Slides
Page 1
4Q25 results Banco Santander Chile February 5, 2025
Page 2
Important information Banco Santander Chile caution that this presentation contains forward looking statements within the meaning of the US Private Securities Litigation Reform Act of 1995 . These forward looking statements are found in various places throughout this presentation and include, without limitation, statements concerning our future business development and economic performance . While these forward looking statements represent our judgment and future expectations concerning the development of our business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from our expectations . These factors include, but are not limited to : ( 1 ) general market, macro - economic, governmental and regulatory trends ; ( 2 ) movements in local and international securities markets, currency exchange rates, and interest rates ; ( 3 ) competitive pressures ; ( 4 ) technological developments ; and ( 5 ) changes in the financial position or credit worthiness of our customers, obligors and counterparties . The risk factors and other key factors that we have indicated in our past and future filings and reports, including those with the Securities and Exchange Commission of the United States of America, could adversely affect our business and financial performance . Note : the information contained in this presentation is not audited and is presented in Chilean Bank GAAP which is similar to IFRS, but there are some differences . Please refer to our 202 4 20 - F filed with the SEC for an explanation of the differences between Chilean Bank GAAP and IFRS . Nevertheless, the consolidated accounts are prepared on the basis of generally accepted accounting principles . All figures presented are in nominal terms . Historical figures are not adjusted by inflation . Please note that this information is provided for comparative purposes only and that this restatement may undergo further changes during the year and, therefore, historical figures, including financial ratios, presented in this report may not be entirely comparable to future figures presented by the Bank . 2
Page 3
Agenda 1| Macro environment 2|Strategy 3|Balance sheet and results 4|Conclusions 5|Annexes
Page 4
Fintech and Open Finance Law To promote data portability, enhance competition among financial institutions, and foster innovation in digital financial services. Sectorial Permits Law To simplify and eliminate redundant regulatory approvals , reducing barriers for investment and project execution. Macro environment Regulatory environment 4 Implementation of current legislation Dividend Subsidy Law Aiming to lower effective borrowing costs and reactivate housing demand Main economic policy initiatives for 2026 Large investment projects Simplifying permits and technical requirements. Corporate tax reduction To improve competitiveness and attract domestic and foreign investment. F iscal adjustment Enhancing spending efficiency and fiscal sustainability.
Page 5
Macro environment 5 Sources: Central Bank of Chile, ICARE and Santander. Monthly Business Confidence Index (MBCI) (diffusion index, neutral = 50) Business confidence continues its upward trend and moves gradually into optimistic territory
Page 6
Macro environment Sources: Central Bank of Chile and Santander estimates. Macro view GDP growth Annual growth % Inflation UF inflation, annual variation, % 6 % Unemployment annual average - 6.1% 11.3% 2.1% 0.2% 2.6% 2.3% 2.1 - 2.4% ~ 3.0% 2020 2021 2022 2023 2024 2025(f) 2026(f) 2027(f) 2.7% 6.6% 13.3% 4.8% 4.4% 3,4% 2.9% 3.0% 2020 2021 2022 2023 2024 2025 2026(f) 2027(f) 0.50% 4.00% 11.25% 8.25% 5.00% 4.50% 4.25% 4.25% 2020 2021 2022 2023 2024 2025 2026(f) 2027(f) 10.8% 8.9% 7.9% 8.7% 8.5% 8.5% 8.4% 8.1% 2020 2021 2022 2023 2024 2025 (f) 2026(f) 2027(f) Monetary Policy Rate %, eop
Page 7
Agenda 1| Macro environment 2| Strategy 3| Balance sheet and results 4| Conclusions 5| Annexes
Page 8
8 Client activity Global platform and process automatization, leveraging AI Digital Bank with Work/Café Transactional solutions & non - credit services Increasing volume transaction Increasing fees and financial transactions Focused on cost per active client and efficiency Client centered New and active clients +5 million total clients (2026) Levels of efficiency improving Fees growing faster than loans Capital With solid levels of CET1 ~11% ROAE >20% Payout between 60 - 70% Value Creation Digital sales 1 2 3 4 5 Key KPIs to watch Strategy Our strategy to create value for our stakeholders
Page 9
40.1% 36.0% 48.4% 47.3% 12M19 12M25 12M19 12M25 44.6% 63.7% 44.5% 37.1% 12M19 12M25 12M19 12M25 74.1% 70.1% 71.1% 74.8% 15.0% 20.7% 18.8% 16.9% 10.8% 9.2% 10.1% 8.3% 12M19 12M25 12M19 12M25 ROF Fee Income NII 16.7% 23.5% 11.4% 14.0% 12M19 12M25 12M19 12M25 Our strategy has succeeded in changing the income mix and creating a more efficient and profitable bank. 9 ROAE YTD 1 Income mix evolution Efficiency Ratio 2 Recurrence Ratio 3 Santander Industry (ex Santander) Industry (ex Santander) Santander Industry (ex Santander) Santander Santander Industry (ex Santander) Strategy 1.ROAE: Annualized net income attributable to shareholders’ / average shareholders’ equity YTD. 2.Efficiency ratio: operating ex penses including impairment and other operating expenses/ financial margin + fees+ financial transactions and net other operating income 3.Fees/ core expenses. Industry figures are YTD as of December 20 25. Source: CMF Chile
Page 10
Agenda 1| Macro environment 2| Strategy 3| Balance sheet and results 4| Conclusions 5| Annexes
Page 11
Key messages Results 12 M25 financial highlights Net Profit ROAE Ch$1,053 bn + 23 %YoY 23.5 % + 33 0bp Awards and recognitions • Euromoney • Latin Finance Bank of the Year in Chile • The Banker : Best bank in Chile • Global Finance : best bank for SMEs • MSCI ESG rating improves to AA • Sustainalytics rating improves to 15 . 4 • Fees growth 9 % YoY and Financial transactions grow 8 % YoY . Mutual funds growing 7 % YoY . • Recurrence levels of 63 . 7 % , Best in class . • NII increases 11 % YoY with a NIM of 4 . 0 % . • CET 1 of 11 . 0 % • Payout of 60 % of 2025 income is provisioned for our annual dividend to be approved in April 2026 . • 144 a bond issued in Jan 2026 : US $ 500 million for 5 yr at 4 . 55 % Efficiency 3 6.0 % - 30 0bp Balance sheet and results 11
Page 12
26.0% 25.7% 24.5% 21.8% 21.9% 1.34% 1.24% 0.96% 0.56% 0.61% -5.00% -4.00% -3.00% -2.00% -1.00% 0.0 0% 1.0 0% 10. 0% 13. 1% 16. 3% 19. 4% 22. 5% 25. 6% 28. 8% 31. 9% 35. 0% 4Q24 1Q25 2Q25 3Q25 4Q25 ROAE UF Variation ROEs remains above 20% and NIM above 4% despite lower inflation environment Balance sheet and results 12 276,514 277,797 272,558 247,515 255,339 4Q24 1Q25 2Q25 3Q25 4Q25 Quarterly net income attributable to shareholders (0.4%) Ch$ million +3.2% Quarterly ROAE 1 % Ch$ billion 12M25 YoY QoQ Net interest income 1,747 16.1% 4.3% Net readjustment income 270 (13.9%) 14.9% Net income from interest and readjustments 2,017 10.9% 5.3% Avg. Int. earning assets 30,374 (1.0%) 0.5% Average loans 40,984 0.3% (0.2%) Int. earning asset yield 2 7.5% - 51bp +28bp Cost of funds 3 3.8% - 94bp +10bp NIM YTD 4 4.0% +43bp +18bp Net interest income 1. ROAE: Annualized quarterly net income attributable to shareholders/ quarterly average shareholders’ equity. 2.Annualized gro ss interest income divided by average interest earning assets. 3. Annualized interest expense divided by sum of average interest bearing liabilities, including non - interest bearing demand deposits. 4. Annualized Net interest income divided by average interest earning assets
Page 13
#1 Checking accounts (#) Credit Card Transactions (#) Mutual Funds AUMs ($) Rapidly monetizing expansion of client base through digital accounts and transactionality Ch$ billion 12M25 YoY QoQ Card fees 146.5 12.8% 5.7% Getnet 109.1 38.8% 14.8% Asset mgt & Insurance 147.4 8.0% (1.2%) Accounts & Collections 142.3 2.9% -- % Others 50.5 -- % -- % Total Fees 595.8 8.9% 7.1% Results from financial transactions 266.3 7.7% (37.2%) Total Fees + Fin. Trxs . 862.2 8.5% (8.9%) Balance sheet and results 13 4.6 million clients 2 .3 million digital clients +5% YoY Active customers +7% YoY Total customers 5 8 % Of total clients are active customers Business current accounts 547k + 19 % YoY + 9 % YoY + 15 % YoY +7% YoY SME: Client satisfaction with an NPS of 37 pts Credit card number of transactions and business current accounts based on information from the CMF as of November 2025 or lat est information available. NPS as of December 2025, latest data available. #2 Individuals: Client satisfaction with an NPS of 59 pts
Page 14
14 Best in class: Efficiency ratio 36.0% in 2025, with recurrence of 63.7% Ch$ billion 12M25 YoY QoQ Personnel expenses 412.9 3.5% 2.7% Administrative expenses 387.6 5.8% (10.0%) Investment amortization 135.2 (4.4%) 2.7% Total Core expenses 935.7 3.2% 2.6% Other operating expenses 101.7 (11.4%) 10.4% Operating expenses 3 1.037.4 1.6% (1.0%) Efficiency ratio 1 36.0% - 299bp - 65bp Recurrence 2 63.7% +334bp +620bp Costs/assets 1.5% +6bp - 5bp Balance sheet and results 1. Efficiency ratio: operating expenses including impairment and other operating expenses/ financial margin + fees+ financial tr ansactions and net other operating income 2. Fees/ core expenses. 3. Operating expenses including impairment and other operating expenses. Industry figures are YTD as of December 2025 . Source: CMF Chile 94 103 111 143 119 109 Dec-23 Dec-24 Dec-25 Traditional Work/Café Other 247 2 36 2 31 - 6.5 % 3 6 % without human tellers Recurrence 2 Worst in class ; 26.3% System ; 41.3% Best in class (Santander) ; 63.7% % Our fees generated from clients represent more than 60% of our core expenses. Most efficient bank in Chile 20 25 Efficiency 1 Best in class (Santander) ; 36.0% System, 45.4% Worst in class ; 55.0 % % Operating expenses Branch network
Page 15
15 Balance sheet and results Cost of risk at 1.39% in 2025 with asset quality stable 1. Cost of risk: Provision expense annualized divided by average loans. Includes additional provisions 2. 90 days or more NPL s, March 2025 data is the most recent data from Note 13 of the financial statements. 3. NPLs + restructured loans. 1.29% 1.39% 0.00% 12M24 12M25 YTD cost of credit 1 (%) 1,311 1,314 1,230 1,258 1,333 3.2% 3.2% 3.0% 3.1% 3.2% 0.00% 1.00% 2.00% 3.00% - 500 1,000 1,500 2,000 2,500 3,000 4Q24 1Q25 2Q25 3Q25 4Q25 NPLs NPL ratio NPLs 2 and NPL ratio Ch$bn (%) 2,783 2,852 2,790 2,813 2,942 6.7% 6.9% 6.8% 6.8% 7.1% 0.00% 2.00% 4.00% 6.00% 8.00% - 1,000 2,000 3,000 4,000 5,000 4Q24 1Q25 2Q25 3Q25 4Q25 Impaired loans Impaired ratio Impaired loans 3 and Impaired loan ratio Ch$bn (%)
Page 16
10.5% 11.0% 1.7% 1.5% 4.9% 4.4% Dec-24 Dec-25 Tier 2 AT1 Core capital Balance sheet and results 1. Includes systemic charge of 1.5% (Level II), according to current CMF requirements of CET1 and RWAs for December 2025. Core capital & BIS ratio 17.1% 16.9% 9.08% min. requirement in 2025 1 12.63% Including AT1 and Tier 2 Solid capital ratios Minimum requirements under Basel III 16 +~600 bp under ECB regulation We have been assigned a 13 bp Pillar 2 charge (reduced from the 25 bp assigned in 2025 ) . 56 . 3 % of this charge has to be constituted with CET 1 . In July 2025 , the CMF published the new guidelines for Pillar 2 in Chile . Among other things, the new regulations adjusts the metrics related to the market risk of the banking book . The regulatory review process will begin from the IAPE process in April 2027 . Dec - 25 Minimum from Banking Law 4.5% D - SIB 1.5% Minimum CET1 6.00% Conservation buffer 2.5% Countercyclical buffer 0.5% Min. CET1 + Buffers 9.0% Pillar II (CET1, AT1 and Tier 2) 0.08% Min. CET1 + Buffers + P2 9.08% Pilar II Update Basel III is now fully loaded, with complete implementation of capital deductions . As of December 2025 , we are provisioning 60 % of the accumulated income for dividend payment in April 2026 .
Page 17
Agenda 1|Macro environment 2|Strategy 3|Balance sheet and results 4| Conclusions 5| Annexes
Page 18
18 Initial outlook for 2026 Conclusions Macro Expectations for 2026 GDP 2.4 % UF variation 2.9% MPR Average 4.3% Loan Growth NIM Non - NII Efficiency CoR ROAE Initial 2026 targets Mid - single digits Mid to H igh Single Digit growth Mid 30%s ~1.3% 22 - 24% c. 4%
Page 19
19
Page 20
Agenda 1| Macro environment 2| Strategy 3| Balance sheet and results 4| Conclusions 5 | Annexes
Page 21
21 Balance sheet and results 1. Santander Consumer Finance, auto loans. 2. Includes other interbank loans. 3. Mutual funds are brokered by Santander Chile an d managed by Santander Asset Management (a subsidiary of the Santander Group). 4. Liquidity Coverage Ratio and Net Stable Funding Ratio in compliance with Chilean regulation. Strong results growth while volumes remain stable Ch$ billion 12M25 YoY QoQ Consumer 6,057 2.5% 2.6% Auto loans 1 1,080 6.5% 1.1% Credit cards 2,062 4.1% 6.4% Installment loans 2,915 -- % 0.7% Mortgages 17,444 (0.7%) (0.1%) Commercial 17,364 (2.6%) (1.3%) Total 5 40,989 (0.9%) (0.1%) Total loans by product Ch$ billion 12M25 YoY QoQ Demand deposits 14,706 (1.3%) 7.4% Time deposits 16,494 (3.5%) 1.5% Total deposits 40,569 (2.5%) 4.1% Mutual funds 2 14,556 7.1% (4.7%) Bonds 10,277 (4.3%) (1.6%) LCR 3 188% NSFR 4 115% Customer funding
Page 22
1,380 1,428 1,489 1,522 1,535 1,537 1,471 1,456 1,514 7.6% 7.7% 8.6% 8.9% 8.6% 8.7% 8.3% 8.2% 8.6% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 0 500 1000 1500 2000 2500 3000 Dec-23 Mar-24 Jun-24 Sept-24 Dec-24 Mar-25 Jun-25 Sept-25 Dec-25 118 128 137 133 132 129 129 140 153 2.1% 2.3% 2.4% 2.3% 2.2% 2.2% 2.2% 2.4% 2.5% 0.0% 1.0% 2.0% 3.0% 4.0% 0 200 400 600 800 1000 1200 1400 1600 1800 2000 Dec-23 Mar-24 Jun-24 Sept-24 Dec-24 Mar-25 Jun-25 Sept-25 Dec-25 582 653 659 697 726 714 630 615 637 3.2% 3.5% 3.8% 4.1% 4.1% 4.0% 3.6% 3.4% 3.6% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 0 200 400 600 800 1000 1200 1400 1600 1800 2000 Dec-23 Mar-24 Jun-24 Sept-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 223 263 283 422 453 473 471 503 543 1.3% 1.5% 1.6% 2.4% 2.6% 2.7% 2.7% 2.9% 3.1% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 0 200 400 600 800 1000 1200 1400 1600 1800 2000 Dec-23 Mar-24 Jun-24 Sept-24 Dec-24 Mar-25 Jun-25 Sept-25 Dec-25 NPLs NPL Ratio 22 Balance sheet and results Evolution of asset quality 1. 90 days or more NPLs. 2. NPLs + restructured loans. 3. Loan loss reserves over NPLs, includes total additional provisions and regulatory requirements for Ch$185 bn. Commercial loans NPL ratio 1 Impaired ratio 2 Coverage 3 130% Mortgage loans Coverage 3 37 % NPL ratio 1 Impaired ratio 2 Consumer loans Coverage 3 326% NPL ratio 1 Impaired ratio 2 635 692 754 870 943 1,012 1,018 1,051 1,100 3.7% 4.0% 4.3% 4.9% 5.4% 5.8% 5.8% 6.0% 6.3% 0.0% 2.0% 4.0% 6.0% 8.0% 0 500 1000 1500 2000 2500 3000 Dec-23 Mar-24 Jun-24 Sept-24 Dec-24 Mar-25 Jun-25 Sept-25 Dec-25 Impaired Impaired ratio 276 277 281 303 305 303 301 307 327 4.9% 4.9% 4.9% 5.3% 5.2% 5.2% 5.1% 5.2% 5.4% 2.0% 3.0% 4.0% 5.0% 6.0% 0 500 1000 1500 2000 2500 3000 Dec-23 Mar-24 Jun-24 Sept-24 Dec-24 Mar-25 Jun-25 Sept-25 Dec-25 Ch$bn (%) Ch$bn (%)
Page 23
A nnexes Dec - 25 Dec - 24 Dec - 25/Dec - 24 Assets Ch$ Million % Chg . Cash and deposits in banks 1,975,644 2,695,560 (26.7%) Cash items in process of collection 1,185,633 572,552 107.1% Financial assets for trading at fair value through earnings 11,594,405 12,639,097 (8.3%) Financial derivative contracts 10,879,777 12,309,770 - 11.6% Financial debt instruments 714,628 329,328 117.0% Financial assets at fair value through other comprehensive income 3,889,952 2,762,388 40.8% Financial debt instruments 3,598,366 2,687,485 33.9% Other financial instruments 291,586 74,903 289.3% Financial derivative contracts for hedge accounting 261,192 843,628 - 69.0% Financial assets at amortized cost 45,544,898 45,438,590 0.2% Investments under resale agreements 427,983 153,087 179.6% Financial debt instruments 5,525,242 5,176,005 6.7% Interbank loans, net 68,070 31,258 117.8% Loans and account receivables from customers - Commercial 16,647,201 17,115,723 - 2.7% Loans and account receivables from customers - Mortgage 17,258,525 17,398,598 - 0.8% Loans and account receivables from customers - Consumer 5,617,878 5,563,919 1.0% Investments in associates and other companies 67,040 59,785 12.1% Intangible assets 91,475 88,669 3.2% Property, plant and equipment 178,955 198,092 (9.7%) Assets with leasing rights 93,481 114,546 (18.4%) Current taxes 113 60 89.0% Deferred taxes 486,523 459,977 5.8% Other assets 2,644,044 2,535,775 4.3% Non - current assets and groups for sale 81,599 50,214 62.5% TOTAL ASSETS 68,094,956 68,458,932 (0.5%) 29
Page 24
A nnexes Dec - 25 Dec - 24 Dec - 25/Dec - 24 LIABILITIES Ch$ Million % Chg. Cash items in process of being cleared 1,068,216 497,110 114.9% Financial liabilities for trading at fair value through earnings 10,587,308 12,155,024 (12.9%) Financial derivative contracts 10,587,308 12,155,024 (12.9%) Financial derivative contracts for hedge accounting 912,716 898,394 1.6% Financial liabilities at amortized cost 44,682,275 44,307,585 0.8% Deposits and other demand liabilities 14,075,590 14,260,609 (1.3%) Time deposits and other time liabilities 16,493,783 17,098,625 (3.5%) Obligations under repurchase agreements 2,755,243 276,588 896.2% Interbank borrowings 3,434,237 4,337,947 (20.8%) Issued debt instruments 7,699,100 8,133,275 (5.3%) Other financial liabilities 224,321 200,541 11.9% Obligations for leasing contracts 40,649 66,882 (39.2%) Financial instruments of issued regulatory capital 2,577,961 2,604,079 (1.0%) Provisions for contingencies 168,594 121,638 38.6% Provisions for dividend, payment of interest and re - appreciation of financial instruments of issued regulatory capital 637,190 606,141 5.1% Special provisions for credit risk 247,533 343,788 (28.0%) Current taxes 83,084 48,548 71.1% Deferred taxes 1,785 - -- % Other liabilities 2,248,006 2,412,909 (6.8%) TOTAL LIABILITIES 63,255,317 64,062,099 (1.3%) EQUITY Capital 891,303 891,303 0.0% Reserves 3,459,800 3,232,505 7.03% Accumulated other comprehensive income (71,181) (107,174) - 33.58% Elements that will not be reclassified to earnings 1,716 1,393 23.13% Elements that can be reclassified to earnings (72,897) (108,568) - 32.86% Retained earnings from prior years 23,757 24,324 (2.3%) Income from the period 1,053,209 857,623 22.81% Provisions for dividend, payment of interest and re - appreciation of financial instruments of issued regulatory capital (637,190) (606,141) 5.12% Total Shareholders' Equity 4,719,697 4,292,440 9.95% Non - controlling interest 119,942 104,394 14.89% EQUITY 4,839,639 4,396,833 10.07% TOTAL LIABILITIES AND EQUITY 68,094,956 68,458,932 - 0.53% 30
Page 25
A nnexes 31 Dec - 25 Dec - 24 Dec - 25/Dec - 24 Ch$ Million % Chg. Interest income 3,406,154 3,620,583 (5.9%) Interest expense (1,659,285) (2,115,842) (21.6%) Net interest income 1,746,869 1,504,741 16.1% Readjustment income 389,455 474,234 (17.9%) Readjustment expense (119,628) (160,672) (25.5%) Net readjustment income 269,827 313,562 (13.9%) Net interest and readjustment income 2,016,696 1,818,303 10.9% Fee and commission income 1,040,644 960,168 8.4% Fee and commission expense (444,813) (413,102) 7.7% Net fee and commission income 595,831 547,066 8.9% Financial assets for trading at fair value through earnings (43,556) 85,013 (151.2%) Result fromderecognition of financial assets and liabilities at amortized cost and of financial assets at fair value with changes in other comprehensive income 2,938 (37,068) (107.9%) Changes, readjustments and hedge accounting in foreign currency 306,963 199,383 54.0% Net financial result 266,345 247,328 7.7% Income from investments in associates and other companies 9,289 10,437 (11.0%) Results from non - current assets and non - continued operations (3,743) (8,311) (55.0%) Other operating income 7,016 8,048 (12.8%) Total operating income 2,891,434 2,622,870 10.2% Employee benefit expenses (412,902) (398,819) 3.5% Administrative expenses (387,605) (366,431) 5.8% Depreciation and amortization (135,159) (141,435) (4.4%) Impairment of non - financial assets (3,747) (1,295) 189.4% Other operating expenses (101,703) (114,740) (11.4%) Total operating expenses (1,041,116) (1,022,719) 1.8% Operating results before credit losses 1,850,318 1,600,151 15.6% Expense for provisions establised for credit risk of loans at amortized cost (855,731) (675,794) 26.6% Expense for special provisions for credit risk 94,269 (3,359) (2906.4%) Recovery of written - off loans 192,640 153,944 25.1% Impairment for credit risk for other financial assets at amortized cost and financial assets at fair value through other comprehensive income (3,950) (622) 535.3% Credit loss expenses (572,772) (525,831) 8.9% Net income from ordinary activities before tax 1,277,546 1,074,320 18.9% Income tax (207,934) (209,811) (0.9%) Net income 1,069,612 864,509 23.7% Income attributable to shareholders 1,053,209 857,623 22.8% Income for non - controlling interest 16,403 6,886 138.2%
Page 26
A nnexes 32 4Q25 3Q25 4Q24 4Q25/4Q24 4Q25/3Q25 Ch$ Million % Chg. Interest income 857,007 857,429 872,542 - 1.8% 0.0% Interest expense - 403,810 - 422,901 - 449,053 - 10.1% - 4.5% Net interest income 453,197 434,528 423,489 7.0% 4.3% Readjustment income 84,941 44,817 154,007 - 44.8% 89.5% Readjustment expense - 33,930 - 404 - 56,774 - 40.2% 8293.6% Net readjustment income 51,012 44,412 97,233 - 47.5% 14.9% 504,208 478,940 520,722 - 3.2% 5.3% Fee and commission income 253,584 264,085 251,910 0.7% - 4.0% Fee and commission expense - 98,895 - 119,636 - 113,164 - 12.6% - 17.3% Net fee and commission income 154,690 144,448 138,747 11.5% 7.1% Finncial assets not for trading at fair value through earnings (119,994) 94,965 86,954 (238.0%) (226.4%) Result fromderecognition of financial assets and liabilities at amortized cost and of financial assets at fair value with changes in other comprehensive income 914 5,070 3,645 - 74.9% - 82.0% Changes, readjustments and hedge accounting in foreign currency 170,058 - 18,834 - 23,751 - 816.0% - 1002.9% Net financial result 50,978 81,201 66,848 - 23.7% - 37.2% Income from investments in associates and other companies 2,426 2,412 3,958 - 38.7% 0.6% Results from non - current assets and non - continued operations - 2,948 3,934 (4,848) - 39.2% - 174.9% Other operating income 4,875 865 1,412 245.3% 463.5% Total operating income 714,229 711,801 726,839 - 1.7% 0.3% Employee benefit expenses - 104,907 - 102,188 (100,431) 4.5% 2.7% Administrative expenses - 86,297 - 95,845 (90,412) - 4.6% - 10.0% Depreciation and amortization - 34,009 - 33,124 (35,723) - 4.8% 2.7% Impairment of non - financial assets - 822.68915 - 1826.2168 (1,295) - 36.5% - 55.0% Other operating expenses - 33,914 - 30,714 - 37,294 - 9.1% 10.4% Total operating expenses - 259,950 - 263,698 - 265,154 - 2.0% - 1.4% Operating results before credit losses 454,279 448,103 461,685 - 1.6% 1.4% Expense for provisions establised for credit risk of loans at amortized cost - 192,491 - 186,349 - 177,287 8.6% 3.3% Expense for special provisions for credit risk - 1,952 - 1,466 - 2,960 - 34.0% 33.1% Recovery of written - off loans 55,919 43,446 49,011 14.1% 28.7% Impairment for credit risk for other financial assets at amortized cost and financial assets at fair value through other comprehensive income (3,858) 745 (1,076) 258.4% - 618.1% Credit loss expenses - 142,382 - 143,625 - 132,311 7.6% - 0.9% Net income from ordinary activities before tax 311,897 304,478 329,373 - 5.3% 2.4% Income tax - 51,706 - 53,612 - 55,675 - 7.1% - 3.6% Net income 260,192 250,866 273,698 - 4.9% 3.7% Income attributable to shareholders 255,339 247,515 276,514 - 7.7% 3.2% Income for non - controlling interest 4,852 3,352 - 2,815 - 272.4% 44.8%
Page 27
A nnexes 33