Banco Santander-Chile summons annual shareholders meeting and proposes a dividend of 60% of 2022 net income attributable to shareholders

Banco Santander Chile (NYSE: BSAC) announced a proposed dividend of Ch$2.57469221 per share, which, if approved, represents a 7.3% dividend yield based on the current closing price.

Rhea-AI Summary

Banco Santander Chile (NYSE: BSAC) announced a proposed dividend of Ch$2.57469221 per share, which, if approved, represents a 7.3% dividend yield based on the current closing price. This proposal, equating to 60% of net income attributable to shareholders, will be brought before shareholders in a meeting scheduled for April 19, 2023. The remaining 40% of the net income will enhance the bank's reserves and profits. As of December 31, 2022, the bank reported total assets of US$ 79.7 billion and a BIS capital ratio of 17.45%, underscoring its strong market position and financial health.

Positive

• Proposed dividend of Ch$2.57469221 per share translates to a 7.3% yield.
• 60% of net income allocated for dividends indicates strong profitability.
• Banco Santander Chile maintains robust financial metrics with total assets of US$ 79.7 billion.

Negative

• None.

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Using today’s closing price, this dividend if approved by shareholders, is equivalent to a dividend yield of 7.3%.

SANTIAGO, Chile, March 14, 2023 (GLOBE NEWSWIRE) -- Banco Santander Chile (NYSE: BSAC; SSE: Bsantander) informs that in the Board session held today, the Board of Directors agreed to summon an Ordinary Shareholders' Meeting, to be held remotely on Wednesday, April 19, 2023. Among other items to be submitted for approval to shareholders, the Board is proposing a dividend of Ch$2.57469221 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 and/or accumulated profits of the Bank.

Banco Santander Chile is the largest bank in the Chilean market in terms of loans and assets. As of December 31, 2022, the Bank had total assets of US$ 79.7 billion, loans net of provisions of US$ 37.7 billion, deposits of US$ 27.1 billion, and total equity of US$ 4.8 billion. The BIS capital ratio as of December 31, 2022 was 17.45%, with a core capital ratio of 11.1%. Banco Santander Chile is one of the companies with the highest risk classifications 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.

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

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is the dividend amount proposed by Banco Santander Chile?

The proposed dividend is Ch$2.57469221 per share.

When will the Ordinary Shareholders' Meeting take place?

The meeting will be held on April 19, 2023.

What percentage of net income is being proposed for dividends?

The Board proposed distributing 60% of net income attributable to shareholders as dividends.

What is the dividend yield based on the current closing price?

The dividend yield is equivalent to 7.3% if the proposal is approved by shareholders.

What will happen to the remaining 40% of the net income?

The remaining 40% will be allocated to increase the Bank's reserves and/or accumulated profits.