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Santander Chile reports Q3 EPS 58c, consensus 67c
The Fly

Santander Chile reports Q3 EPS 58c, consensus 67c

The company said, “In the third quarter of 2024, the Bank’s net income attributable to shareholders totaled $243,133 million, reflecting an increase of 11.7% compared to the previous quarter, with an ROAE of 23.1%. As of September 30, 2024, the Bank’s net income attributable to shareholders totaled $581.109 billion, reflecting an increase of 81.9% compared to the same period of the previous year and with an ROAE of 18.2%. The increase in results in the quarter is explained by an increase in the Bank’s main income lines, with operating income increasing by 6.3% in the quarter, driven by a better interest margin and readjustments. Net interest and readjustment income accumulated as of September 30, 2024 increased by 74.8% compared to the same period in 2023. This increase in NII was due to higher interest income due to improvements in the cost of funds resulting from a lower monetary policy rate, partially offset by lower readjustment income due to lower inflation in the period. In 3Q24, total net interest and readjustment income increased by 4.2% compared to 2Q24. This is explained by higher net interest income due to lower funding costs and better investment portfolio performance, offset by lower net readjustment income due to lower UF variation in the quarter.”

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