The following is a summary of the Banco Santander-Chile (BSAC) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Banco Santander-Chile reported Q1 2024 net income of CLP120 billion, a quarterly ROAE of 11.2%.

• Loan balances saw a growth of 1.1% from the last quarter and 5.5% YoY, largely attributed to mortgage and commercial lending.

• Managed a Net Interest Margin (NIM) of 2.7% for Q1 2024.

• The bank's capitalization was strong with a total capital ratio of 17.6% and a core equity tier 1 ratio of 10.4% at the end of the quarter.

• The bank achieved an efficiency ratio of 47% for the quarter.

Business Progress:

• As part of its transformation towards digital banking, Banco Santander-Chile plans to acquire 5 million customers and 450,000 SME clients.

• Continuous revamping of its branch network has led to a reduction of total branches by 24% in 2022 and an additional 14% in 2023.

• The bank's 'Getnet' acquiring business registered over 137,000 active points of sale nationwide, driving significant growth among SMEs.

• Plans to implement a $450 million investment plan for technology and branch renovation between 2023 and 2026.

• Targets a GDP growth of 2.8% and a NIM of at least 3.2% for the full year 2024, with the objective to grow its loan book at mid-single digits and to constrain core expenses to grow less than inflation.

• The bank has actively taken measures against a recent cybersecurity event to protect customer data and maintain operational safety.

More details: Banco Santander Chile IR

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