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AG

Andrew Garry

Research Analyst at Morgan Stanley

London, GB

Andrew Garry is an equity research analyst at Morgan Stanley focusing on specific sectors and companies within the investment landscape. While his exact title, detailed companies covered, and quantitative performance metrics remain undisclosed, available information indicates his role involves analyzing market trends and providing actionable investment insights for institutional clients. There is insufficient public data detailing his performance rankings, track record returns, or prior career experience. Professional credentials and securities licenses have not been confirmed through authoritative public disclosures.

Andrew Garry's questions to BANCO SANTANDER CHILE (BSAC) leadership

Question · Q2 2025

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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Question · Q2 2025

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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