Chilean Banks: Apr-May data – strong earnings momentum supported by elevated inflation

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Chilean Banks: Apr-May data – strong earnings momentum supported by elevated inflation

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Chilean Banks

Apr-May data – strong earnings momentum

supported by elevated inflation

Industry Overview

2Q26 earnings driven by NII aimed at higher inflation levels 11 June 2026 Corrected

With reported data from April–May, we estimate the quarter’s implied results. Overall, Equity

we observe positive operating trends across banks, reflecting stronger NII growth driven Latin America

by higher inflation, a decline in operating expenses, and lower provision charges. In Chile, Banks

tax reform is expected to gain momentum, with potential implementation in 2H26. A

gradual reduction in the corporate tax rate from 27% to 23% by 2029 could enhance Ernesto Gabilondo >> Research Analyst

medium-term profitability for Chilean banks, supported by broader structural reforms Merrill Lynch (Mexico)

that strengthen earnings and capital generation. +52ernesto.gabilondo@bofa.com55 5201 3428

BCH: net income is coming in 18% above consensus MarioResearchPierryAnalyst

Accumulated NI of ChP$239bn through Apr-May implies 2Q26 net income of ChP$405bn BofAS

(+51% QoQ and +33% YoY). Results are well above our estimates and +18% above +1mario.pierry@bofa.com646 743 0047

market consensus. Results showed strong revenue trends, reflecting i) greater NII Antonio Ruette >>

growth— (+39% YoY) and 40% above BofAe, which we attributed to much higher Research Analyst

Merrill Lynch (Brazil)

inflation levels (UOF of 2.5% in June vs. 0.90% in Mar), and ii) double-digit fee income +55 11 2188 4225

growth of 12% (+4% above BofAe). Meanwhile, results showed lower-than-expected Augusto Uehara >>

operating expenses and much lower provision charges. We estimate an ROE of 29.1% in Research Analyst