Chilean Banks "2Q26 review: Strong NII driving earnings expansion" Batista

研报英文原文证据摘录

Chilean Banks "2Q26 review: Strong NII driving earnings expansion" Batista

Global Research

13 July 2026ab

Chilean Banks Equities

Latin America2Q26 review: Strong NII driving earnings

expansion Banks

Thiago Batista, CFA

Analyst

thiago.batista@ubs.com

Strong 2Q26 for Chilean banks +55-11-3513 6518

We are assuming coverage of the Chilean banks (Banco de Chile, Santander Chile Beatriz Shinye

and BCI). June data continued to highlight strong NII dynamics across Chilean banks, Associate Analyst

largely supported by inflation-linked revenues, with the UF increasing 2.3% during beatriz.shinye@ubs.com

the quarter (vs 0.4% in 1Q26) - Note that inflation is likely to normalize in 2H26E. +55-11-2767 6569

Loan growth, however, remained subdued, reflecting the still challenging Kaio Prato

macroeconomic backdrop, with net loans posting only modest expansion across the Analyst

sector. Trends in asset quality were mixed, with provisioning dynamics varying by kaio.prato@ubs.com

bank. Overall, stronger revenue generation more than offset these headwinds, +55-11-3513 6573

supporting a solid quarter for earnings and profitability.

BCH: Earnings came at Ch$391bn; up 45% QoQ (ROAE at 27.9%)

2Q26 delivered a strong earnings recovery, with net income increasing 45% QoQ. NII

expanded 44% QoQ, despite negative loan growth, as net loans contracted 1% QoQ

(although still up a modest 2% YoY). Fee income increased 3% QoQ and 11% YoY. On

the other hand, provision expenses rose 45% QoQ, driving the cost of risk up by

50bps to 1.7%. Operating expenses were broadly flat during the quarter, while the

effective tax rate declined by 600bps. Overall, ROAE improved significantly to

27.9%, compared with 19.3% in 1Q26.

BSAC: Earnings at Ch$383bn amid QoQ growth of 40% (ROAE at 30.5%)