Santander Chile earned CLP 237 billion in the third quarter of 2026, 4.2% less than in the same period of 2025 and 38% less than in the second quarter, according to the management commentary the bank filed with the US SEC, approved by its board on October 27. The drop is mainly explained by lower inflation, which cut readjustment income on its UF-indexed assets, and to a lesser extent by lower fees and higher provisions.
Over the first nine months of the year, however, net income attributable to shareholders totals CLP 892,844 million, 11.9% more than in January-September 2025, with a return on average equity (ROAE) of 24.5%. The figures come the same week that Ana Botín, executive chair of the Santander group, said in Madrid that "Chile is laying the foundations to accelerate growth and investment," and announced she will visit the country early next week, according to Diario Financiero.
View the data as a table
| Quarterly net income | $237 billion |
| January-September net income | $892.8 billion |
| Quarterly ROAE | 19.1% |
| Customers | 4,923,793 |
Why Santander Chile earnings fell in the quarter
Chilean banks hold far more UF-indexed assets than liabilities, mainly mortgages, so they earn more when the UF rises quickly. In the second quarter of 2026 the UF rose 2.5% and Santander's readjustment income reached CLP 173.3 billion. In the third quarter the UF rose only 0.6% and that income fell to CLP 61.3 billion, a drop of 64.6%. Net interest income, by contrast, was almost flat at CLP 447.1 billion.
The other blow came from fees, which fell 9.7% year on year to CLP 130.5 billion in the quarter. The bank attributes the drop to card and payment fees, due to lower transaction volume and more competition in payments, while asset management and insurance fees rose 13% in the year. That payments market is the one the CMF is finishing regulating: we explain it in the new deadlines for payment card operators.
| Net interest income | 434,528 | 447,703 | 447,102 |
| Readjustment income | 44,412 | 173,272 | 61,330 |
| Net fees | 144,449 | 141,390 | 130,453 |
| Provision expense | -143,625 | -126,806 | -157,048 |
| Operating expenses | -263,698 | -256,942 | -253,233 |
More provisions and rising delinquency
Credit risk provisions rose to CLP 157.0 billion in the quarter, compared with CLP 143.6 billion a year earlier. Cost of risk reached 1.48% of loans, from 1.22% in the second quarter, and the 90-day non-performing loan ratio hit 3.5% in September, versus 3.1% a year earlier. That is consistent with what the CMF reported for the whole system through September: year-to-date profits fell on higher provisions, lower fees and higher support costs.
| Indicator | 3Q25 | 2Q26 | 3Q26 |
|---|---|---|---|
| Cost of risk | 1.39% | 1.22% | 1.48% |
| Net interest margin (NIM) | — | 4.7% | 3.8% |
| Efficiency (costs/income) | — | 30.8% | 36.1% |
| Branches | 231 | 224 | 219 |
| Employees | 8,583 | 8,315 | 8,188 |
Source: Banco Santander Chile, management commentary as of September 30, 2026, Form 6-K filed with the SEC. Nine-month efficiency was 33.0% (35.9% in 2025) and the CET1 capital ratio stood at 10.9% in September, above the regulatory minimum of 9.08%. Santander closed 12 branches in a year and has 395 fewer employees.
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See advertising optionsHow loans and deposits grew
Total loans reached CLP 42.2 trillion in September, 3.0% more than in December 2025. The push came from commercial loans (+5.5%) and, to a lesser extent, mortgages (+1.9%), while consumer loans fell 0.3%. Total deposits rose 9.0% in the year to CLP 33.3 trillion, with time deposits up 18.1% and demand accounts down 1.8%. Santander holds a 16.5% share of system loans, according to CMF data for August cited by the bank. How it compares with its rivals is in our ranking of Chile's largest banks.
The nine months: a year still better than 2025
Despite the quarterly stumble, the year-to-date figures are still up. January-September net income grew 11.9%, driven by the first half, when the UF rose faster, and efficiency improved almost three points because costs fell while income grew. What worsened was risk: cumulative cost of risk rose to 1.42% and fees fell 3.3%.
| January-September | 2025 | 2026 |
|---|---|---|
| Attributable net income (CLP million) | 797,869 | 892,844 |
| Return on average equity (ROAE) | 24.0% | 24.5% |
| Net interest margin | 4.0% | 4.1% |
| Cost of risk | 1.39% | 1.42% |
| Efficiency | 35.9% | 33.0% |
Source: Banco Santander Chile, management commentary as of September 30, 2026, Form 6-K filed with the SEC. Nine-month net fees totaled CLP 426,775 million.
What lies ahead for Santander Chile earnings
The bank kept its 2026 guidance, with mid-single-digit loan growth and a net interest margin of 4.1%, and for 2027 it expects loans to grow 6% to 7%, a margin of around 4% and a return on equity of 22% to 24%. It also flagged a negative effect of about CLP 45 billion in the fourth quarter from remeasuring deferred taxes after the change in the tax law, of which CLP 40 billion will go through the income statement.
For customers, the key point is inflation: the Central Bank considered raising rates in October because of higher oil prices, as we report in what the meeting minutes say. Higher CPI would bring readjustment income back to banks, but would also make UF-indexed mortgage payments more expensive. Botín, for her part, announced in Madrid the creation of Santander Rentas Vitalicias in Chile after buying Principal's annuity portfolio.
Frequently asked questions
How much did Santander Chile earn in the third quarter of 2026?
Net income attributable to shareholders was CLP 237 billion, 4.2% less than a year earlier and 38% less than in the second quarter.
Why does inflation affect bank profits?
Because banks hold more UF assets than UF liabilities. When the UF rises faster, readjustment income grows; in the third quarter the UF rose 0.6%, compared with 2.5% in the second.
How many customers does Santander Chile have?
As of September 2026 it had 4,923,793 customers, 7.5% more than a year earlier, of which 2,728,481 were active customers.
When is Ana Botín coming to Chile?
According to Diario Financiero, the Santander group chair will visit Chile for two days early in the week of November 9 to meet clients, officials and the local team led by Andrés Trautmann.
