Chilean Banks April - Higher Inflation Driving ~29% ROE for BSAC and BCH, As Expected

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Chilean Banks April - Higher Inflation Driving ~29% ROE for BSAC and BCH, As Expected

J P M O R G A N Latin America Equity Research

13 May 2026

Chilean Banks

April - Higher Inflation Driving ~29% ROE for BSAC and

BCH, As Expected

Chilean banks reported improving figures for April, mainly driven by higher UF Latin American Financials

inflation (+0.7% M-o-M / +2.7% Y-o-Y), which lowered tax rates and benefited Yuri R Fernandes AC

top-line performance. We believe more will come. BCH saw its ROE jump to 29%, (1-212) 622-3400

up from 19% in 1Q26, as stronger NII (+23% Y-o-Y) and a lower tax rate (14% vs. yuri.r.fernandes@jpmorgan.com

J.P. Morgan Securities LLC

23% in 1Q26) drove the beat. BSAC also posted a 29% ROE, with NII up +12%

Guilherme GrespanY-o-Y (though 3% below JPMe) and EBT tracking 7% below JPMe, but the

(55-11) 4950-3058

earnings beat was driven by a lower tax rate of 8% (vs. 17% in 1Q26). ITCL is guilherme.grespan@jpmorgan.com

tracking for a 9% ROE, as a weak top line, higher provisions, and G&A weighed Banco J.P. Morgan S.A.

on earnings (EBT 74% below JPMe), though helped by a positive tax likely related Fernanda Sayao

to hedges. BCI posted a solid 19% ROE, above its ~14% guidance, helped by lower (55-11) 4950-6588

provisions and a lower tax rate. While it’s too early for full-quarter visibility, high fernanda.sayao@jpmchase.com

Banco J.P. Morgan S.A.

expected inflation in May and June should continue to support positive results. We

Diego Marquez Antonioremain positive on BSAC given its higher UF inflation exposure (see recent

(52-55) 5339-94899

upgrade here). BCH and BSAC are trading at ~2.4-2.6x 2026E P/BV, a lower diego.marquez@jpmorgan.com

multiple than the >3.0x seen in recent months, and more attractive now given lower J.P. Morgan Casa de Bolsa, S.A.