UPDATE: Banco Santander-Chile (BSAC) Tops Q3 EPS by 2c

Banco Santander-Chile (NYSE: BSAC) reported Q3 EPS of $0.28, $0.02 better than the analyst estimate of $0.26.

Net income attributable to shareholders in 3Q20 totaled Ch$105,139 million (Ch$ 0.56 per share and US$ 0.28 per ADR). It is important to point out that 3Q20 results include an additional provision of Ch$30,000 million recognized in order to increase coverage ratios considering the uncertainty surrounding the potential impacts on credit quality of the COVID-19 crisis and Ch$34,133 million in regulatory provisions set aside for FOGAPE loans1 due to a change in the expected loss model of these loans. Even with this impact net income increased 23.9% QoQ due to a lower overall provision expense, higher net interest income and cost control. This was partially offset by lower non-interest income affected by lower economic activity and lower treasury income. The ROE in the quarter reached 11.5% compared to 9.5% in 2Q20

For earnings history and earnings-related data on Banco Santander-chile (BSAC) click here.

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