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    Andrew Garry • Morgan Stanley

    Andrew Garry's questions to Banco Santander-Chile (BSAC) leadership

    Andrew Garry's questions to Banco Santander-Chile (BSAC) leadership • Q2 2025

    Question

    Andrew Garry from Morgan Stanley requested a detailed outlook on the path of the Net Interest Margin (NIM), considering expectations for inflation, interest rates, loan mix shifts, and deposit betas for Q3, Q4, and into 2026.

    Answer

    Andrés Sansone, Chief Economist, detailed the bank's sensitivities, noting a long position in inflation. He projected a temporary NIM dip in Q3 2025 to the 'very high threes' due to a negative CPI print in July, but expects a recovery to above 4.0% in Q4. This would result in a full-year 2025 NIM around 4.1%. He anticipates a similar NIM for 2026, as inflation converges to 3% and the policy rate approaches its neutral level around 4%.

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    Andrew Garry's questions to Banco Santander-Chile (BSAC) leadership • Q2 2025

    Question

    Andrew Garry from Morgan Stanley requested a detailed outlook on the path of the Net Interest Margin (NIM), considering factors like inflation, interest rates, loan mix, and deposit betas for the remainder of 2025 and into 2026.

    Answer

    Andrés Sansone, Chief Economist, provided specific sensitivities, noting a long position in inflation. He projected a temporary dip in Q3 NIM to the 'very high threes' due to a negative CPI print in July, with a recovery to above 4.0% in Q4. This would result in a full-year 2025 NIM around 4.1%, a level he expects to be sustainable into 2026 as rate cuts are balanced by inflation converging to its target.

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