Banco Santander Chile 2Q26 Conference Call Highlights

Research evidence excerpt

J P M O R G A N

Latin America Equity Research

05 August 2026

Banco Santander Chile

2Q26 Conference Call Highlights

Overweight

BSAC, BSAC US

Price (04 Aug 26):$34.73

Latin American Financials

Guidance

Management is confident in reaching ~24% ROE for 2026.

LT ROE guidance was reiterated at >20%.

Loan growth:

Loan growth is expected to be mid-single-digit, but toward the lower end of the

range (mentioned some ~4.5%).

For 2027, management expects industry growth to improve to the mid-to-high

single digits.

Seeing market share opportunities in middle-market corporates (where

performance has lagged and could recover) and in consumer lending/credit

cards as consumer confidence improves.

Lower credit penetration (~75% loans to GDP) is expected to recover through

credit cards and installment loans as unemployment and consumer confidence

improve; mortgages could recover partly through FOGAES, and commercial

activity to recover with new bill.

The recently extended mortgage guarantee program (FOGAES) could support

originations and help normalize the housing market.

Coverage expanded from 50k homes (~40k already executed) to 80k units, the

house value threshold increased from 4,000-6,000 UF (some US$170-250k).

BSAC has captured ~17% of the program so far and expects similar trends to

continue.

Yuri R Fernandes AC

(1-212) 622-3400

J.P. Morgan Securities LLC

Guilherme Grespan

(55-11) 4950-3058

Banco J.P. Morgan S.A.

Fernanda Sayao

(55-11) 4950-6588

Banco J.P. Morgan S.A.

Diego Marquez Antonio

(52-55) 5339-94899

J.P. Morgan Casa de Bolsa, S.A. de C.V., J.P.

Morgan Grupo Financiero

Asset Quality

CoR guided at ~1.35% for 2026 (in-line with 1H26 1.38% CoR).

Operational focus is on improving new-origination quality while actively

working through legacy/problem exposures.

Fees

Getnet posted weaker results (-28% payment fees in 2Q26) as competition

pressured margins.This is particularly true for mass retail market.

Management expects some pickup in 2H26 as large corporates increase usage

of the platforms, though the competitive backdrop remains challenging.

Tax rate and tax reform

Current statutory rate is 27%, and the reform is expected to reduce the effective

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