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Santander Banco Santander Chile 2Q26 results August 5 , 2026 It starts here
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2 Banco Santander Chile caution that this presentation contains forward looking statements within the meaning of the US Private Se curities 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 financi al position or credit worthiness of our customers, obligors and counterparties. The risk factors and other key factors that we have indicated in ou r p ast and future filings and reports, including those with the Securities and Exchange Commission of the United States of America, could adver sel y 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 2025 20 - F filed with the SEC for an explanation of the differences between Chilean Bank GA AP 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 comparativ e p urposes only and that this restatement may undergo further changes during the year and, therefore, historical figures, including financial ratios, pre sented in this report may not be entirely comparable to future figures presented by the Bank. Important information
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01 Macro environment
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4 Macro view Global uncertainty persists, while Chile’s macro outlook shows gradual normalization. Sources: Central Bank of Chile and Santander estimates. Monetary Policy Rate (%, eop ) GDP growth (annual growth %) Inflation (annual UF variation %) 11.3% 2.1% 0.2% 2.8% 2.5% 1.0% 3.0% 2021 2022 2023 2024 2025 2026(f) 2027(f) 6.6% 13.3% 4.8% 4.4% 3.4% 4.2 - 4.5% 3.0% 2021 2022 2023 2024 2025 2026(f) 2027(f) 4.00% 11.25% 8.25% 5.00% 4.50% 4.50% 4.25% 2021 2022 2023 2024 2025 2026(f) 2027(f)
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5 National Reconstruction Plan Bill: expected to be passed in August, with first impacts as of October 2026 Pro - market initiatives to reactivate growth Economic Growth Drivers Gradual reduction in corporate tax rate from 27 % - 23 % ( 2027 - 2029 ) Tax system reintegration Investment incentives and tax stability Faster permitting processes Reconstruction spending Employment generation Potential impacts Higher private investment Improved business confidence, Stronger economic activity, Recovery in commercial loan demand Regulatory environment Household Support Measures Temporary VAT exemption on new homes Housing reconstruction programmes Improved housing affordability Employment support Strengthening household purchasing power Potential impacts Stronger housing demand Higher mortgage origination Recovery in consumer activity Supportive backdrop for loan growth, housing activity and economic recovery Other relevant regulatory changes Repos and Securitization law Market risk weighted assets model Advances towards internal models for credit risk
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02 Strategy
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7 Our strategy, pillars & objectives Driving customer value, global scale and efficiency through global platforms. Think Customer Becoming the best value proposition for all our customers all Reaching over 3.5M active customers, including 400k SMEs, with best - in - class experience and increasing share of wallet in high - value segments. Attract more Customers Improving NPS Pillars & Objectives …serving more than 3.5 million active customers built on AI - first cutting - edge technology and customer - centric processes to achieve a sustainable shareholder return. Digital Bank with Work/Café… Think Global Accelerating our Digital Transformation to lead with our platform in an increasingly dynamic environment AI powered global operating model, delivering the best digital experience on global platforms and driving resource and capability optimization, enabling an agile, productive and efficient business. Deepen digital transformation High Fees Think Value Delivering strong returns through high - efficiency and sustainable model Increasing high - quality, revenues, with a stronger focus on fees, recurring income streams and trading results. High ROE’s - Above 20% LT Dividend Payout 60 - 70%
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8 Diversified platform supporting balanced revenue mix Five global business lines with complementary strengths and clear strategic focus Revenue and balance sheet mix by segment 66% 41% 56% 48% 23% 24% 26% 18% 5% 26% 11% 17% 2% 10% 2% 5% 3% 5% 3% 9% Loans Deposits Margin Non-NII Retail Commercial CIB WM & I Consumer Payments Our 5 global business lines Retail & Commercial Digital transformation and simplification of products and processes. Implement new, efficient operating model, building on the Work/Café brand. Corporate & Investment Banking Value added Client advisory and FX franchise Transactional banking and sustainable solution. Capital optimization Wealth Management & Insurance Private Banking: renewed value proposition. Strengthen our position in investment advisory and insurance. Market leader in mutual funds in Chile. Consumer Banking Market leader for financing of new and electric vehicles. Strengthen our position among used car sales. Payments (Getnet) Reach new segments of clients through value added services and open market strategy. Offer simple bundled solutions. AI - enabled global platforms enhancing scale, efficiency and revenue diversification $41,427 bn $32,391 bn $1,11 1 bn $ 452 bn
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9 Recognition of our strategy’s success We have been highly recognized for leading the market Awards and recognitions • Euromoney : Best Bank in Chile, Best Bank for ESG and Best Bank for SMEs in 2026 • Latin Finance : Bank of the Year in Chile 2025 • The Banker : Best bank in Chile 2025 • Global Finance : Best bank for SMEs in 2025 • Dow Jones Best - in Class World Index : first Chilean bank to be included . • MSCI ESG rating : AA • Sustainalytics rating : 15 . 4 Sustainability ratings & indices NEW MILESTONE — 2026 Santander Arena Naming rights to Chile’s 15,000 - seat arena at Parque O’Higgins — from September 2026.
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0 3 Balance sheet and results
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11 Strong quarterly income driven by higher inflation 1. ROAE: Annualized quarterly net income attributable to shareholders/ quarterly average shareholders’ equity. ROAE (quarterly %) ROAE Net income attributable to shareholders (Ch$ million) 24.5% 21.8% 21.9% 23.0% 31.5% 0.96% 0.56% 0.61% 0.29% 2.46% -10.00% -8.00% -6.00% -4.00% -2.00% 0.00% 2.00% 0.0% 10.0% 20.0% 30.0% 40.0% Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 ROAE UF Variation 272,558 247,515 255,339 273,189 382,570 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 40.0% QoQ 40.4 % YoY ROAE of 27.2% YTD and 31.5% in the quarter
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12 Loans and Customer funds Better loan growth in the quarter while total customer funds increased 4.5%QoQ 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. Total loans by product (Ch$ billion) 6M26 YTD (%) QoQ (%) Consumer 6,066 0.1% (0.6%) Auto Loans 1 1,134 4.9% 1.8% Credit Cards 2,030 (1.5%) (2.0%) Installment Loans 2,901 (0.5%) (0.6%) Mortgages 17,696 1.4% 2.0% Commercial 17,617 1.5% 1.3% Total 2 41,427 1.2% 1.3% Customer funding (Ch$ billion) 6M26 YTD (%) QoQ (%) Demand deposits 13,944 (0.9%) 1.4% Time deposits 18,447 11.8% 7.0% Total deposits 32,391 6.0% 4.5% Mutual funds 3 15,935 9.5% 3.1% Total customer funds 48,326 7.1% 4.0% Bonds 9,869 (4.0%) (3.5%) LCR 4 177% NSFR 4 118%
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13 Net interest income , NIM and Inflation High inflation drives NIM of 4.7% in the quarter. NIM ( Quarterly ) 1 1. Quarterly net interest income annualized divided by average interest earning assets for the quarter. 2. Annualized gross i nte rest 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 UF Variation ( Quarterly ) 0.96% 0.56% 0.61% 0.29% 2.46% Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 4.1% 3.8% 4.0% 3.8% 4.7% 0.0% 2.0% 4.0% 6.0% Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Net interest income (NII) (Ch$ billion) 6M26 YoY (%) QoQ (%) Net interest income 905.2 5.4% (2.1%) Net readjustment income 205.3 17.7% 441.2% Net income from interest and readjustments 1,110.5 7.4% 26.9% Avg. Int. earning assets 51,750 3.5% 3.1% Average loans 40,950 (0.1%) 0.9% Int. earning asset yield 2 7.9% +8bp +202bp Cost of funds 3 3.9% - 6bp +123p NIM YTD 4 4.3% +16bp +89bp
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14 Clients, Fees, ROF Rapidly monetizing expansion of client base through digital accounts and transactionality . Checking accounts (#) +6% YoY Credit Card Transactions (#) +11% YoY Mutual Funds AUMs ($) +8% YoY Business current accounts 519k 4.8 million clients Fees & Financial Transactions (Ch$ billion) 6M26 YoY (%) QoQ (%) Card fees 73.9 (1.6%) (7.4%) Payments 42.7 (15.1%) (22.2%) Asset mgt & Insurance 80.6 16.1% 1.5% Accounts & Collections 71.4 (1.3%) 0.4% Others 27.7 (6.2%) (36.2%) Total Fees 296.3 (0.1%) (8.7%) Results from financial transactions 155.7 16.0% (17.4%) Total Fees + Fin. Trxs . 452.0 4.9% (11.8%) 2.7 million active clients +7% YoY Total customers +1.3% YoY Active customers +56% Of total clients are active customers Credit card number of transactions and business current accounts based on information from the CMF as of May 2026 or latest i nfo rmation available. NPS as of June 2026, latest data available.
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15 Operating Expenses & Efficiency Best in class: Efficiency ratio 31.6% YTD , with recurrence of 64.1%. Santander 31.6% Operating expenses (Ch$ billion) 6M26 YoY (%) QoQ (%) Personnel expenses 209.2 1.7% 11.7% Administrative expenses 186.4 (9.3%) 3.4% Investment amortization 66.7 (2.0%) (6.9%) Total Core expenses 462.3 (3.5%) 5.5% Other operating expenses 32.8 (11.6%) 49.7% Operating expenses 3 495.2 (4.3%) 7.8% Efficiency ratio 1 31.6% - 373bp - 170bp Recurrence 2 64.1% +220bp - 927bp Costs/assets 1.4% - 12bp +9bp 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 May 2026. Competition is the syst em minus Santander. Source: CMF Chile. Efficiency 1 (%, Industry figures as of May 2026) Competition 43.1% Worst 57.1% Most efficient bank in Chile Santander 64.1% Recurrence 2 (%, Industry figures as of May 2026) Competition 40.6% Worst 25.8% Our fees generated from clients represent more than 60% of our core expenses. Branch Network 251 124 123 53 94 91 73 11 10 Dec-19 Dec-25 Jun-26 Traditional Work/Café Other 224 229 377
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16 Cost of Risk & NPLs Cost of risk at 1.38% YTD with stable asset quality dynamics 1. Cost of risk: Provision expense annualized divided by average loans. Includes additional provisions. 2. 90 days or more NP Ls, March 2026 data is from Note 13 of the financial statements. Ratio is NPLs/ total loans 3. NPLs + restructured loans . Ratio is impaired loans/ total loans Cost of Credit 1 (YTD) 1.39% 1.38% 6M25 6M26 1,230 1,258 1,333 1,352 1,436 3.0% 3.1% 3.2% 3.3% 3.4% 0.0% 1.0% 2.0% 3.0% 900 1,100 1,300 1,500 1,700 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 NPLs and NPL ratio 2 ( Ch$bn , %) Impaired loans and impaired ratio 3 ( Ch$bn , %) 2,790 2,813 2,942 3,039 3,121 6.8% 6.8% 7.1% 7.4% 7.5% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 2,000 2,500 3,000 3,500 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Cost of Credit 1 ( Quarterly ) 1.43% 1.39% 1.38% 1.55% 1.22% Q2'25 Q3'25 Q4'25 Q1'26 Q2'26
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17 Basel III Minimum Requirements 2026 CET1 9.08% Minimum CET1 regulatory 4.50% D - SIB 1.50% Conservation Buffer 2.50% Countercyclical Buffer 1 0.50% Pillar 2 charge 0.08% Tier I (CET1 + AT1) 10.60% Regulatory AT1 1.50% Pillar 2 Charge 0.02% Bis Ratio (Tier I & II) 12.63% Regulatory Tier 2 2.00% Pillar 2 Charge 0.03% Capital & CET1 CET1 +200bp above regulatory minimum, positive advances in regulations 1. Increases to 1.0% in May 2028. Core capital & BIS ratio Risk weighted assets distribution (Ch$bn) 10.9% 11.1% 1.6% 1.5% 4.5% 4.0% Jun-25 Jun-26 CET1 AT1 Tier 2 30,872 7,783 5,157 43,760 Credit Market Operational Total 100% 12% 18% 70% 62% RWA density 16.4% 16.9% Proposal of a new regulatory model for Market risk weighted assets New model would incorporate the duration model for interest rate risk and improves the netting of the derivative position used to mitigate the interest rate risk. Pending publication of definitive model
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04 Conclusions
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19 Guidance 2026 Initial 2026 targets Update on our delivery Loan Growth NIM Non - NII Efficiency CoR ROAE Macro Expectations for 2026 GDP 1.0% UF variation 4.2 - 4.5% MPR Average 4.5% Mid - single digits c. 4% Mid to High Single Digit growth Mid 30%s ~1.3% 22 - 24% Mid - single digits c. 4.1% Mid Single Digit growth Low 30%s ~1.35% +24%
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0 5 Annexes
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22 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$162 bn. Consumer Loans Mortgage Loans Commercial Loans 283 422 453 473 471 503 543 563 597 1.6% 2.4% 2.6% 2.7% 2.7% 2.9% 3.1% 3.2% 3.4% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% - 200 400 600 800 1,000 1,200 Impaired 2 (Ch$ bn, %) NPLs 1 (Ch$ bn, %) 754 870 943 1,012 1,018 1,051 1,100 1,126 1,163 4.3% 4.9% 5.4% 5.8% 5.8% 6.0% 6.3% 6.5% 6.6% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% - 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 Coverage 3 34% Coverage 3 119 % Coverage 3 387% 659 697 726 714 630 615 637 652 712 3.8% 4.1% 4.1% 4.0% 3.6% 3.4% 3.6% 3.7% 3.9% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% - 200 400 600 800 1,000 1,200 1,489 1,522 1,535 1,537 1,471 1,456 1,514 1,595 1,641 8.6% 8.9% 8.6% 8.7% 8.3% 8.2% 8.6% 9.0% 9.1% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10.0% (200) 300 800 1,300 1,800 2,300 2,800 137 133 132 129 129 140 153 137 127 2.4% 2.3% 2.2% 2.2% 2.2% 2.4% 2.5% 2.2% 2.1% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% - 50 100 150 200 250 300 350 400 281 303 305 303 301 307 327 319 317 4.9% 5.3% 5.2% 5.2% 5.1% 5.2% 5.4% 5.2% 5.2% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% - 100 200 300 400 500 600
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23 Patrimonio 5.6 Caja 2.1 HTC 6.2 DPV 5.0 Bonos 10.7 Líneas Bilaterales 3.6 Depósitos a Plazo 20.0 Demand Deposits 15.1 Hipotecas 19.0 Comerciales 18.3 Consumo 6.1 Activos Pasivo USD 57 bn Solid balance structure and liquidity levels Inflation: • +100bp in inflation = +15 bp of NIM app. • Approx 57% of loans are linked to inflation. • UF Gap is managed through some UF deposits bonds, and hedges. Interest rates: • - 100bp in interest rate = +5bp of NIM app. • Time deposits have an average maturity of 30 - 60 days. Balance Sheet sensitivities Structural balance sheet ( US$bn , June 2026)
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24 A diversified and universal bank • Loans: 57% Individuals / 43% companies • 43% of loans are mortgage loans. • 99% loans booked in Chile with Chilean companies • High diversification by sector. Loan book: Composition of our loan book ( %,June 2026) Commercial , 42.5% Mortgages , 42.4% Consumer , 14.9% Interbank loans , 0.1% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Total loans Total commercial loans Social services and other communal services; 27.4% Trade ; 20.8% Real estate services; 13.3% Agriculture, livestock, fishing, forestry, etc.; 8.7% Manufacturing ; 8.3% Electricity, gas and water; 3.7% Construction ; 4.5% Transport ; 4.1% Financial services ; 3.3% Telecommunications ; 3.8% Mining ; 2.0% Oil and natural gas; 0.1%
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25 Annexes Jun - 26 Dec - 25 Jun - 26/Dec - 25 Assets Ch$ Million % Chg . Cash and deposits in banks 1,895,212 1,975,644 (4.1%) Cash items in process of collection 2,236,352 1,185,633 88.6% Financial assets for trading at fair value through earnings 11,100,132 11,594,405 (4.3%) Financial derivative contracts 10,588,911 10,879,777 (2.7%) Financial debt instruments 511,221 714,628 (28.5%) Financial assets at fair value through other comprehensive income 5,072,701 3,889,952 30.4% Financial debt instruments 4,622,947 3,598,366 28.5% Other financial instruments 449,754 291,586 54.2% Financial derivative contracts for hedge accounting 304,348 261,192 16.5% Financial assets at amortized cost 46,580,881 45,544,898 2.3% Investments under resale agreements 861,342 427,983 101.3% Financial debt instruments 5,676,312 5,525,242 2.7% Interbank loans, net 47,498 68,070 (30.2%) Loans and account receivables from customers - Commercial 16,853,490 16,647,201 1.2% Loans and account receivables from customers - Mortgage 17,507,944 17,258,525 1.4% Loans and account receivables from customers - Consumer 5,634,295 5,617,878 0.3% Investments in associates and other companies 68,338 67,040 1.9% Intangible assets 84,445 91,475 (7.7%) Property, plant and equipment 165,974 178,955 (7.3%) Assets with leasing rights 99,562 93,481 6.5% Current taxes 1,867 113 1545.8% Deferred taxes 493,293 486,523 1.4% Other assets 2,140,218 2,644,044 (19.1%) Non - current assets and groups for sale 80,008 81,599 (1.9%) TOTAL ASSETS 70,323,331 68,094,956 3.3%
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26 Annexes Jun - 26 Dec - 25 Jun - 26/Dec - 25 LIABILITIES Ch$ Million % Chg. Cash items in process of being cleared 2,112,752 1,068,216 97.8% Financial liabilities for trading at fair value through earnings 10,049,335 10,587,308 (5.1%) Financial derivative contracts 10,049,335 10,587,308 (5.1%) Financial derivative contracts for hedge accounting 818,325 912,716 (10.3%) Financial liabilities at amortized cost 46,439,507 44,682,275 3.9% Deposits and other demand liabilities 13,943,771 14,075,590 (0.9%) Time deposits and other time liabilities 18,447,020 16,493,783 11.8% Obligations under repurchase agreements 3,232,935 2,755,243 17.3% Interbank borrowings 3,378,281 3,434,237 (1.6%) Issued debt instruments 7,223,482 7,699,100 (6.2%) Other financial liabilities 214,018 224,321 (4.6%) Obligations for leasing contracts 48,766 40,649 20.0% Financial instruments of issued regulatory capital 2,645,259 2,577,961 2.6% Provisions for contingencies 129,646 168,594 (23.1%) Provisions for dividend, payment of interest and re - appreciation of financial instruments of issued regulatory capital 398,757 637,190 (37.4%) Special provisions for credit risk 231,108 247,533 (6.6%) Current taxes 52,385 83,084 (36.9%) Deferred taxes 4,819 1,785 170.0% Other liabilities 2,254,353 2,248,006 0.3% TOTAL LIABILITIES 65,185,012 63,255,317 3.1% EQUITY Capital 891,303 891,303 0.0% Reserves 3,877,287 3,459,800 12.1% Accumulated other comprehensive income (90,390) (71,181) 27.0% Elements that will not be reclassified to earnings 2,118 1,716 23.5% Elements that can be reclassified to earnings (92,509) (72,897) 26.9% Retained earnings from prior years 39,011 23,757 64.2% Income from the period 655,759 1,053,209 (37.7%) Provisions for dividend, payment of interest and re - appreciation of financial instruments of issued regulatory capital (398,757) (637,190) (37.4%) Total Shareholders' Equity 4,974,213 4,719,697 5.4% Non - controlling interest 164,106 119,942 36.8% EQUITY 5,138,320 4,839,639 6.2% TOTAL LIABILITIES AND EQUITY 70,323,331 68,094,956 3.3%
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27 Annexes Jun - 26 Jun - 25 Jun - 26/Jun - 25 Ch$ Million % Chg. Interest income 1.674.469 1.691.718 (1,0%) Interest expense (769.256) (832.574) (7,6%) Net interest income 905.213 859.144 5,4% Readjustment income 366.804 259.697 41,2% Readjustment expense (161.515) (85.295) 89,4% Net readjustment income 205.289 174.403 17,7% Net interest and readjustment income 1.110.502 1.033.547 7,4% Fee and commission income 535.506 522.975 2,4% Fee and commission expense (239.184) (226.282) 5,7% Net fee and commission income 296.322 296.693 (0,1%) Financial assets for trading at fair value through earnings 173.974 (18.527) (1039,0%) Result fromderecognition of financial assets and liabilities at amortized cost and of financial assets at fair value with changes in other comprehensive income 14.957 (3.046) (591,0%) Changes, readjustments and hedge accounting in foreign currency (33.266) 155.739 (121,4%) Net financial result 155.665 134.166 16,0% Income from investments in associates and other companies 3.171 4.451 (28,8%) Results from non - current assets and non - continued operations (3.560) (4.729) (24,7%) Other operating income 6.042 1.275 373,8% Total operating income 1.568.140 1.465.403 7,0% Employee benefit expenses (209.228) (205.806) 1,7% Administrative expenses (186.419) (205.463) (9,3%) Depreciation and amortization (66.653) (68.026) (2,0%) Impairment of non - financial assets (134) (1.098) (87,8%) Other operating expenses (32.771) (37.075) (11,6%) Total operating expenses (495.205) (517.468) (4,3%) Operating results before credit losses 1.072.935 947.935 13,2% Expense for provisions establised for credit risk of loans at amortized cost (401.091) (476.891) (15,9%) Expense for special provisions for credit risk 16.918 97.688 (82,7%) Recovery of written - off loans 99.987 93.275 7,2% Impairment for credit risk for other financial assets at amortized cost and financial assets at fair value through other comprehensive income (1.397) (837) 66,9% Credit loss expenses (285.583) (286.765) (0,4%) Net income from ordinary activities before tax 787.352 661.171 19,1% Income tax (115.052) (102.617) 12,1% Net income 672.299 558.554 20,4% Income attributable to shareholders 655.759 550.355 19,2% Income for non - controlling interest 16.540 8.199 101,7%
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28 Annexes 2Q26 1Q26 2Q25 2Q26/2Q25 2Q26/1Q26 Ch$ Million % Chg. Interest income 842.165 832.304 853.701 (1,4%) 1,2% Interest expense (394.461) (374.794) (418.395) (5,7%) 5,2% Net interest income 447.704 457.509 435.306 2,8% (2,1%) Readjustment income 324.532 42.272 127.813 153,9% 667,7% Readjustment expense (151.261) (10.255) (43.207) 250,1% 1375,0% Net readjustment income 173.271 32.017 84.607 104,8% 441,2% Net interest and readjustment income 620.975 489.527 519.913 19,4% 26,9% Fee and commission income 265.170 270.336 258.905 2,4% (1,9%) Fee and commission expense (123.780) (115.404) (110.462) 12,1% 7,3% Net fee and commission income 141.390 154.932 148.443 (4,8%) (8,7%) Finncial assets not for trading at fair value through earnings 42.618 114.400 11.297 277,2% (62,7%) Result fromderecognition of financial assets and liabilities at amortized cost and of financial assets at fair value with changes in other comprehensive income 5.918 9.039 997 493,4% (34,5%) Changes, readjustments and hedge accounting in foreign currency 21.871 (55.138) 50.656 (56,8%) (139,7%) Net financial result 70.407 85.258 62.951 11,8% (17,4%) Income from investments in associates and other companies 1.946 1.225 3.237 (39,9%) 58,9% Results from non - current assets and non - continued operations (757) (2.804) 1.052 (171,9%) (73,0%) Other operating income 753 5.288 522 44,4% (85,8%) Total operating income 834.713 733.426 736.117 13,4% 13,8% Employee benefit expenses (110.379) (98.849) (111.742) (1,2%) 11,7% Administrative expenses (94.781) (91.639) (94.741) 0,0% 3,4% Depreciation and amortization (32.137) (34.516) (32.850) (2,2%) (6,9%) Impairment of non - financial assets - (134) (934) (100,0%) (100,0%) Other operating expenses (19.646) (13.125) (21.950) (10,5%) 49,7% Total operating expenses (256.943) (238.263) (262.217) (2,0%) 7,8% Operating results before credit losses 577.771 495.164 473.900 21,9% 16,7% Expense for provisions establised for credit risk of loans at amortized cost (170.603) (230.488) (213.764) (20,2%) (26,0%) Expense for special provisions for credit risk (4.145) 21.062 20.647 (120,1%) (119,7%) Recovery of written - off loans 48.968 51.019 46.417 5,5% (4,0%) Impairment for credit risk for other financial assets at amortized cost and financial assets at fair value through other comprehensive income (1.026) (371) (563) 82,3% 176,4% Credit loss expenses (126.806) (158.777) (147.264) (13,9%) (20,1%) Net income from ordinary activities before tax 450.965 336.386 326.637 38,1% 34,1% Income tax (59.143) (55.909) (49.820) 18,7% 5,8% Net income 391.822 280.477 276.817 41,5% 39,7% Income attributable to shareholders 382.570 273.189 272.558 40,4% 40,0% Income for non - controlling interest 9.252 7.288 4.259 117,2% 26,9%
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29 Annexes