4 At the moment of the bond issue Chile’s sovereign rating was A1. In June it was upgraded to Aa3.

 

Investor Relations Department	8
Bandera 140 19th Floor, Santiago, Chile, Tel: 562-320-8284, fax: 562-671-6554,
email: rmorenoh@santander.cl

 

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SHAREHOLDERS’ EQUITY AND REGULATORY CAPITAL

ROAE of 33.8% reached in 2Q10. Record dividend paid in April 2010

Shareholders' Equity		Quarter												Change %
(Ch$ million)		Jun-10				Mar-10				Jun-09				June 10/ 09				June 10 / Mar. 10
Capital			891,303				891,303				891,303				0.0	%			0.0	%
Reserves			51,538				51,539				(16,960	)			(403.9	)%			(0.0	)%
Unrealized gain (loss) Available-for-sale financial assets			(18,193	)			(32,620	)			(14,199	)			28.1	%			(44.2	)%
Retained Earnings:			740,678				772,882				636,875				16.3	%			(4.2	)%
Retained earnings previous periods			560,129				818,885				508,045				10.3	%			(31.6	)%
Net income			257,927				119,104				184,043				40.1	%			116.6	%
Provision for mandatory dividend			(77,378	)			(165,107	)			(55,213	)			40.1	%			(53.1	)%
Minority Interest			28,460				29,942				30,920				(8.0	)%			(4.9	)%
Total Equity			1,693,786				1,713,046				1,527,939				10.9	%			(1.1	)%
Equity attributable to shareholders			1,665,326				1,683,104				1,497,019				11.2	%			(1.1	)%
ROAE			33.8	%			28.1	%			28.7	%

Shareholders’ equity totaled Ch$1,665,326 million (US$3.0 billion) as of June 30, 2010. ROAE in 2Q10 reached 33.8%. This strong profitability was achieved while having one of the highest levels of capitalization in the banking system. Voting common shareholders’ equity is the sole component of our Tier I capital and represented 10.3% of risk weighted assets as of June 30, 2010. The BIS ratio reached 14.1% at the same date. In April 2010, the Bank paid its annual dividend of Ch$1.37/share, 21.2% more than in 2009 and equivalent to 60% of 2009 earnings attributable to shareholders.

Capital Adequacy		Quarter ended												Change %
(Ch$ million)		Jun-10				Mar-10				Jun-09				June 10/ 09				June 10 / Mar. 10
Tier I			1,665,326				1,683,103				1,497,019				11.2	%			(1.1	)%
Tier II			627,608				599,353				535,978				17.1	%			4.7	%
Regulatory capital			2,292,934				2,282,455				2,032,997				12.8	%			0.5	%
Risk weighted assets			16,210,259				15,513,732				13,544,319				19.7	%			4.5	%
Tier I ratio			10.3	%			10.8	%			11.1	%
BIS ratio			14.1	%			14.7	%			15.0	%

 

Investor Relations Department	9
Bandera 140 19th Floor, Santiago, Chile, Tel: 562-320-8284, fax: 562-671-6554,
email: rmorenoh@santander.cl

 

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SECTION 3: ANALYSIS OF QUARTERLY INCOME STATEMENT

NET INTEREST INCOME

Net interest margin increases to 6.1% in 2Q10

 

Net Interest Income / Margin		Quarter												Change %
(Ch$ million)		2Q10				1Q10				2Q09				2Q10 / 2Q09				2Q / 1Q 10
Net interest income			242,782				229,398				226,611				7.1	%			5.8	%
Average interest-earning assets			15,816,902				15,776,237				15,147,554				4.4	%			0.3	%
Average loans			14,291,144				13,879,173				13,733,919				4.1	%			3.0	%
Net interest margin (NIM) 1			6.1	%			5.8	%			6.0	%
Avg. equity + non-interest bearing  demand deposits / Avg. interest earning assets			36.4	%			33.9	%			30.3	%
Quarterly inflation rate 2			0.97	%			0.27	%			(0.13	)%
Avg. overnight interbank rate (nominal)			0.51	%			0.40	%			1.40	%
Avg. 10 year Central Bank yield (real)			3.04	%			3.14	%			2.86	%

1.	Annualized.

2.	Inflation measured as the variation of the Unidad de Fomento in the quarter.

The Bank’s net interest margin reached 6.1% in the quarter, improving 30 basis points compared to 1Q10 and 10 basis points compared to 2Q09. Net interest income was up 5.8% QoQ and 7.1% YoY. The YoY rise in net interest income was mainly due to: (a) The higher inflation rate as the Bank maintains long-term assets (mainly medium and long-term financial investments) that are denominated in Unidades de Fomento (UFs), an inflation indexed unit, which are partially funded with nominal or non-interest bearing peso short-term deposits. The UF inflation reached 0.97% in 2Q10 compared to -0.13% in 2Q09;  (b) loan growth and; (c) an improved funding mix as the ratio of average equity and non-interest bearing demand deposits to average interest earning assets reached 36.4% in 2Q10 compared to 30.3% in 2Q09.

Compared to 1Q10, the 5.8% increase in net interest income was mainly due to the increase in the loan book, the higher inflation rates and the improved funding mix. This was partially offset by the higher short-term interest rates which increased funding costs. During the quarter the Central Bank began to increase short-term rates which increased 100 basis points in the quarter to 1.5%. Going forward, we expect the Central Bank to continue to rising rates.

 

Investor Relations Department	10
Bandera 140 19th Floor, Santiago, Chile, Tel: 562-320-8284, fax: 562-671-6554,
email: rmorenoh@santander.cl

 

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PROVISION FOR LOAN LOSSES

Provision expense down 41.7% YoY as asset quality improves among individuals

Provision for loan losses		Quarter												Change %
(Ch$ million)		2Q10				1Q10				2Q09				2Q10 / 2Q09				2Q / 1Q 10
Gross provisions			(14,012	)			(26,002	)			(19,402	)			(27.8	)%			(46.1	)%
Charge-offs			(49,506	)			(52,158	)			(87,392	)			(43.4	)%			(5.1	)%
Gross provisions and charge-offs			(63,518	)			(78,160	)			(106,794	)			(40.5	)%			(18.7	)%
Loan loss recoveries			7,566				7,973				10,757				(29.7	)%			(5.1	)%
Net provisions for loan losses			(55,952	)			(70,187	)			(96,037	)			(41.7	)%			(20.3	)%
Total loans 1			14,582,467				14,043,570				13,401,486				8.8	%			3.8	%
Total reserves (RLL)			(387,624	)			(374,064	)			(314,191	)			23.4	%			3.6	%
Past due loans 2 (PDL)			200,524				197,060				181,645				10.4	%			1.8	%
Non-performing loans 3 (NPLs)			415,556				385,211				415,311				0.1	%			7.9	%
Gross provision expense / Loans			1.74	%			2.23	%			3.19	%
Cost of credit 4			1.53	%			2.00	%			2.87	%
PDL / Total loans			1.38	%			1.40	%			1.36	%
Coverage of past due loans 5			193.3	%			189.8	%			173.0	%
Risk Index (RLL / Total loans)			2.66	%			2.66	%			2.34	%
NPL / Total loans			2.85	%			2.74	%			3.10	%
Coverage of NPLs 6			93.3	%			97.1	%			75.7	%

1.	Excludes interbank loans.

2.	PDLs: All installments and lines of credit more than 90 days overdue.

3.	NPL: Non-performing loans: Full balance of loans with one installment 90 days or more overdue.

4.	Cost of credit: Net provision expense, annualized / Loans.

5.	Coverage PDLs:: RLL / PDLs.

6.	Coverage NPL:  RLL / NPLs.

In 2Q10, the Bank’s net provision expense decreased 20.3% QoQ and 41.7% YoY. This was mainly due to an improvement in asset quality, especially among individuals. Net provision expense for consumer loans decreased 12.2% QoQ and 53.8% YoY. This was mainly due to the improvement of the economy and the risk measures adopted by the Bank in 2009 to improve credit risk procedures among individuals.

By loan product, provision expense was as follows:

Net provisions for loan losses by segment		Quarter												Change %
(Ch$ million)		2Q10				1Q10				2Q09				2Q10 / 2Q09				2Q / 1Q 10
Commercial loans*			(15,264	)			(23,231	)			(13,612	)			12.1	%			(34.3	)%
Residential mortgage loans			(4,021	)			(5,197	)			(3,096	)			29.9	%			(22.6	)%
Consumer loans			(36,667	)			(41,759	)			(79,329	)			(53.8	)%			(12.2	)%
Net provisions for loan losses			(55,952	)			(70,187	)			(96,037	)			(41.7	)%			(20.3	)%

*	Includes net provision expenses for interbank loans and off-balance sheet contingent loans.

 

Investor Relations Department	11
Bandera 140 19th Floor, Santiago, Chile, Tel: 562-320-8284, fax: 562-671-6554,
email: rmorenoh@santander.cl

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The Bank’s Risk Index remained stable QoQ at 2.66%. This ratio, defined as loan loss allowances over total loans, measures how much the Bank expects to loose on its loan book, according to its internal models and the Superintendency of Banks guidelines. The Bank is required to have 100% coverage of its Risk index. Non-performing loans increased 7.9% QoQ. This was mainly due to the expiration in May 2010 of temporary regulations (applicable during March and April 2010) that allowed banks to report non-performing loans as performing to the extent such loans were performing as of February 27, 2010, the date of the earthquake that stroke Chile’s Central-South zone, and that the bank determined that the borrower missed payments due to this event.  The coverage ratio of total NPLs reached 93.3% as of June 2010.

The NPL ratio of consumer loans decreased from 3.08% as of March 2010 to 2.99% as of June 2010. The coverage ratio of consumer NPLs in the same period increased from 247.2% to 256.6%. Since peaking in 2Q09, consumer NPLs have consistently declined as the economy has improved and also as a result of the Bank’s efforts in improving recovery procedures. The earthquake also had a lower effect than expected on the asset quality of consumer loans.

 

 

Investor Relations Department	12
Bandera 140 19th Floor, Santiago, Chile, Tel: 562-320-8284, fax: 562-671-6554,
email: rmorenoh@santander.cl

 

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NET FEE INCOME

Solid YoY growth of usage-linked fees

Fee Income		Quarter												Change %
(Ch$ million)		2Q10				1Q10				2Q09				2Q10 / 2Q09				2Q / 1Q 10
Collection fees			14,236				13,812				16,552				(14.0	)%			3.1	%
Credit, debit & ATM card fees			13,353				14,351				11,950				11.7	%			(7.0	)%
Checking accounts & lines of credit			10,470				11,265				13,116				(20.2	)%			(7.1	)%
Asset management			9,657				9,391				7,495				28.8	%			2.8	%
Insurance brokerage			8,962				5,106				4,719				89.9	%			75.5	%
Guarantees, pledges and other contingent operations			5,954				5,829				5,923				0.5	%			2.1	%
Fees from brokerage of securities			2,098				1,906				1,766				18.8	%			10.1	%
Other Fees			428				691				1,624				(73.6	)%			(38.1	)%
Total fees			65,158				62,351				63,145				3.2	%			4.5	%

Net fee income increased 4.5% QoQ and 3.2% YoY. The evolution of the main products was the following:

Fees from asset management increased 2.8% QoQ and 28.8% YoY. Total assets under management reached Ch$3,512,488 million (US$6.5 billion) decreasing 3.4% QoQ and increasing 5.1% YoY. The QoQ decrease in volumes under management was mainly due to a reduction in short-term money market funds as the Bank’s commercial teams have also proactively funneled low yielding money market funds to time deposits as the growth rate of the loan book continues to accelerate.

A similar trend was observable in brokerage related fees. Fees from insurance brokerage increased 75.5% QoQ and 89.9% YoY. The Bank’s success in selling insurance online, coupled with an increase in premiums on behalf of insurance underwriters has driven insurance brokerage fees. The Bank’s success in selling insurance online, coupled with a greater demand for insurance in general has driven insurance brokerage fees. Fees from the brokerage grew 10.1% QoQ and 18.8% YoY. These fees were driven by the Bank’s new internet platform for stock trading and a greater demand for investing in the local stock market.

Collection fees in 2Q10 increased 3.1% QoQ. This was mainly due to higher collection of loan insurance policies on behalf of third parties, higher collection fees of consumer loans and higher fees from the payment of services, mainly on-line. The 14.0% YoY decline was mainly due to the temporary interruption of collection activities in the zones more affected by the earthquake.

Fees from credit, debit and ATM cards decreased 7.0% QoQ mainly as a result of an increase in credit card expenses. Merchant discount fees also spiked in 1Q10 after the earthquake due to one-time home improvement purchases in that quarter. YoY credit card fees increased 11.7% as the usage of cards continues to grow and penetration of bank credit cards continues to rise. As of June 2010, the Bank, with 30.9% of all bank credit card accounts, generated 36.6% of all monetary purchases year-to-date. YoY billing was up 34.6% in real terms YoY compared to 29.2% for the rest of the market, excluding Santander.

 

Investor Relations Department	13
Bandera 140 19th Floor, Santiago, Chile, Tel: 562-320-8284, fax: 562-671-6554,
email: rmorenoh@santander.cl

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Fees from checking accounts and lines of credit decreased 7.1% QoQ and 20.2% YoY. The YoY decline was mainly due to regulatory changes that prohibited fees charged for unauthorized overdrafts as of April 2009. The QoQ decrease was mainly due to the temporary waiving of fees in some of the more affected areas by the earthquake.

OPERATING EXPENSES AND EFFICIENCY

Greater commercial activity and inflation driving expenses

Operating Expenses		Quarter												Change %
(Ch$ million)		2Q10				1Q10				2Q09				2Q10 / 2Q09				2Q / 1Q 10
Personnel expenses			(66,002	)			(55,589	)			(57,701	)			14.4	%			18.7	%
Administrative expenses			(35,707	)			(36,053	)			(34,258	)			4.2	%			(1.0	)%
Depreciation and amortization			(12,592	)			(12,341	)			(12,140	)			3.7	%			2.0	%
Impairment			(3,686	)			(16	)			0				—	%			22937.5	%
Operating expenses			(117,987	)			(103,999	)			(104,099	)			13.3	%			13.5	%
Efficiency ratio*			35.2	%			33.0	%			31.5	%

*	Operating expenses / Operating income.  Operating income = Net interest income + Net fee income+ Financial transactions net + other operating income and expenses.

Operating expenses in 2Q10 increased 13.5% QoQ and 13.3% YoY. This was mainly due to Ch$3,686 million in impairment charges on fixed assets of which Ch$3,517 million were a one-time charge directly related to the earthquake. This is partially offset by insurance compensation recognized in other operating income. The net impact on results of earthquake related damage, deducting insurance, was Ch$-1,138 million in 2Q10.

The efficiency ratio reached 35.2% in 2Q10. Adjusting for earthquake related charges and income the efficiency ratio reached 34.4% in 2Q10. Excluding impairments charges, the Banks costs increased 9.9% QoQ and 9.8% YoY. The YoY rise in costs was mainly due to a rise in personnel expenses that is directly related to an increase in commercial activity. The selling of products has been growing at an accelerated pace and as a result variable incentives to commercial teams have increased. This should be compensated in future quarters with stronger core revenue growth. Headcount did not vary significantly in the quarter. The QoQ rise in personnel expenses is also due to seasonal factors related to personnel vacation expenses.

The increase in administrative expenses QoQ and YoY is mainly due to the higher inflation as 2/3 of administrative expenses are linked to inflation.

 

Investor Relations Department	14
Bandera 140 19th Floor, Santiago, Chile, Tel: 562-320-8284, fax: 562-671-6554,
email: rmorenoh@santander.cl

 

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NET RESULTS FROM FINANCIAL TRANSACTIONS

Positive results from client treasury activities in the quarter

Net Results from Financial Transactions*		Quarter												Change %
(Ch$ million)		2Q10				1Q10				2Q09				2Q10 / 2Q09				2Q / 1Q 10
Net gains from mark-to-market and trading			44,922				52,092				(18,863	)			(338.1	)%			(13.8	)%
Exchange differences, net			(19,881	)			(22,519	)			48,519				(141.0	)%			(11.7	)%
Net results from financial transactions			25,041				29,573				29,656				(15.6	)%			(15.3	)%

*

These results mainly include the mark-to-market of the available for sale investment portfolio, realized and unrealized gains of financial investments held for trading, the interest revenue generated by the held for trading portfolio, gains or losses from the sale of charged-off loans and the mark-to-market of derivatives. The results recorded as Exchange differences, net mainly includes the translation gains or losses of assets and a liability denominated in foreign currency.

Net results from financial transactions, which include the sum of the net gains from mark-to-market and trading and exchange differences, net totaled a gain of Ch$25,041 million in 2Q10. In order to better understand this line item, we present them by business area in the table below.

Net Results from Financial Transactions		Quarter												Change %
(Ch$ million)		2Q10				1Q10				2Q09				2Q10 / 2Q09				2Q / 1Q 10
Santander Global Connect 1 & Market making 2			26,169				19,290				18,374				42.4	%			35.7	%
Financial Management (ALCO) & Prop. trading			(1,128	)			10,283				11,282				—	%			—	%
Net results from financial transactions			25,041				29,573				29,656				(15.6	)%			(15.3	)%

1.	Santander Global Connect is the Bank’s commercial platform for selling treasury products to our clients.

2.	This line item also includes the gain or loss from the sale of charged-off loans.

The 15.3% QoQ and 15.6% YoY decrease in this line item was mainly due lower results from Financial Management, which was negatively affected by rising rates. This also impacted gains from proprietary trading. Proprietary trading represented only 1% of the Bank’s total income in 1H10 and usually represent less than 5% of total income.  This was partially offset by gains from the sale of treasury services to companies through the Santander Global Connect platform that increased 35.7% QoQ and 42.4% YoY.

 

Investor Relations Department	15
Bandera 140 19th Floor, Santiago, Chile, Tel: 562-320-8284, fax: 562-671-6554,
email: rmorenoh@santander.cl

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OTHER INCOME AND EXPENSES

Other Income and Expenses		Quarter												Change %
(Ch$ million)		2Q10				1Q10				2Q09				2Q10 / 2Q09				2Q / 1Q 10
Other operating income			19,951				6,065				2,928				581.4	%			229.0	%
Other operating expenses			(17,648	)			(12,556	)			7,821				—	%			40.6	%
Other operating income, net			2,303				(6,491	)			10,749				(78.6	)%			—	%
Income attributable to investments in other companies			223				120				440				(49.3	)%			85.8	%
Income tax			(24,163	)			(21,760	)			(21,816	)			10.8	%			11.0	%
Income tax rate			15.0	%			15.5	%			16.7	%

Other operating income, net totaled a gain of Ch$2,303 million in the quarter. This result was driven by stronger gains from the sale and recovery of repossessed assets, Ch$2,379 million income from insurance claims for earthquake damage and Ch$12,975 million one-time gain from the sale of 16 branches in the quarter. These branches are now rented by the Bank. This was partially offset by higher costs related to repossessed assets and other provisions for future non-credit contingencies.

Income tax increased 11.0% QoQ and 10.8% YoY mainly as a result of the higher income before taxes. The effective tax rate paid in the quarter was 15.0% compared to 16.7% in 2Q09. This lower effective tax rate was mainly due to the higher inflation in 2Q10 compared to 2Q09. For tax purposes the Bank’s still calculates the price level restatement of equity and this computes as a deduction from our taxable income. The statutory tax rate in Chile has not changed and is 17% over net income before taxes. It is expected that the statutory corporate tax rate in Chile will rise to 20% in 2011 and gradually return to 17% in 2013 as a part of the government’s plan to finance the reconstruction efforts.

 

Investor Relations Department	16
Bandera 140 19th Floor, Santiago, Chile, Tel: 562-320-8284, fax: 562-671-6554,
email: rmorenoh@santander.cl

 

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SECTION 4: CREDIT RISK RATINGS

International ratings

The Bank has credit ratings from three leading international agencies. All of our ratings are assigned a stable outlook. Moody’s upgraded the Bank’s foreign currency deposit rating in 2Q10, following a similar rise for Chile’s sovereign rating.

Moody’s		Rating
Foreign currency bank deposits		Aa3
Senior bonds		Aa3
Subordinated debt		A1
Bank Deposits in Local Currency		Aa3
Bank financial strength		B-
Short-term deposits		P-1

Standard and Poor’s		Rating
Long-term Foreign Issuer Credit		A+
Long-term Local Issuer Credit		A+
Short-term Foreign Issuer Credit		A-1
Short-term Local Issuer Credit		A-1

Fitch		Rating
Foreign Currency Long-term Debt		A+
Local Currency Long-term Debt		A+
Foreign Currency Short-term Debt		F1
Local Currency Short-term Debt		F1
Individual rating		B

 

Local ratings:

 

Our local ratings, the highest in Chile, are the following:

Local ratings		Fitch Ratings		Feller Rate
Shares		Level 2		1CN1
Short-term deposits		N1+		Level 1+
Long-term deposits		AAA		AAA
Mortgage finance bonds		AAA		AAA
Senior bonds		AAA		AAA
Subordinated bonds		AA		AA+
Outlook		Stable		Stable

 

Investor Relations Department	17
Bandera 140 19th Floor, Santiago, Chile, Tel: 562-320-8284, fax: 562-671-6554,
email: rmorenoh@santander.cl

 

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SECTION 5: SHARE PERFORMANCE

As of June 2010

Ownership Structure:

 

ADR Price Evolution

Santander ADR vs. Global 1200 Financial Index

(Base 100 = 06/30/2008)

 

 

ADR price (US$) 2010

06/30/10:			67.09
Maximum (2010):			71.88
Minimum (2010):			59.40

Market Capitalization: US$12,170 million

P/E 12 month trailing*:			12.5
P/BV (06/30/10)**:			4.04
Dividend yield***:			3.9	%

*	Price as of June 30 / 12mth Earnings

**	Price as of June 30 / Book value as of 06/30/10

***	Based on closing price on record date of last dividend payment.

 

Average daily traded volumes YTD 2010

US$ million

 

Local Share Price Evolution

Santander vs IPSA Index

(Base 100 = 06/30/2008)

 

Local share price (Ch$) 2010

06/30/10:			35.67
Maximum (2010):			36.36
Minimum (2010):			30.74

Dividends:

Year paid		Ch$/share				% of previous year earnings
2006:			0.83				65	%
2007:			0.99				65	%
2008:			1.06				65	%
2009:			1.13				65	%
2010:			1.37				60	%

 

Investor Relations Department	18
Bandera 140 19th Floor, Santiago, Chile, Tel: 562-320-8284, fax: 562-671-6554,
email: rmorenoh@santander.cl

 

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SECTION 6: INSTITUTIONAL BACKGROUND

Institutional Background

As per the latest public records published by the Superintendency of Banks of Chile for June 2010, Banco Santander Chile was the largest bank in terms of loans and equity. The Bank has the highest credit ratings among all Latin American companies, with an A+ rating from Standard and Poor’s and Aa3 by Moody’s, which are the same ratings assigned to the Republic of Chile, and A+ by Fitch which pierces the sovereign ceiling. The stock is traded on the New York Stock Exchange (NYSE: SAN) and the Santiago Stock Exchange (SSE: Bsantander). The Bank’s main shareholder is Santander, which controls 76.91% of Banco Santander Chile.

For more information see www.santander.cl

Banco Santander (SAN.MC, STD.N) is a retail and commercial bank, based in Spain. Santander has more than 90 million customers, 13,660 branches – more than any other international bank – and 169,460 employees around the world. It is the largest financial group in Spain and Latin America, with leading positions in the United Kingdom and Portugal and a broad presence in Europe through its Santander Consumer Finance arm. In 2009, Santander registered EUR 8,943 million in net attributable profit. Banco Santander’s eligible capital at the close of the third quarter came to EUR 79,704 million, with a surplus of EUR 34,769 million above the required regulatory minimum. With this capital base, the BIS ratio, using Basel II criteria, comes to 14.2%, Tier I to 10.1% and core capital 8.6%. These ratios place Santander among the most solvent banks in the world.

For more information see www.santander.com

 

Investor Relations Department	19
Bandera 140 19th Floor, Santiago, Chile, Tel: 562-320-8284, fax: 562-671-6554,
email: rmorenoh@santander.cl

 

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ANNEX 1: BALANCE SHEET

Unaudited Balance Sheet		Jun-10				Jun-10				Mar-10				Jun-09				June 10/ 09				June / Mar. 10
		US$ths				Ch$mn												% Chg.
Assets
Cash and balances from Central Bank			2,561,819				1,398,881				1,526,810				942,065				48.5	%			(8.4	)%
Funds to be cleared			891,702				486,914				345,521				426,647				14.1	%			40.9	%
Financial assets held for trading			1,487,875				812,454				877,884				1,003,448				(19.0	)%			(7.5	)%
Investment collateral under agreements to repurchase			9,157				5,000				3,679				13,212				(62.2	)%			35.9	%
Derivatives			2,804,183				1,531,224				1,465,832				1,502,295				1.9	%			4.5	%
Interbank loans			75,885				41,437				47,738				57,800				(28.3	)%			(13.2	)%
Loans, net of reserves for loan losses			25,995,499				14,194,842				13,669,507				13,087,295				8.5	%			3.8	%
Available-for-sale financial assets			2,456,361				1,341,296				1,572,839				1,444,802				(7.2	)%			(14.7	)%
Held-to-maturity investments			-				-				-				-				—	%			—	%
Investments in other companies			11,907				6,502				7,095				7,145				(9.0	)%			(8.4	)%
Intangible assets			130,160				71,074				72,290				69,356				2.5	%			(1.7	)%
Fixed assets			298,844				163,184				179,981				190,997				(14.6	)%			(9.3	)%
Current tax assets			10,006				5,464				4,649				4,826				13.2	%			17.5	%
Deferred tax assets			204,996				111,938				103,186				94,369				18.6	%			8.5	%
Other assets			1,090,094				595,246				572,698				561,407				6.0	%			3.9	%
Total Assets			38,028,488				20,765,456				20,449,709				19,405,664				7.0	%			1.5	%
Liabilities and Equity
Demand deposits			7,634,620				4,168,884				3,890,230				3,083,814				35.2	%			7.2	%
Funds to be cleared			555,273				303,207				197,908				195,249				55.3	%			53.2	%
Investments sold under agreements to repurchase			267,554				146,098				762,703				512,279				(71.5	)%			(80.8	)%
Time deposits and savings accounts			13,173,475				7,193,376				6,818,939				8,342,396				(13.8	)%			5.5	%
Derivatives			2,290,169				1,250,547				1,358,323				1,462,558				(14.5	)%			(7.9	)%
Deposits from credit institutions			3,846,230				2,100,234				2,005,763				1,140,901				84.1	%			4.7	%
Marketable debt securities			5,942,976				3,245,162				2,872,100				2,622,275				23.8	%			13.0	%
Other obligations			289,514				158,089				174,497				149,046				6.1	%			(9.4	)%
Current tax liabilities			39,659				21,656				74,440				34,786				(37.7	)%			(70.9	)%
Deferred tax liability			4,893				2,672				1,650				9,567				(72.1	)%			61.9	%
Provisions			349,787				191,001				266,699				122,990				55.3	%			(28.4	)%
Other liabilities			532,449				290,744				313,411				201,864				44.0	%			(7.2	)%
Total Liabilities			34,926,600				19,071,670				18,736,663				17,877,725				6.7	%			1.8	%
Equity