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    Daniel Mora Ardila • Credicorp

    Daniel Mora Ardila's questions to Banco de Chile (BCH) leadership

    Daniel Mora Ardila's questions to Banco de Chile (BCH) leadership • Q2 2025

    Question

    Daniel Mora Ardila asked about Banco de Chile's short-term strategy to achieve loan growth above the industry average, focusing on specific segments and products. He also inquired if this strategy would change once the economic recovery solidifies and whether a new loan mix could sustain high NIMs despite normalizing inflation.

    Answer

    Head of IR Pablo Mejia outlined the strategy to focus on high-potential segments like SMEs and affluent consumer lending, leveraging digital channels and new products like Banchile Pago. He stated this focus would remain consistent. Regarding NIMs, both Pablo Mejia and Chief Economist Rodrigo Aravena suggested that a better loan mix and higher-for-longer interest rates should support a stable NIM around 4.5% to 4.7%.

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    Daniel Mora Ardila's questions to Banco Santander-Chile (BSAC) leadership

    Daniel Mora Ardila's questions to Banco Santander-Chile (BSAC) leadership • Q2 2025

    Question

    Daniel Mora Ardila from Credicorp requested an explanation for why Santander Chile's commercial and mortgage NPL ratios are significantly above industry levels and asked about the expected timeline for normalization.

    Answer

    Andrés Sansone, Chief Economist, clarified that the higher NPLs are structural. The commercial NPL is elevated due to a higher concentration of SME lending (about one-third of the commercial book), aligning with their universal bank strategy. The mortgage NPL is higher because a significant portion (30%) of the portfolio has a variable rate, which was negatively affected by high real rates in 2023-2024. He stated the mortgage portfolio has now stabilized and expects gradual improvement, with the total NPL ratio projected to fall below 3% by early 2026.

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    Daniel Mora Ardila's questions to Banco Santander-Chile (BSAC) leadership • Q2 2025

    Question

    Daniel Mora Ardila from Credicorp Capital sought to understand the reasons for Santander Chile's commercial and mortgage NPL ratios being above the industry average and the expected timeline for normalization.

    Answer

    Andrés Sansone, Chief Economist, clarified that the higher commercial NPL is structurally due to a larger concentration in SME lending, which is core to their strategy. The elevated mortgage NPL was attributed to a significant portion of variable-rate loans that were impacted by high real rates in 2023-2024. He noted this portfolio is now stabilizing and expects the total NPL ratio to improve gradually, falling below 3% by early 2026.

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    Daniel Mora Ardila's questions to Banco Santander-Chile (BSAC) leadership • Q1 2025

    Question

    Daniel Mora Ardila asked about loan growth expectations by segment given reduced GDP estimates, the potential impact of new Pillar 2 capital requirements on strategy and dividends, and the reasons for the expected ROE normalization from 26% in Q1 to the guided 21% for the full year.

    Answer

    Patricia Pallacan, CFO, addressed loan growth, expecting mid-single-digit growth driven by retail and consumer lending, with corporate loans remaining weak. She confirmed the new Pillar 2 capital requirements will not impact the bank's strategy or dividends. Cristian Vicuna, Head of Strategy and IR, clarified that the bank is actually increasing its ROE guidance to 'above 21%' and that the normalization from Q1's high level is expected due to a slightly lower NIM in subsequent quarters as inflation moderates.

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