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Banco Santander Chile BSAC

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Santander Chile Reports Solid First-Quarter Results as the End of Pandemic Appears To Be in Sight

Michael Miller Equity Analyst

Analyst Note

| Michael Miller |

Narrow-moat rated Banco Santander Chile reported solid first-quarter earnings, comfortably beating the FactSet consensus estimate of CLP 0.76 per share with reported adjusted EPS of CLP 0.96. Coronavirus cases in Chile began to rise after February and some lockdown restrictions were put in place in March and April. However, with around 40% of the Chilean population fully vaccinated, we are increasingly seeing evidence of a broad-based economic recovery as the end of the pandemic appears to be in sight. The first-quarter results were driven by recovering fee income, relatively stable credit costs, and controlled expenses. We don't expect to change our fair value estimate of $24.00 per ADR share.

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Company Profile

Business Description

Santander Chile is the largest bank in Chile by assets. It has the most expansive footprint of any bank in the country, ranks first in lending market share, and ranks second in deposit market share. It is the most efficiently run commercial bank in the region, resulting in returns on equity in the high teens. The bank generates revenue through net interest income, fee and commission lines, and treasury operations, with the latter following Chile inflation (denominated in the UF) closely.

Bandera 140, 20th Floor
Santiago, Chile
T +56 23202000
Sector Financial Services
Industry Banks - Regional
Most Recent Earnings Dec 31, 2020
Fiscal Year End Dec 31, 2021
Stock Type
Employees 10,470