Banco Santander-Chile (NYSE: BSAC): Not Another SVB or First Republic Bank

Banco Santander-Chile (NYSE: BSAC), part of the Santander group and majority controlled by Santander Spain, is the largest bank in Chile by loans and the second largest by deposits. The bank just reported earnings on Friday. However, some of the funds (who own its shares) we cover in our Tuesday posts have mixed views about Chile in the wake of recent political turmoil, outflows from pension funds during COVID (which might lower future consumption), and the recent lithium nationalization announcements.


  • Shareholders:
  • Net income attributable to shareholders in 3M23 decreased 42.4% YoY, (Ch$0.72 per share and US$ 0.36 per ADR) with the Bank’s ROAE in 3M22 reaching 13.3%. Compared to 4Q22, net income attributable to shareholders in 1Q23 increased 33.3% YoY, (Ch$0.72 per share and US$ 0.36 per ADR) with the Bank’s ROAE improving from 10.1% in 4Q22 to 13.3% in the quarter. Our business segments continue to grow solidly with our corporate activities affected by the impact of higher interest rates on our cost of funding and the carry of lower rate interest earning assets. Fees continue to grow strongly while costs have remained controlled.” Q1 2023 Management Commentary
  • Guidance:1Q 2023 Earnings Webcast
  • “Banco Santander Chile is one of the companies with the highest risk classifications in Latin America with an A2 rating from Moody’s, A- from Standard and Poor’s, A+ from Japan Credit Rating Agency, AA- from HR Ratings, and A from KBRA.”
  • International Ratings:RatingsRatings
  • P/E (Finviz): 8.97 / P/E (Yahoo! Finance): 9.16
  • Dividend Yield (Finviz): 6.53% / Forward Dividend & Yield (Yahoo! Finance): 6.53%


Finviz Chart




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