Banco Santander-Chile Announces First Quarter 2021 Earnings
April 30, 2021 08:40 ET
| Source:
Banco Santander Chile
Banco Santander Chile
Santiago, CHILE
SANTIAGO, Chile, April 30, 2021 (GLOBE NEWSWIRE) -- Banco Santander Chile (NYSE: BSAC; SSE: Bsantander) announced today its unaudited results
1 for the three month period ended March 31, 2021 and first quarter 2021 (1Q21).
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1
The information contained in this report is unaudited and is presented in accordance with Chilean Bank GAAP as defined by the Financial Markets Commission (CMF).
Net income attributable to shareholder up 26.2% YoY in 1Q21, with ROAE of 20.4%
Net income attributable to shareholders in 1Q21 totaled Ch$183,970 million (Ch$0.96 per share and US$0.54 per ADR), decreasing 1.0% compared to 4Q20 (from now on QoQ) and increasing 26.9% compared to 1Q20. It is important to point out that 1Q21 results include an additional provision of Ch$24,000 million recognized in order to increase coverage ratios considering the uncertainty surrounding the potential impacts on credit quality of the COVID-19 crisis. Strong YoY results were driven by a 11.0% increase in net interest income which in turn was driven by asset growth and an improved funding mix. Provision expense also decreased 14.2% as asset quality continues to improve despite the pandemic. Operating expenses, meanwhile, only increased 1.5% YoY. Compared to 4Q20, the lower net income was mainly due to lower net interest income affected by a slightly lower inflation from 1.3% in 4Q20 to 1.1% in 1Q21. This was partially offset by a rebound in fees and financial transactions. The Bank notched its second consecutive quarter of plus 20% ROE which reached 20.4% in 1Q21.