2Q26 preliminary results benefited by high inflation; mind Kast’s mega-bill

研报英文原文证据摘录

2Q26 preliminary results benefited by high inflation; mind Kast’s mega-bill

Accessible version

Chilean Banks

2Q26 preliminary results benefited by high

inflation; mind Kast’s mega-bill

Industry Overview

Strong 2Q26 results as inflation lifts NII; BCH leads the pack 13 July 2026

Chilean banks reported earnings above our expectations, driven by strong NII growth Equity

supported by higher inflation, disciplined operating expense control, and lower provision Latin America

charges. BCH delivered the standout performance, with earnings well above both our Banks

estimates and market consensus, followed by BCI. BSAC also exceeded our expectations,

although results were broadly in line with consensus estimates. Lastly, the government Ernesto Gabilondo >> Research Analyst

is expected to push for final approval of Kast’s mega-reform before the July 16 holiday. Merrill Lynch (Mexico)

If approved, we see additional upside risk to our earnings forecasts. +52ernesto.gabilondo@bofa.com55 5201 3428

BCH: earnings 4% below BofA / 14% above market consensus MarioResearchPierryAnalyst

BCH reported a preliminary 2Q26 net income of ChP$391bn (+45% QoQ and +28% YoY). BofAS

Results are coming 37% below BofA and 14% above market consensus. Results showed +1mario.pierry@bofa.com646 743 0047

strong revenue trends, reflecting i) solid NII growth (+31% YoY and 33% above BofA), Antonio Ruette >>

which we mainly attributed to higher inflation levels (UOF variation of 2.5% in 2Q26 vs. Research Analyst

Merrill Lynch (Brazil)

0.9% in 1Q26), and ii) double-digit fee income growth (+11% YoY, 3% above our +55 11 2188 4225

estimates). Meanwhile, results showed important cost control discipline (-2% YoY, and Augusto Uehara >>

5% below BofA), and much lower provision charges (28% below BofAe).