The following is a summary of the Banco Santander-Chile (BSAC) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Banco Santander-Chile reported Q1 2024 net income of CLP120 billion, a quarterly ROAE of 11.2%.

• Loan balances saw a growth of 1.1% from the last quarter and 5.5% YoY, largely attributed to mortgage and commercial lending.

• Managed a Net Interest Margin (NIM) of 2.7% for Q1 2024.

• The bank's capitalization was strong with a total capital ratio of 17.6% and a core equity tier 1 ratio of 10.4% at the end of the quarter.

• The bank achieved an efficiency ratio of 47% for the quarter.

Business Progress:

• As part of its transformation towards digital banking, Banco Santander-Chile plans to acquire 5 million customers and 450,000 SME clients.

• Continuous revamping of its branch network has led to a reduction of total branches by 24% in 2022 and an additional 14% in 2023.

• The bank's 'Getnet' acquiring business registered over 137,000 active points of sale nationwide, driving significant growth among SMEs.

• Plans to implement a $450 million investment plan for technology and branch renovation between 2023 and 2026.

• Targets a GDP growth of 2.8% and a NIM of at least 3.2% for the full year 2024, with the objective to grow its loan book at mid-single digits and to constrain core expenses to grow less than inflation.

• The bank has actively taken measures against a recent cybersecurity event to protect customer data and maintain operational safety.

More details: Banco Santander Chile IR

Tips: This article is generated by AI. The accuracy of the content can not be fully guaranteed. For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.