Banco Itau Chile (ITA UCL.SN) Quarterly Preliminary Results 2Q26

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Banco Itau Chile (ITA UCL.SN) Quarterly Preliminary Results 2Q26

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13 Jul 2026 14:49:05 ET │ 11 pages

Banco Itau Chile (ITAUCL.SN)

Quarterly Preliminary Results 2Q26

CITI'S TAKE

Buy The bank published its preliminary results for June, reporting ROE of 10.1%

for 2Q26 and 8.2% for 1H26, above our expectations for the quarter (8.4%) Price (10 Jul 26 16:00) ChP20,390.00

due to lower-than-expected CoR (1.11%) and slightly higher operating Target price ChP23,000.00

income (9% YoY) probably related to net financial results. The bank’s Expected share price 12.8% quarterly results were the only ones not propelled by UF variation, as the return

bank’s inflation hedging strategy prevented it from fully benefiting from Expected dividend yield 6.1%

the higher inflation. Even though CoR remains relatively flat, as of May-26, Expected total return 18.9%

NPLs present a deterioration in all segments but particularly in consumer

Market Cap ChP4,411,188M loans (3.01% vs 2.25% in Mar-26). Finally, loan growth decelerated after

US$4,789M previous quarter MKS gains in individual commercial and mortgage loans.

Fragile ROE recovery - The bank’s ROE reached 10.1% in 2Q26, above the 6.4%

reported in 1Q26 and its LTM ROE of 9.5%. The bank’s relative performance compared Javier PizarroAC

to its peers was primarily driven by its current inflation hedge policy and weaker net +56-2-2873-6804

financial results. Operating expenses remained relatively flat but are expected to javier.pizarro@citi.com

surge in 2H26 after the sale of its retail loan portfolio in Colombia. Brian Flores, CFA

+55-11-4009-2842

Warning signs in portfolio quality - Quarterly CoR (1.11%) is mostly in line with LTM of luis.brian.flores@citi.com

1.12%, but NPL indicators show some forward risks.