total bank deposits increased by 6.0%, driven by an 11.8% increase in time deposits. Furthermore, there is a noticeable increase in client interest in mutual funds, which have grown by 9.5% since June 30, 2025.
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, and AA- from HR Ratings. All ratings have a stable outlook as of the date of this report.
As of June 30, 2026, the Bank has total assets of CLP 70,323,331 million (US$ 76,348million), total gross loans (including loans owed by banks) at amortized cost of CLP 41,426,628 million (US$ 44,976 million), total deposits of CLP 32,390,791 million (US$ 35,166 million), and shareholders' equity of CLP 4,974,214 million (US$ 5,400 million). The BIS capital ratio is 16.6%, with a core capital ratio of 11.1%. As of June 30, 2026, Santander Chile employs 8,315 people and has 224 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 Second quarter of 2026. 4 Quarter vs. quarter. (2Q26 vs 1Q26). 5 Second quarter of 2025. 6 The six months ending on June 30, 2025. 7 Regulatory capital divided by risk-weighted assets, under Chilean regulation. 8 Year-on-year. 9 Recurrence: net commissions divided by structural support expenses. 10 Year to date. 11 Operating expenses including impairment and other operating expenses/ margin+commissions+ financial transactions and other net operating income. 12 NIM: Net interest margin. Annualized YTD net interest income and readjustments divided by average interest-earning assets.
FAQ
How did Banco Santander Chile (BSAC) perform in the second quarter of 2026?
Banco Santander Chile reported 2Q26 net income of CLP 383 billion, up 40.0% quarter-on-quarter. According to Banco Santander Chile, ROAE reached 31.5%, supported by higher readjustment income in a 2.5% inflation quarter and lower loan loss provisions.
What were Banco Santander Chile’s 6M26 earnings and ROAE (BSAC)?
For the first half of 2026, Banco Santander Chile generated net income of CLP 656 billion, a 19.2% YoY increase. According to Banco Santander Chile, this produced a 27.2% ROAE, compared with 25.1% in the same period of 2025, reflecting higher net interest and transaction income.
What dividend did Banco Santander Chile (BSAC) approve from 2025 profits?
Shareholders approved distributing 60% of 2025 profits as dividends, equal to CLP 3.35 per share. According to Banco Santander Chile, this represents an estimated 4.5% dividend yield, based on the share price referenced in the announcement, rewarding shareholders amid higher profitability.
How strong are Banco Santander Chile’s capital ratios as of June 30, 2026?
As of June 30, 2026, Banco Santander Chile reported a CET1 ratio of 11.1% and a BIS capital ratio of 16.6%. According to Banco Santander Chile, these levels highlight solid capitalization while supporting loan growth and dividend distributions to shareholders in Chile and abroad.
How did loans and deposits grow at Banco Santander Chile (BSAC) in 2Q26?
In 2Q26, total loans at amortized cost grew 1.3% QoQ, driven by commercial and mortgage lending. According to Banco Santander Chile, total deposits increased 4.5% QoQ, with time deposits up 7.0% and customer funds overall rising 4.0% in the quarter.
What was Banco Santander Chile’s net interest margin (NIM) in 2Q26?
Banco Santander Chile’s 2Q26 NIM was 4.7%, up from 3.8% in 1Q26. According to Banco Santander Chile, net interest and readjustment income rose 26.9% QoQ, mainly due to a 441.2% increase in readjustment income linked to higher UF-indexed inflation.
How is Banco Santander Chile’s customer and fee income base evolving in 2026?
Banco Santander Chile’s total customers grew 6.9% YoY, surpassing 4.8 million, with 2.7 million active clients. According to Banco Santander Chile, increased digital usage supported fee growth and lifted the recurrence ratio to 64.1%, meaning most structural expenses are covered by customer fees.
