Net interest income growth slowed to 2.8% YoY in 2026Q2, while NIM compressed to 0.6% from 1.0% in 2025Q4, reflecting asset yields repricing faster than funding costs amid cooling inflation.
Banco Santander-Chile (BSAC) annual income statement — 28-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 |
|---|
| Net Interest Income | 2.03T | 1.99T | 1.79T | 1.09T | 1.57T | 1.79T | 1.59T | 1.42T | 1.41T | 1.33T | 1.28T | 1.26T | 1.32T | 1.08T | 1.04T | 972.3B | 939.72B | 856.52B | 892.07B | 775.76B | 658.16B | 600.11B | 500.56B | 300.22B | 525.34B | 252.48B | 226.67B | 195.46B | 198.4B |
| NII Growth % | 15.91% | 11.19% | 63.47% | -30.38% | -12.52% | 12.61% | 12.48% | 0.18% | 6.61% | 3.54% | 2.08% | -4.7% | 22.32% | 3.26% | 7.24% | 3.47% | 9.71% | -3.99% | 14.99% | 17.87% | 9.67% | 19.89% | 66.73% | -42.85% | 108.07% | 11.38% | 15.97% | -1.48% | - |
| Net Interest Margin % | 2.89% | 2.92% | 2.61% | 1.54% | 2.29% | 2.81% | 2.86% | 2.8% | 3.61% | 3.71% | 3.46% | 3.62% | 4.31% | 3.97% | 4.21% | 3.94% | 4.25% | 4.12% | 4.23% | 4.18% | 4.12% | 4.36% | 4.18% | 2.77% | 4.45% | 3.73% | 3.88% | 3.6% | 3.58% |
| Interest Income | 3.78T | 3.8T | 4.09T | 4.4T | 4.09T | 2.9T | 2.23T | 2.32T | 2.24T | 2.06T | 2.14T | 2.09T | 2.23T | 1.87T | 1.89T | 1.77T | 1.41T | 1.21T | 2.06T | 1.73T | 1.26T | 1.09T | 838.32B | 608.56B | 1.04T | 579.64B | 606.18B | 528.65B | 623.27B |
| Interest Expense | 1.75T | 1.81T | 2.31T | 3.31T | 2.52T | 1.11T | 638.48B | 904.42B | 829.95B | 731.75B | 855.68B | 830.78B | 909.91B | 794.44B | 848.22B | 796.43B | 473.26B | 351.26B | 1.17T | 954.83B | 598.33B | 494.01B | 337.76B | 308.34B | 517.94B | 327.16B | 379.51B | 333.2B | 424.87B |
| Loan Loss Provision | 40.37B | 575.31B | 504.59B | 322.79B | 356.49B | 291.23B | 478.26B | 323.31B | 317.41B | 302.25B | 342.08B | 399.28B | 354.9B | 371.46B | 403.69B | 316.14B | 253.91B | 333.14B | 287.98B | 224.67B | 132.25B | 69.74B | 85.12B | 100.51B | 92.24B | 46.27B | 44.65B | 62.25B | 36.74B |
| Non-Interest Income | 1.07T | 864.47B | 808.42B | 817.79B | 633.81B | 469.11B | 443.48B | 489.24B | 398.88B | 412.81B | 391.82B | 381.02B | 333.13B | 429.14B | 341.75B | 363.53B | 357.4B | 447.12B | 393.3B | 356.09B | 345.21B | 329.46B | 288.89B | 376.59B | 211.65B | 111.04B | 57.81B | 74.15B | 56.33B |
| Non-Interest Income % | 34.54% | 30.32% | 31.15% | 42.8% | 28.76% | 20.72% | 21.77% | 25.67% | 22% | 23.73% | 23.42% | 23.29% | 20.19% | 28.5% | 24.68% | 27.21% | 27.55% | 34.3% | 30.6% | 31.46% | 34.41% | 35.44% | 36.59% | 55.64% | 28.72% | 30.55% | 20.32% | 27.5% | 22.11% |
| Total Net Revenue | 3.11T | 2.85T | 2.6T | 1.91T | 2.2T | 2.26T | 2.04T | 1.91T | 1.81T | 1.74T | 1.67T | 1.64T | 1.65T | 1.51T | 1.38T | 1.34T | 1.3T | 1.3T | 1.29T | 1.13T | 1T | 929.57B | 789.45B | 676.8B | 736.99B | 363.52B | 284.49B | 269.6B | 254.73B |
| Revenue Growth % | 48.18% | 9.86% | 35.81% | -13.3% | -2.65% | 11.12% | 6.88% | 5.13% | 4.24% | 3.96% | 2.26% | -0.85% | 9.58% | 8.77% | 3.64% | 2.98% | -0.5% | 1.42% | 13.56% | 12.8% | 7.94% | 17.75% | 16.64% | -8.17% | 102.74% | 27.78% | 5.52% | 5.84% | - |
| Non-Interest Expense | 1.69T | 1.03T | 1.01T | 896.67B | 946.32B | 898.56B | 863.8B | 788.2B | 732.78B | 719.78B | 743.64B | 708.83B | 668.39B | 595.48B | 574.88B | 535.26B | 450.39B | 444.96B | 516.67B | 508.79B | 501.57B | 541.99B | 446.39B | 327.68B | 457.9B | 201.59B | 150.54B | 162.13B | 147.99B |
| Efficiency Ratio | 54.53% | 36.14% | 38.96% | 46.93% | 42.94% | 39.69% | 42.4% | 41.35% | 40.41% | 41.38% | 44.44% | 43.32% | 40.5% | 39.54% | 41.52% | 40.07% | 34.72% | 34.13% | 40.2% | 44.95% | 49.99% | 58.31% | 56.54% | 48.42% | 62.13% | 55.45% | 52.92% | 60.14% | 58.1% |
| Operating Income | 1.37T | 1.25T | 1.08T | 691.38B | 901.11B | 1.07T | 695.26B | 794.69B | 763.07B | 717.46B | 587.46B | 528.12B | 626.94B | 538.96B | 405.91B | 484.43B | 592.82B | 525.53B | 480.71B | 398.4B | 369.55B | 317.84B | 257.94B | 248.61B | 186.85B | 115.66B | 89.3B | 45.23B | 70B |
| Operating Margin % | 44.17% | 43.68% | 41.6% | 36.18% | 40.89% | 47.44% | 34.13% | 41.69% | 42.08% | 41.25% | 35.11% | 32.28% | 37.99% | 35.79% | 29.32% | 36.26% | 45.7% | 40.31% | 37.4% | 35.2% | 36.83% | 34.19% | 32.67% | 36.73% | 25.35% | 31.82% | 31.39% | 16.77% | 27.48% |
| Operating Income Growth % | - | 15.36% | 56.15% | -23.27% | -16.11% | 54.49% | -12.51% | 4.14% | 6.36% | 22.13% | 11.24% | -15.76% | 16.32% | 32.78% | -16.21% | -18.28% | 12.8% | 9.32% | 20.66% | 7.81% | 16.27% | 23.22% | 3.75% | 33.06% | 61.54% | 29.53% | 97.45% | -35.39% | - |
| Pretax Income | 1.37T | 1.25T | 1.08T | 691.38B | 901.11B | 1.07T | 695.26B | 794.69B | 763.07B | 717.46B | 587.46B | 528.12B | 626.94B | 538.96B | 405.91B | 484.43B | 592.82B | 525.53B | 480.71B | 398.4B | 369.55B | 317.84B | 257.94B | 248.61B | 186.85B | 115.66B | 89.3B | 45.23B | 70B |
| Pretax Margin % | 44.17% | 43.68% | 41.6% | 36.18% | 40.89% | 47.44% | 34.13% | 41.69% | 42.08% | 41.25% | 35.11% | 32.28% | 37.99% | 35.79% | 29.32% | 36.26% | 45.7% | 40.31% | 37.4% | 35.2% | 36.83% | 34.19% | 32.67% | 36.73% | 25.35% | 31.82% | 31.39% | 16.77% | 27.48% |
| Income Tax | 219.8B | 207.36B | 219.75B | 97.55B | 93.62B | 221.66B | 142.53B | 175.07B | 167.14B | 145.03B | 109.03B | 76.39B | 51.05B | 94.53B | 44.47B | 77.31B | 85.34B | 88.92B | 59.74B | 60.08B | 62.56B | 54.7B | 48.4B | 43.32B | 27.74B | -3.3B | 572.41M | -5.46B | 387.78M |
| Effective Tax Rate % | 16.02% | 16.65% | 20.35% | 14.11% | 10.39% | 20.64% | 20.5% | 22.03% | 21.9% | 20.21% | 18.56% | 14.47% | 8.14% | 17.54% | 10.96% | 15.96% | 14.4% | 16.92% | 12.43% | 15.08% | 16.93% | 17.21% | 18.76% | 17.43% | 14.85% | -2.86% | 0.64% | -12.08% | 0.55% |
| Net Income | 1.13T | 1.02T | 852.96B | 579.43B | 792.28B | 842.47B | 547.61B | 619.09B | 595.33B | 562.8B | 476.07B | 448.47B | 569.91B | 442.29B | 356.81B | 402.19B | 505.39B | 431.56B | 413.37B | 336.09B | 306.99B | 263.14B | 209.54B | 205.29B | 159.1B | 118.97B | 88.72B | 50.69B | 69.61B |
| Net Margin % | 36.3% | 35.83% | 32.87% | 30.32% | 35.95% | 37.21% | 26.88% | 32.48% | 32.83% | 32.35% | 28.45% | 27.41% | 34.54% | 29.37% | 25.77% | 30.11% | 38.96% | 33.1% | 32.16% | 29.69% | 30.6% | 28.31% | 26.54% | 30.33% | 21.59% | 32.73% | 31.19% | 18.8% | 27.33% |
| Net Income Growth % | 5.79% | 19.78% | 47.21% | -26.87% | -5.96% | 53.84% | -11.55% | 3.99% | 5.78% | 18.22% | 6.15% | -21.31% | 28.85% | 23.96% | -11.28% | -20.42% | 17.11% | 4.4% | 23% | 9.48% | 16.66% | 25.58% | 2.07% | 29.03% | 33.73% | 34.09% | 75.03% | -27.18% | - |
| Net Income (Continuing) | 1.15T | 1.04T | 859.85B | 593.84B | 807.48B | 852.43B | 552.73B | 619.61B | 595.92B | 572.43B | 478.43B | 451.73B | 575.89B | 444.43B | 361.43B | 407.12B | 507.47B | 436.61B | 420.97B | 338.32B | 306.99B | 263.14B | 209.54B | 205.29B | 159.1B | 118.97B | 88.72B | 50.69B | 69.61B |
| EPS (Diluted) | 2392.31 | 2236.00 | 1812.00 | 1052.00 | 1680.00 | 1788.00 | 1164.00 | 1316.00 | 1256.00 | 1200.00 | 1004.00 | 952.00 | 1168.00 | 940.00 | 824.00 | 924.00 | 1012.00 | 292.00 | 696.00 | 712.00 | 652.00 | 564.00 | 480.00 | 424.00 | 344.00 | 532.00 | 228.00 | 208.00 | 280.00 |
| EPS Growth % | 8.1% | 23.4% | 72.24% | -37.38% | -6.04% | 53.61% | -11.55% | 4.78% | 4.67% | 19.52% | 5.46% | -18.49% | 24.26% | 14.08% | -10.82% | -8.7% | 246.58% | -58.05% | -2.25% | 9.2% | 15.6% | 17.5% | 13.21% | 23.26% | -35.34% | 133.33% | 9.62% | -25.71% | - |
| EPS (Basic) | - | 2236.00 | 1812.00 | 1052.00 | 1680.00 | 1788.00 | 1164.00 | 1316.00 | 1256.00 | 1200.00 | 1004.00 | 952.00 | 1168.00 | 940.00 | 824.00 | 924.00 | 1012.00 | 292.00 | 696.00 | 712.00 | 652.00 | 564.00 | 480.00 | 424.00 | 344.00 | 532.00 | 228.00 | 208.00 | 280.00 |
| Diluted Shares Outstanding | 471.12M | 471.12M | 471.12M | 471.12M | 471.12M | 471.12M | 471.12M | 471.12M | 471.12M | 471.12M | 471.12M | 471.12M | 471.12M | 471.12M | 471.12M | 471.12M | 471.12M | 471.12M | 430M | 471.12M | 471.12M | 471.12M | 471.12M | 471.12M | 471.12M | 247.34M | 256.98M | 247.34M | 247.08M |
Quick answers to the most common questions about buying BSAC stock.
For fiscal year 2025, Banco Santander-Chile (BSAC) reported total revenue of $2.85T. This represents a 1019.3% increase compared to $254.73B in 1998.
Banco Santander-Chile (BSAC) is profitable, generating $1.02T in net income for the fiscal year ending 2025 with a net profit margin of 21.9%.
Banco Santander-Chile (BSAC) reported an operating income of $1.25T, resulting in an operating profit margin of 26.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Banco Santander-Chile (BSAC) generated $2.28T in gross profit for the year, representing a gross profit margin of 48.8%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
UF inflation normalization impact
NII Growth Faces Inflation Headwinds
According to recent financial statements, BSAC's net interest income grew 2.8% YoY in 2026Q2, but the trajectory appears vulnerable as UF-linked adjustments normalize with cooling Chilean inflation.
The 2.8% YoY growth in NII for 2026Q2 is a marked deceleration from the 19.6% and 36.4% growth seen in 2025Q2 and 2025Q1, respectively. This suggests that the windfall from high inflation, which inflated UF-denominated loan balances, is fading. Investors should monitor whether NII can sustain growth through volume expansion as the inflation tailwind dissipates.
NIM Compression Signals Rate Pressure
As reported in financial statements, BSAC's net interest margin fell to 0.6% in 2026Q2 from 1.0% in 2025Q4, indicating that asset yields are repricing faster than funding costs.
The sharp decline in NIM from 1.0% to 0.6% within two quarters suggests that the bank's UF-indexed assets are yielding less as inflation cools, while deposit costs may remain sticky. This compression could persist if the Central Bank maintains high nominal rates, pressuring the spread between UF assets and nominal liabilities. The bank's high proportion of demand deposits provides some cushion, but the trend warrants close observation.
Efficiency Ratio Volatile but Manageable
Based on reported figures, BSAC's efficiency ratio swung from 20.8% in 2026Q2 to 54.1% in 2026Q1, reflecting non-interest income volatility, yet the underlying cost discipline appears intact.
The efficiency ratio's volatility is largely driven by swings in non-interest income, particularly in the Corporate Activities segment, which can distort the metric. Excluding these effects, the bank's core efficiency appears stable, with 2026Q2 at 20.8% and 2025Q3 at 19.9%. This suggests that management's digital initiatives are containing costs, but the reliance on volatile income streams for operating leverage is a risk.
Provisioning Remains Elevated
In the latest quarter, BSAC's provision expense was $125.8B, roughly stable YoY, but the negative provision in 2026Q1 and 2024Q3 highlights the impact of voluntary provisions on earnings volatility.
The provision expense has hovered around $125-145B in recent quarters, indicating a stable credit environment. However, the negative provisions in 2026Q1 and 2024Q3 suggest that management is using voluntary provisions to smooth earnings, which may obscure underlying credit trends. With sluggish Chilean growth, investors should monitor whether normalized provisioning will rise, potentially compressing net margins below the current 21.9%.
Fee Income Volatility Masks Core Strength
According to recent filings, BSAC's fee income as a percentage of total revenue swung from 31.3% in 2026Q2 to -13.5% in 2026Q1, reflecting treasury and hedging losses in Corporate Activities.
The extreme volatility in non-interest income, including negative values in 2026Q1 and 2024Q3, suggests that the Corporate Activities segment's treasury operations can significantly distort reported fee income. Excluding these, the core retail and middle-market fee streams, including Getnet, appear more stable. Investors should focus on the recurring fee base, which is likely growing, but the headline volatility is a concern for earnings quality.
UF Normalization Threatens Earnings
The rapid normalization of Chilean inflation appears to be the biggest risk to BSAC's earnings, as UF-indexed loan balances will no longer receive automatic upward adjustments, potentially contracting NII.
BSAC's loan book is heavily indexed to the UF, which adjusts with inflation. During the high-inflation period, this provided a significant boost to NII. As inflation cools, this tailwind reverses, and the bank may face margin compression. The 2026Q2 NIM of 0.6% already reflects this pressure. If inflation continues to decline, NII could contract further, challenging the bank's ability to maintain its current profitability levels.