Chilean Banks "Apr-26: Strong start to 2Q26, with earnings momentum buil..."

Research evidence excerpt

Chilean Banks "Apr-26: Strong start to 2Q26, with earnings momentum buil..."

Global Research

14 May 2026ab

Chilean Banks Equities

Latin AmericaApr-26: Strong start to 2Q26, with earnings

momentum building across Chilean banks Banks

Olavo Arthuzo

Analyst

olavo.arthuzo@ubs.com

April points to a strong 2Q26 recovery across banks +55-11-2767 6306

The monthly data suggest a positive start to 2Q26 for all three banks, with Thiago Batista, CFA

particularly strong recovery for Banco de Chile (despite a low tax rate) and Analyst

continuous strong momentum for Bci. Based on April figures, NII rebounded thiago.batista@ubs.com

sequentially across the board, contrasting with the weaker dynamics observed in +55-11-3513 6518

early 1Q26, and supporting a recovery in revenues (note the UF stood at +0.7% MoM Beatriz Shinye

and 1.0% YTD). In addition, cost of risk remains broadly contained, while financial Associate Analyst

results were more mixed following strong prints in previous months. Loan growth beatriz.shinye@ubs.com

continues to be relatively muted across the system. Overall, the current trends +55-11-2767 6569

point to sequential earnings expansion in 2Q26, with upside risk more evident for

Banco de Chile and Bci should April dynamics persist. (tables overleaf)

BCH: Preliminary data suggest earnings at Ch$393bn in 2Q26 (+46% QoQ)

Reported figures show net income of Ch$131bn in April (+21% MoM), which, if

sustained through the quarter, would imply earnings around Ch$393bn in 2Q26

(recovery of 46% QoQ). The improvement is largely driven by a strong rebound in NII

(Ch$212bn in April, +26% MoM) and resilient fee income, supporting total NII, fees,

and trading gains to expand 23% QoQ, based on April's trend. Provisions remained