Chilean Banks: Strong inflation bumps 2Q26 earnings

研报英文原文证据摘录

Chilean Banks: Strong inflation bumps 2Q26 earnings

13 July 2026

Chilean Banks EquitiesCommercial Banks

Strong inflation bumps 2Q26 earnings Chile

◆ 2Q26 earnings beat for Chilean banks given strong inflation;

SanC reported 31.5% ROAE vs 27.1% for BChile,18.5% for BCI NehaFintechAgarwala,and LatAmCFAFinancials Analyst

HSBC Securities (USA) Inc.

◆ SanC and BCI further benefitted from lower cost of risk; loan neha.agarwala@us.hsbc.com

+1 212 525 5418

books grew 2-6% y/y for BChile and BCI, while SanC’s shrank

Carlos Gomez-Lopez, CFA

Head of EM and LatAm Financials

◆ We retain estimates and TPs, and reiterate our Hold ratings on HSBC Securities (USA) Inc.

all three Chilean banks under our coverage carlos.gomezlopez@us.hsbc.com+1 212 525 5253

2Q26 earnings: Chilean banks reported monthly figures for June 2026 and we use the

limited information to analyze some key 2Q26 trends. Final results may differ slightly; we

will get more details when the banks release their full earnings.

◆ Banco de Chile (page 3) reported net income of CLP391bn for 2Q26, 16% above

Visible Alpha consensus, up 45% q/q and 28% y/y. The results were mostly led by

strong net interest income (+44% q/q and +31% y/y) despite some pick-up in cost

of risk sequentially. The loan book grew 2% y/y and remained flat q/q. ROAE

continued to normalize from c30% in 2Q23 to 27.1% in 2Q26 (up from 18.5% in

4Q25). Equity/assets at 10.4% vs 7.1% for SanC and 9.2% for BCI.

◆ Santander Chile (page 4) reported net income of CLP383bn, 19% above Visible

Alpha consensus, up 40% q/q and y/y. This quarter’s strong earnings were driven

by robust net interest income and easing cost of risk. ROAE stood at 31.5% in

2Q26 (vs 23.1% in 1Q26). The loan book contracted 1.1% y/y.