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Banco Santander Chile ADR BSAC Stock Quote

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Morningstar‘s Stock Analysis BSAC

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Solid Q2 Results for Banco Santander Chile as Inflation and Loan Growth Support Net Interest Income

Michael Miller Equity Analyst

Analyst Note

| Michael Miller |

Narrow-moat-rated Banco Santander Chile reported solid decent second-quarter results, as the bank continues to grow its loan book at an impressive rate. Net revenue was up 20.5% to CLP 670,307 million, while earnings per share increased to CLP 1.52 from CLP 1.00 last year. These results translate to a return on average equity of 31.7%, which is well above the bank’s long-term average. As we incorporate these results, we do not plan to make any material changes to our fair value estimate $19.50 per ADR share for Banco Santander Chile. At current market prices we do see Banco Santander Chile as modestly undervalued, though we note that the bank must navigate a period of economic and political uncertainty in Chile.

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Key Statistics BSAC

Company Profile BSAC

Business Description

Founded in 1978, Banco Santander Chile is part of the Santander group and majority controlled by Santander Spain. Banco Santander is the largest bank in Chile by loans and the second largest by deposits. The bank generates most of its net interest income (roughly 65% of total revenue) from its mortgage, unsecured consumer credit lines, and commercial loans. Banco Santander’s commercial loan business is more focused on small- to medium-sized companies, with firms generating more than CLP 10,000 million in revenue only making up around 5% of outstanding loans. Outside of lending, Banco Santander is the largest card issuer in the country with around 25% of the market and benefits from a long-term strategic partnership with the largest airline in the country LATAM Chile.

Bandera 140, 20th Floor
Santiago, Chile
T +56 23202000
Industry Banks - Regional
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type
Employees 9,988

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