Seeking Alpha • Aug 05

Banco Santander Chile Is Fully-Priced In A Cyclical Top In Credit

Summary Banco Santander Chile is benefiting from recent rate cuts, boosting margins and profitability, but this tailwind is likely ending. Credit quality is deteriorating, and macro headwinds—like weakening exports and rising US tariffs—pose risks to future earnings. Despite solid recent results, loan growth is stagnant and further margin expansion appears unlikely as rates stabilize. Valuation looks full given limited upside and real downside risks; I initiate coverage with a Hold rating. Read the full article on Seeking Alpha

Seeking Alpha • Sep 20

Banco Santander-Chile: High Quality Bank, But Stalled Profitability And Overvalued

Summary Banco Santander-Chile is the largest bank in Chile. The bank is leading the digital transformation in Chile's banking industry, with a 90% growth in digital clients since 2019. The bank's balance sheet is well-structured to weather any liquidity storm. Basel III metrics are excellent, too. However, last quarter's performance was disappointing: rising NPL and declining NIM. In other words, it is dropping profitability and soaring credit risk. BSAC is overvalued and measured with a dividend discount model compared to its peers. Considering all the above, I give BSAC a hold rating. Read the full article on Seeking Alpha

Seeking Alpha • Feb 03

Banco Santander-Chile GAAP EPADR of $0.25 misses by $0.06

Banco Santander-Chile press release (NYSE:BSAC): Q4 GAAP EPADR of $0.25 misses by $0.06. The Bank's total deposits decreased 4.3% QoQ and 3.4% compared to December 31, 2021. Also, demand deposits decreased 2.9% QoQ and 21.3% compared to December 31, 2021, due to the fact that the increase in rates led our clients to switch to more attractive time deposits that grew 28.1% compared to December 31, 2021.

Seeking Alpha • Jan 18

Banco Santander-Chile: A Less Compelling Risk/Reward As The ROE Reverts Lower

Summary Santander Chile posted a disappointing Q4 update. While the capital position remains strong, macro headwinds could still drive lower ROEs and higher provisions. The stock isn’t cheap relative to its ROE potential and risks. Banco Santander-Chile (BSAC), the leading bank in Chile by loan market share, recently posted a weaker-than-expected quarterly update for Q4, as the bottom line continued to suffer from declining net interest income. While some of the drivers are transitory (e.g., the negative impact from accounting hedges), the headwinds from a higher funding cost and cost of risk could extend into FY23, given current projections for an economic slowdown this year. Policy uncertainty is also a risk, not only from the ongoing constitutional reform process but also from a new consumer provisions model for Chilean banks to be implemented in April. Net, after a strong FY20/FY21, earnings momentum has likely peaked, and ROEs should continue to revert to pre-COVID levels going forward. At ~1.8x book for a mid to high-teens ROE bank with elevated macro and regulatory risks, the risk/reward isn't compelling here. Data by YCharts A Disappointing Q4 Update as NII Declines Further Santander Chile's preliminary Q4 update, headlined by net income down >50% YoY, was disappointing across all key metrics. In particular, the pace of the ROE contraction is concerning - the implied quarterly ROE of ~10% (down ~10%pts QoQ) is now running at the lowest point since FY20 and well below the 18.5% FY23 ROE guidance. The key driver of the P&L decline was the lower net interest income ((NII)) at -45% YoY, while the negative impact of accounting hedges and higher funding costs exacerbated the deterioration. The implied cost of risk (i.e., provisions as a % of the loan portfolio) was also up >20bps QoQ, more than offsetting any relief from the lower expenses and one-off income tax benefit. Banco Santander-Chile Digging deeper into the NII drop, the December loan growth appears to be the main culprit - the +6% YoY print marks a steep deceleration from recent months (November came in at +8%, and October was +9%). With most of the weakness concentrated in corporate and consumer (consistent with October/November trends), Santander Chile likely lost further market share in these segments. While mortgages have been relatively resilient, a pending slowdown in credit growth across Chile, alongside lower economic growth, should continue to weigh on the overall lending outlook. Also posing headwinds are expected disinflation throughout the year and 'higher for longer' rates, which will impact Santander Chile via its cost of funds. In sum, all signs indicate a potential downward revision to FY23 guidance at the upcoming Q4 result call in February. Capital Position Remains Strong Despite taking on additional provisions in Q4, capital ratios likely remained well above regulatory requirements. As of Q3 (the latest available data), the CET1 stood at 10.1%, ~160bps above the targeted 8.5% for FY25, so there is ample cushion. A key reason for this buffer is the $700m perpetual bond placement in December 2021, funded by parentco Santander (SAN), which also moved the total capital ratio well above the 11% regulatory limit for FY25. As a result, the 50%-60% payout guidance is well-supported, in my view. Still, investors will want to keep a close eye on the negative funding mix trend. Both time and demand deposits decreased during Q4, with time deposits contracting at a faster -6% QoQ vs. demand deposits at -3% QoQ. This should drive additional pressure on funding costs and, by extension, margins in the coming quarters. Keep an Eye on the Provisions Alongside ROEs, asset quality should also continue reverting lower to pre-COVID levels as the positive impact of the one-off pensions saving withdrawals and government aid gradually fade. Santander Chile hasn't been too badly affected, but recent months have seen the asset quality deterioration trend picking up. Recall that in Q3, the bank reclassified MCh120bn of additional provisions from the corporate book to the consumer in four installments to be recognized over the next few quarters. Management followed up on this disclosure with an additional MCh35bn of additional provisions, comprising MCh8bn for the consumer portfolio. All in all, this brought provisions for the consumer and mortgage books up ~85% QoQ in anticipation of more asset quality headwinds ahead. Banco Santander-Chile

Seeking Alpha • Oct 28

Banco Santander-Chile GAAP EPADR of $0.41 misses by $0.09

Banco Santander-Chile press release (NYSE:BSAC): Q3 GAAP EPADR of $0.41 misses by $0.09. Total deposits increase 2.4% QoQ. Total loans increased 1.8% QoQ and 6.3% from December 31, 2021.

Seeking Alpha • Sep 17

Banco Santander-Chile: Good Entry Point

Summary Rising rates have resulted in increased ROE in the short term, but this should normalize in the coming quarters. Chile may experience a recession during 2023, and loan growth may decline from its current level of 8-10%. Equities have still not recovered from the decline that began in October 2019 due to political risks. Now is an acceptable time to accumulate. Opportunity Overview Chilean banks have been on my radar this year, and I think now is a good time to continue building positions. In my last article on Banco De Chile (BCH), I covered the macroeconomic challenges Chile is facing and how banks would fare under these conditions. Chile has had to hike rates considerably this year, and inflation still ran ahead of rates. Growth will likely slow during the next couple of years, and banks will see a drop in ROE in the coming quarters as economic conditions become worse. On the political front, things look a bit clearer now, and equities are still trading below the October 2019 levels, when political risks rose in Chile. I have not focused extensively on copper in any of my Chile articles. However, I think the price of copper also has room to run, and that last cycles catalysts are not as relevant when determining future price movements. One final benefit of investing in Chile is that several macroeconomic characteristics, such as its lower public debt, stand out relative to emerging market peers. Sovereign debt is a significant risk within emerging market equities, and Chile is in a very favorable position in this sense. Chile is a mixed bag, and I don't expect anything magical to happen in 2023. But this looks like a good time to begin accumulating well-managed companies like Banco Santander Chile (BSAC) YCharts This significant underperformance is strange, as Chile has many relatively favorable macroeconomic traits and is trading at a very compelling valuation. Updated Macro Outlook Q2 Growth fell slightly below expectations at 5.4% instead of 5.7%. Moving forward, Chile's growth will likely be slightly below 2% during 2022, and the country faces a risk of recession in 2023. Key medium-term risks include an economic slowdown in China, the United States, and Europe, its main export markets. Private consumption will also likely decline due to the relatively higher household debt and record high inflation experienced this year. This comes at a time when rates are at a record high, which may put a strain on banks that primarily loan to consumers. SantanderCL Inflation has continued to accelerate in Chile each month, which has forced the Central Bank to raise rates to 10.75% in September 2022. This represents a multi-decade high, as rates did not even break 10% following the GFC. Inflation in Chile most recently rose by 14.1% YoY, the highest level experience during these twelve months shown below. However, rates should begin to normalize in 2023 if inflation comes under control and drops below 10%. Inflation in Chile Trading Economics Chile recently reached an agreement with the IMF to receive an $18.5 billion flexible credit line, which should help boost the country's credit profile. This provided much-needed relief, given that Chile's foreign exchange reserves declined substantially in the past year. However, foreign exchange reserves still covered more than five months of imports as of the end of July 2022. CEIC One of the main stand-out features of the Chilean economy includes the country's extremely low level of public debt. Chile's public debt levels are a far cry from the levels seen in other Latin American economies and emerging market economies. SantanderCL Interest payments as a % of total government revenue are very low compared to both Latin American and emerging market peers. This is a huge deal, as sovereign debt default risk will likely be one of the main risks within emerging markets this decade. Country Interest payments as % of revenue Chile 4.55% Brazil 21.66% Peru 8.16% Colombia 11.74% Egypt 33.25% Philippines 13.32% Malaysia 15.33% Kenya 24.07% Source: WorldBank (latest data) Exports still remain heavily dependent on copper (57% of total exports), and China is still its top export market (39% of exports). Chile is also very vulnerable to a slowdown in Western countries, as the United States and Europe purchase 27% of its total exports. Banco Central The price of copper has also been declining and is now near the lows experienced in January 2021. There could be room for the price of copper to run again during 2022-2023. Trading Economics Two of Chile's main appeals include its large reserves of copper (28% of market production) and lithium (22% of production). Copper and lithium are both electrical vehicle components, and the price of both could increase if there is not enough supply online. An EV requires 2.5 times as much copper as an internal combustible engine, while solar and offshore wind both need 2-5x as much copper relative to power generated by coal or natural gas. However, many investors may reference the post-2008 commodity cycle, which was driven by booming economic growth in China, and conclude there is not much room for these commodities to run due to perceived lower demand. At the very least, I would say the price of copper declining is not a huge risk moving forward, and that there are other much greater macro and political risks in Chile. Chile could be a great investment if the copper market heats up. Equities Still Down Post October 2019 My motivation to invest in Chile is based on macro and the solid profile of Chilean banks, but recent political developments (rejecting the new constitution) do look better. I certainly would have bought Chile on any negative political news, but it is helpful to note things appear more stable. Chilean equities have not had much time to move on this news, especially since much of the world was focused on other events like Fed hikes/US inflation/etc. Chilean equities are still down considerably since October 2019, when protests initially began. Ycharts The iShares MSCI Chile ETF (ECH) is down nearly 30% from its peak three years ago. Although this was not purely caused by political risks, it is still well worth noting. Moreover, Chilean equities trade at a substantial discount to emerging markets. MSCI Chile trades at around 7.6x earnings, while MSCI Emerging Markets trade at 12.4x earnings. Q2 Short-Term Boost for banks Q2 2022 was an excellent quarter for Chilean banks, but it appears that this benefit will be short-lived. Fitch Ratings projects 1.9% GDP growth in 2022 and 0.5% growth in 2023, roughly in line with projections made by other banks in Chile. Banks also benefited from rising rates YTD, but rates will likely normalize in 2023. Chile Benchmark Interest Rate Trading Economics This will put a short-term strain on banks that previously benefited from rising rates, which caused the banking sector's net income to increase by 66% YoY during Q2 2022. The slowdown in growth will likely kick in during 2023, as there will still be additional rate hikes during Q3 2022, which allowed Chile's benchmark interest rate to reach 10.75%. Rate cuts do not appear to be in the immediate picture, as inflation has still run ahead of rates, but there is still room for banks to continue growing as swiftly due to slower economic growth in the next five quarters. This is not to mention that NPLs may accelerate due to deteriorating economic conditions, although Chile and Banco Santander Chile are still in relatively good shape. Low Representation of SMEs There is still ample room for growth for banks that offer services to SMEs. Although SMEs represent the majority of bank clients, SME loans still only account for 8.4% of total commercial debt. Many measures taken by Banco Santander Chile, including Getnet, have been very successful among SMEs and Getnet has a 14% market share. Getnet has installed over 88,000 POSs, and 90% of its clients are SMEs. The company has ample room to increase this segment, as SME loans did drop some during Q2 2022. CMF/BSAC Watch Household Debt Some reports have referenced Chile's low household debt relative to other regional and emerging economies. However, household debt as a % of GDP is still near Chile's historical high of 43% achieved in June 2020. Although this is not a major source of concern, it is important to monitor in the context of rising retail products during Q2 2022 and higher interest rates. Leading Position and Diverse Offerings Banco Santander De Chile is the leading bank in Chile in terms of deposits, loans, checking accounts, and bank credit cards. The Chilean banking sector only has 18 banks, so investing in this bank and Banco De Chile, provides decent exposure to the sector.

Seeking Alpha • Aug 24

Banco Santander-Chile: Picking Out The Major Tailwinds And Headwinds

Summary BSAC's valuations, technical backdrop, and income profile make it an intriguing EM prospect. Yet, the macro-economic outlook and the bank's own near-term prospects don't look too encouraging. BSAC could remain volatile ahead of an uncertain referendum on the 4th of September. Company Snapshot Banco Santander-Chile (BSAC) is a Chilean-based bank involved in rendering a broad range of retail and commercial banking services. It is perceived to be the largest bank in Chile by way of aggregate loans, where it enjoys a market share of nearly 18%. BSAC is also the second-largest holder of deposits in the country, with a market share of 17.5%. As things stand, the bank has 324 branches across Chile and services over 4.2m clients there. A Few Reasons To Consider The BSAC Stock? BSAC looks like an intriguing bet for technically-minded investors that are on the lookout for EM-themed opportunities offering good value and yields. The first chart highlights how the BSAC stock is positioned relative to the global banking space, as represented by the iShares Global Financials ETF (IXG). We can see that this ratio currently looks relatively oversold and is a long way from the mid-point of its long-term range. StockCharts The second chart shows Banco Santander-Chile's relative strength versus BlackRock's flagship portfolio of 25 Chilean stocks (incidentally, Santander-Chile is amongst the top 10 names within this portfolio). We can see that over the last 15 years BSAC has been gaining strength over its Chilean counterparts in the shape of an ascending wedge; currently, that ratio is trading around the lower boundary of the wedge, implying favorable risk-reward for a potential mean reversion play. StockCharts Similar dynamics can also be witnessed on BSAC's long-term standalone chart, where the price action appears to be close to a support zone, and is a long way from its upper boundary. Investing Augmenting these technical imprints, we also have an attractive valuation and income backdrop. Based on consensus EPS estimates for FY23, the stock only trades at a forward P/E of 6.4x, which also represents a ~17% discount to its 5-year average multiple. YCharts This feels inordinately cheap for a banking play that has just delivered all-time high ROEs of 32% (just to put this into context, closer to home in the US, banks typically only deliver ROEs within the mid-teen range). Q2-22 Presentation On a price-to-book value basis, which is the more appropriate valuation metric for gauging banks, the valuation discount is even greater with the stock trading at 1.53x, a 37% discount to its long-term average. YCharts Finally, also consider the extremely attractive income angle on offer; this is an entity that has a long track record of paying out 60-75% of its earnings as dividends. Company Website With elevated payouts of this sort, compared with a depressed share price, you're looking at a very attractive yield of 7.45%, which is a good 260bps greater than the average yield that one typically gets from the BSAC stock. YCharts But Beware, The Outlook Isn't Great Based on the previous section, investors may be forgiven for thinking that I'm only viewing the investment credentials of BSAC stock with rose-tinted glasses; that certainly isn't the case, and I'm afraid the outlook prevents me from being bullish on this stock. Firstly, growth dynamics in Chile are expected to skid quite profusely; after delivering 11.7% GDP growth last year, no one was expecting a repeat of the same, but the recent Q2 numbers have remained stagnant on a sequential basis, coming in at mid-single digit terms. Crucially, H2 growth is expected to be a lot slower, with FY22 GDP forecasts pointing to figures of less than 1.5%. If Chile is expected to grow at 1.5%, BSAC management expects their loan growth to be in the 8-10% range, implying a loan to GDP multiplier of 6x. The more worrying challenge revolves around 2023 when GDP growth is actually expected to decline by 1%, could we see BSAC's loan growth stall? It doesn't help that the Chilean administration currently appears to be pursuing a program of tax reform that has already dampened enthusiasm for fresh investment projects. If large corporations - most of which are from the mining sector - are unwilling to show ample credit appetite on account of these developments, the onus will fall on Chilean consumers to make up the load; I think that's asking for a bit much particularly when monthly household budgets remain crippled on account of steep inflation levels which have recently broached the 13% mark! Heightened inflation has also left its mark on BSAC's OPEX base in Q2 which rose by 16% on a quarter-on-quarter basis (management linked this to higher personnel costs and administrative costs whilst the depreciation of the Peso has also left its mark on IT-related costs denominated in USD). It's worth noting that Banco Santander-Chile has recently gotten into a two-year investment plan worth $260m designed to upgrade their IT systems. Expect this to weigh on the pre-provision profits of the bank in the coming quarters.

Seeking Alpha • Jul 29

Banco Santander-Chile GAAP EPADR of $0.66 misses by $0.12

Banco Santander-Chile press release (NYSE:BSAC): Q2 GAAP EPADR of $0.66 misses by $0.12. Total deposits increased 2.1% QoQ. Clients shift from demand to time deposits as rates rise

Snöflinga Score
Värdering	3/6
Framtida tillväxt	2/6
Tidigare resultat	3/6
Finansiell hälsa	2/6
Utdelningar	5/6

Historiska aktiekurser
Aktuell aktiekurs	CL$32.13
52 veckors högsta	CL$37.72
52 veckors lägsta	CL$22.77
Beta	0.29
1 månads förändring	-3.86%
3 månaders förändring	-8.38%
1 års förändring	31.63%
3 års förändring	84.97%
5 års förändring	47.66%
Förändring sedan börsintroduktionen	245.94%

	BSAC	US Banks	US Marknad
7D	2.8%	0.1%	1.3%
1Y	31.6%	20.0%	27.7%

BSAC volatility
BSAC Average Weekly Movement	5.2%
Banks Industry Average Movement	3.2%
Market Average Movement	7.2%
10% most volatile stocks in US Market	16.6%
10% least volatile stocks in US Market	3.0%

BSAC grundläggande statistik
Börsvärde	US$15.16b
Vinst(TTM)	US$1.14b
Intäkter(TTM)	US$2.54b

BSAC resultaträkning (TTM)
Intäkter	CL$2.27t
Kostnad för intäkter	CL$25.52b
Bruttovinst	CL$2.25t
Övriga kostnader	CL$1.23t
Intäkter	CL$1.02t

Vinst per aktie (EPS)	5.40
Bruttomarginal	98.88%
Nettovinstmarginal	44.78%
Skuld/egenkapitalförhållande	570.1%

Uppgifter	Senast uppdaterad (UTC-tid)
Analys av företag	2026/05/27 18:42
Aktiekurs vid dagens slut	2026/05/27 00:00
Intäkter	2026/03/31
Årlig intjäning	2025/12/31

Paket	Uppgifter	Tidsram	Exempel US-källa
Företagets finansiella ställning	10 år	Resultaträkning Kassaflödesanalys Balansräkning	SEC Form 10-K SEC Form 10-Q
Analytikernas konsensusuppskattningar	+3 år	Prognos för finansiella poster Analytikernas prismål	Rapporter från analytiker Blue Matrix
Marknadspriser	30 år	Aktiekurser Utdelningar, splittar och åtgärder	ICE Marknadsdata SEC Form S-1
Ägarskap	10 år	Största aktieägare Insiderhandel	SEC Formulär 4 SEC Formulär 13D
Förvaltning	10 år	Ledningsgrupp Styrelse och verkställande direktörer	SEC Form 10-K SEC Form DEF 14A
Viktiga utvecklingstendenser	10 år	Företagsmeddelanden	SEC Formulär 8-K

Analytiker	Institution
Roberto de Aguiar Attuch	Barclays
Ernesto Gabilondo Márquez	BofA Global Research
Gustavo Schroden	Bradesco S.A. Corretora de Títulos e Valores Mobiliários

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Senaste nyheter och uppdateringar

Banco Santander-Chile Approves Dividend for Fiscal Year 2025, Payable on May 6, 2026

Banco Santander-Chile to Report Q1, 2026 Results on Apr 30, 2026

Banco Santander-Chile, Annual General Meeting, Apr 28, 2026

Banco Santander-Chile to Report Q4, 2025 Results on Jan 30, 2026

Banco Santander-Chile to Report Q3, 2025 Results on Oct 30, 2025

Banco Santander Chile Is Fully-Priced In A Cyclical Top In Credit

Recent updates

Banco Santander-Chile Approves Dividend for Fiscal Year 2025, Payable on May 6, 2026

Banco Santander-Chile to Report Q1, 2026 Results on Apr 30, 2026

Banco Santander-Chile, Annual General Meeting, Apr 28, 2026

Banco Santander-Chile to Report Q4, 2025 Results on Jan 30, 2026

Banco Santander-Chile to Report Q3, 2025 Results on Oct 30, 2025

Banco Santander Chile Is Fully-Priced In A Cyclical Top In Credit

Banco Santander-Chile Appoints Francisco Doncel Razola as A Regular Director

Banco Santander-Chile Announces Resignation of Rodrigo Echenique Gordillo as Director

Banco Santander-Chile to Report Q2, 2025 Results on Jul 31, 2025

Banco Santander-Chile to Report Q1, 2025 Results on Apr 30, 2025

Banco Santander-Chile, Annual General Meeting, Apr 22, 2025

Banco Santander Chile Announces Chief Executive Officer Changes, Effective July 1, 2025

Banco Santander-Chile to Report Fiscal Year 2024 Results on Jan 31, 2025

Banco Santander Chile Appoints Patricia Pérez as Chief Financial Officer

Banco Santander-Chile to Report Q3, 2024 Results on Oct 30, 2024

Banco Santander-Chile to Report Q2, 2024 Results on Jul 31, 2024

Banco Santander-Chile to Report Q1, 2024 Results on Apr 30, 2024

Banco Santander-Chile, Annual General Meeting, Apr 17, 2024

Banco Santander-Chile to Report Q4, 2023 Results on Feb 02, 2024

Banco Santander-Chile to Report Q3, 2023 Results on Oct 31, 2023

Banco Santander-Chile: High Quality Bank, But Stalled Profitability And Overvalued

Banco Santander-Chile to Report Q2, 2023 Results on Jul 31, 2023

Banco Santander-Chile GAAP EPADR of $0.25 misses by $0.06

Banco Santander-Chile: A Less Compelling Risk/Reward As The ROE Reverts Lower

Banco Santander-Chile to Report Q4, 2022 Results on Feb 03, 2023

Banco Santander-Chile GAAP EPADR of $0.41 misses by $0.09

Banco Santander-Chile: Good Entry Point

Banco Santander-Chile: Picking Out The Major Tailwinds And Headwinds

Banco Santander-Chile GAAP EPADR of $0.66 misses by $0.12

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