Form 20-F
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x
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Form 40-F
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o
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Yes
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o
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No
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x
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Yes
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o
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No
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x
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Yes
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o
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No
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x
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Item
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1.
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3Q2011 Earnings Release
|
|
2.
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9M 2011 Financial Statements
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BANCO SANTANDER-CHILE
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|
By:
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/s/
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Name:
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Juan Pedro Santa María
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Title:
|
General Counsel
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SECTION
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PAGE
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SECTION 1: SUMMARY OF RESULTS
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2
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SECTION 2: BALANCE SHEET ANALYSIS
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6
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SECTION 3: ANALYSIS OF QUARTERLY INCOME STATEMENT
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9
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SECTION 4: CREDIT RISK RATINGS
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16
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SECTION 5: SHARE PERFORMANCE
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17
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ANNEX 1: NEW PROVISIONING MODEL FOR RESIDENTIAL MORTGAGE LOANS
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18
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ANNEX 2: BALANCE SHEET
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19
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ANNEX 3: YEAR-TO-DATE INCOME STATEMENT
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20
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ANNEX 4: QUARTERLY INCOME STATEMENTS
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21
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ANNEX 5: QUARTERLY EVOLUTION OF MAIN RATIOS AND OTHER INFORMATION
|
22
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CONTACT INFORMATION
|
Santiago, Chile
|
Robert Moreno
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Tel: (562) 320-8284
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Manager, Investor Relations Department
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Fax: (562) 671-6554
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Banco Santander Chile
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Email: rmorenoh@santander.cl
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Bandera 140 Piso 19
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Website: www.santander.cl
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I.
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Focus on liquidity
|
II.
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Focus on core capital
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III.
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Focus on selective loan growth and spreads
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IV.
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Prudent credit risk policies
|
Quarter
|
Change %
|
|||||||||||||||||||
3Q11 / | 3Q11 / | |||||||||||||||||||
(Ch$ million)
|
3Q11
|
2Q11
|
3Q10
|
3Q10
|
2Q11
|
|||||||||||||||
Net interest income
|
232,057 | 247,414 | 235,674 | (1.5 | )% | (6.2 | )% | |||||||||||||
Fee income
|
65,991 | 72,050 | 66,436 | (0.7 | )% | (8.4 | )% | |||||||||||||
Core revenues
|
298,048 | 319,464 | 302,110 | (1.3 | )% | (6.7 | )% | |||||||||||||
Financial transactions, net
|
23,001 | 29,076 | 21,713 | 5.9 | % | (20.9 | )% | |||||||||||||
Provision expense
|
(90,372 | ) | (56,874 | ) | (51,525 | ) | 75.4 | % | 58.9 | % | ||||||||||
Operating expenses
|
(128,356 | ) | (125,161 | ) | (113,570 | ) | 13.0 | % | 2.6 | % | ||||||||||
Operating income, net of provisions and costs
|
102,321 | 166,505 | 158,728 | (35.5 | )% | (38.5 | )% | |||||||||||||
Other operating & Non-op. Income
|
(27,168 | ) | (24,993 | ) | (33,372 | ) | (18.6 | )% | 8.7 | % | ||||||||||
Net income attributable to shareholders
|
75,153 | 141,512 | 125,356 | (40.0 | )% | (46.9 | )% | |||||||||||||
Net income/share (Ch$)
|
0.40 | 0.75 | 0.67 | (40.0 | )% | (46.9 | )% | |||||||||||||
Net income/ADR (US$)1
|
0.80 | 1.66 | 1.42 | (43.5 | )% | (51.4 | )% | |||||||||||||
Total loans
|
17,680,356 | 17,422,041 | 15,232,019 | 16.1 | % | 1.5 | % | |||||||||||||
Deposits
|
13,892,003 | 13,306,475 | 11,146,945 | 24.6 | % | 4.4 | % | |||||||||||||
Shareholders’ equity
|
1,927,498 | 1,866,467 | 1,757,340 | 9.7 | % | 3.3 | % | |||||||||||||
Net interest margin
|
4.6 | % | 5.2 | % | 5.7 | % | ||||||||||||||
Efficiency ratio
|
41.3 | % | 36.5 | % | 37.2 | % | ||||||||||||||
Return on average equity2
|
15.8 | % | 30.5 | % | 29.3 | % | ||||||||||||||
NPL / Total loans3
|
2.8 | % | 2.6 | % | 2.7 | % | ||||||||||||||
Coverage NPLs
|
104.8 | % | 111.9 | % | 105.1 | % | ||||||||||||||
Risk index4
|
2.94 | % | 2.90 | % | 2.82 | % | ||||||||||||||
PDLs/ Total loans5
|
1.27 | % | 1.23 | % | 1.36 | % | ||||||||||||||
Coverage PDLs
|
232.45 | % | 235.86 | % | 206.64 | % | ||||||||||||||
BIS ratio
|
13.9 | % | 13.4 | % | 14.5 | % | ||||||||||||||
Branches
|
494 | 487 | 500 | |||||||||||||||||
ATMs
|
1,892 | 1,946 | 1,914 | |||||||||||||||||
Employees
|
11,706 | 11,516 | 11,049 |
1.
|
The change in earnings per ADR may differ from the change in earnings per share due to the exchange rate movements. Earnings per ADR was calculated using the Observed Exchange Rate Ch$515.14 per US$ as of September 30, 2011.
|
2.
|
Annualized quarterly Net income attributable to shareholders / Average equity attributable to shareholders.
|
3.
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NPLs: Non-performing loans; full balance of loans with one installment 90 days or more overdue.
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4.
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Risk Index: Loan loss allowances / Total loans; measures the percentage of loans the banks must provision for given their internal models and the Superintendency of Banks guidelines.
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5.
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PDLs: Past due loans; all loan installments that are more than 90 days overdue.
|
Loans
|
Quarter ended,
|
% Change
|
||||||||||||||||||
(Ch$ million)
|
Sep-11
|
Jun-11
|
Sep-10
|
Sep. 11 / 10
|
Sep. 11 / Jun.
11
|
|||||||||||||||
Total loans to individuals1
|
9,215,686 | 9,026,697 | 8,035,617 | 14.7 | % | 2.1 | % | |||||||||||||
Consumer loans
|
2,925,659 | 2,893,038 | 2,554,884 | 14.5 | % | 1.1 | % | |||||||||||||
Residential mortgage loans
|
5,016,419 | 4,909,630 | 4,498,799 | 11.5 | % | 2.2 | % | |||||||||||||
SMEs
|
2,524,836 | 2,455,349 | 2,301,536 | 9.7 | % | 2.8 | % | |||||||||||||
Total retail lending
|
11,740,522 | 11,482,046 | 10,337,153 | 13.6 | % | 2.3 | % | |||||||||||||
Institutional lending
|
351,686 | 372,939 | 340,274 | 3.4 | % | (5.7 | )% | |||||||||||||
Middle-Market & Real estate
|
3,731,881 | 3,625,439 | 3,160,681 | 18.1 | % | 2.9 | % | |||||||||||||
Corporate
|
1,833,084 | 1,950,992 | 1,406,210 | 30.4 | % | (6.0 | )% | |||||||||||||
Total loans 2
|
17,680,356
|
17,422,041
|
15,232,019
|
16.1
|
% |
1.5
|
% |
Breakdown loans to
individuals
(Ch$ million)
|
Sep-11
|
% Change
Sep. 11 / 10
|
% Change
Sep. 11 /
Jun. 11
|
|||||||||
Middle-upper income
|
8,420,540 | 14.3 | % | 2.2 | % | |||||||
Santander Banefe
|
795,146 | 18.9 | % | 1.3 | % | |||||||
Individuals
|
9,215,686 | 14.7 | % | 2.1 | % |
Funding
|
Quarter ended,
|
% Change
|
||||||||||||||||||
(Ch$ million)
|
Sep-11
|
Jun-11
|
Sep-10
|
Sep. 11 / 10
|
Sep. 11 /
Jun. 11
|
|||||||||||||||
Demand deposits
|
4,496,757 | 4,450,290 | 3,991,732 | 12.7 | % | 1.0 | % | |||||||||||||
Time deposits
|
9,395,246 | 8,856,185 | 7,155,213 | 31.3 | % | 6.1 | % | |||||||||||||
Total deposits
|
13,892,003 | 13,306,475 | 11,146,945 | 24.6 | % | 4.4 | % | |||||||||||||
Mutual funds (off-balance sheet)
|
2,852,379 | 3,136,413 | 3,305,683 | (13.7 | )% | (9.1 | )% | |||||||||||||
Total customer funds
|
16,744,382 | 16,442,888 | 14,452,628 | 15.9 | % | 1.8 | % | |||||||||||||
Loans to deposits1
|
94.8 | % | 96.8 | % | 100.9 | % |
Quarter ended,
|
Change %
|
|||||||||||||||||||
(Ch$ million)
|
Sep-11
|
Jun-11
|
Sep-10
|
Sep. 11 / 10
|
Sep. 11 /
Jun. 11
|
|||||||||||||||
891,303 | 891,303 | 1,757,340 | (49.3 | )% | 0.0 | % | ||||||||||||||
Reserves
|
51,538 | 51,538 | 51,539 | (0.0 | )% | 0.0 | % | |||||||||||||
Valuation adjustment
|
593 | (7,831 | ) | (13,928 | ) | (104.3 | )% | (107.6 | )% | |||||||||||
Retained Earnings:
|
984,064 | 931,457 | 828,426 | 18.8 | % | 5.6 | % | |||||||||||||
Retained earnings prior periods
|
750,989 | 750,990 | 560,128 | 34.1 | % | 0.0 | % | |||||||||||||
Income for the period
|
332,963 | 257,810 | 383,283 | (13.1 | )% | 29.2 | % | |||||||||||||
Provision for mandatory dividend
|
(99,889 | ) | (77,343 | ) | (114,985 | ) | (13.1 | )% | 29.2 | % | ||||||||||
Equity attributable to shareholders
|
1,927,498 | 1,866,467 | 2,623,377 | (26.5 | )% | 3.3 | % | |||||||||||||
Non-controlling interest
|
32,293 | 31,171 | 29,599 | 9.1 | % | 3.6 | % | |||||||||||||
Total Equity
|
1,959,791 | 1,897,638 | 2,652,976 | (26.1 | )% | 3.3 | % | |||||||||||||
Quarterly ROAE
|
15.8 | % | 30.5 | % | 23.0 | % |
Capital Adequacy
|
Quarter ended,
|
Change %
|
||||||||||||||||||
(Ch$ million)
|
Sep-11
|
Jun-11
|
Sep-10
|
Sep. 11 / 10
|
Sep. 11 /
Jun. 11
|
|||||||||||||||
Tier I (Core Capital)
|
1,927,498 | 1,866,467 | 1,757,340 | 9.7 | % | 3.3 | % | |||||||||||||
Tier II
|
715,184 | 669,798 | 672,740 | 6.3 | % | 6.8 | % | |||||||||||||
Regulatory capital
|
2,642,682 | 2,536,265 | 2,430,080 | 8.7 | % | 4.2 | % | |||||||||||||
Risk weighted assets
|
18,954,146 | 18,964,803 | 16,739,710 | 13.2 | % | (0.1 | )% | |||||||||||||
Tier I (Core capital) ratio
|
10.2 | % | 9.8 | % | 10.5 | % | ||||||||||||||
BIS ratio
|
13.9 | % | 13.4 | % | 14.5 | % |
Quarter
|
Change %
|
|||||||||||||||||||
(Ch$ million)
|
3Q11
|
2Q11
|
3Q10
|
3Q11 /
3Q10
|
3Q11 /
2Q11
|
|||||||||||||||
Interest income
|
420,729 | 472,132 | 355,445 | 18.4 | % | (10.9 | )% | |||||||||||||
Interest expense
|
(188,672 | ) | (224,718 | ) | (119,771 | ) | 57.5 | % | (16.0 | )% | ||||||||||
Net interest income
|
232,057 | 247,414 | 235,674 | (1.5 | )% | (6.2 | )% | |||||||||||||
Average interest-earning assets
|
20,068,322 | 19,099,828 | 16,463,951 | 21.9 | % | 5.1 | % | |||||||||||||
Average loans
|
17,460,992 | 17,146,712 | 14,874,816 | 17.4 | % | 1.8 | % | |||||||||||||
Interest earning asset yield1
|
8.4 | % | 9.9 | % | 8.6 | % | ||||||||||||||
Cost of funds2
|
4.1 | % | 5.2 | % | 2.8 | % | ||||||||||||||
Net interest margin (NIM)3
|
4.6 | % | 5.2 | % | 5.7 | % | ||||||||||||||
Avg. equity + non-interest bearing demand deposits / Avg. interest earning assets
|
31.3 | % | 33.6 | % | 34.7 | % | ||||||||||||||
Quarterly inflation rate5
|
0.56 | % | 1.44 | % | 0.65 | % | ||||||||||||||
Central Bank reference rate
|
5.25 | % | 5.25 | % | 2.50 | % | ||||||||||||||
Avg. 10 year Central Bank yield (real)
|
2.63 | % | 2.90 | % | 2.82 | % |
Quarter
|
Change %
|
|||||||||||||||||||
(Ch$ million)
|
3Q11
|
2Q11
|
3Q10
|
3Q11 / 3Q10
|
3Q11 /
2Q11
|
|||||||||||||||
Gross provisions
|
(18,628 | ) | 1,040 | (9,974 | ) | 86.8 | % | (1891.2 | )% | |||||||||||
Charge-offs
|
(77,466 | ) | (62,577 | ) | (49,568 | ) | 56.3 | % | 23.8 | % | ||||||||||
Gross provisions and charge-offs
|
(96,094 | ) | (61,537 | ) | (59,542 | ) | 61.4 | % | 56.2 | % | ||||||||||
Loan loss recoveries
|
5,722 | 4,663 | 8,017 | (28.6 | )% | 22.7 | % | |||||||||||||
Net provisions for loan losses1
|
(90,372 | ) | (56,874 | ) | (51,525 | ) | 75.4 | % | 58.9 | % | ||||||||||
Total loans2
|
17,680,355 | 17,422,041 | 15,232,019 | 16.1 | % | 1.5 | % | |||||||||||||
Loan loss allowances1
|
520,565 | 505,887 | 428,833 | 21.4 | % | 2.9 | % | |||||||||||||
Non-performing loans3 (NPLs)
|
496,786 | 452,150 | 407,831 | 21.8 | % | 9.9 | % | |||||||||||||
Risk Index4
|
2.94 | % | 2.90 | % | 2.82 | % | ||||||||||||||
NPL / Total loans
|
2.81 | % | 2.60 | % | 2.68 | % | ||||||||||||||
Coverage ratio of NPLs5
|
104.8 | % | 111.9 | % | 105.1 | % |
1.
|
The Bank reclassified Ch$ 31,162 million in provision reversals for off balance sheet lines of credit recognized in 3Q10 as Other operating income to Provisions for loan losses as required by the SBIF.
|
2.
|
Excludes interbank loans.
|
3.
|
NPLs: Non-performing loans; full balance of loans with one installment 90 days or more overdue.
|
4.
|
Risk Index: Loan loss allowances / Total loans; measures the percentage of loans the banks must provision for given their internal models and the Superintendency of Banks guidelines.
|
5.
|
Loan loss allowances / NPLs.
|
|
i.
|
Strengthening of the residential mortgage provisioning model. As announced in our 2Q11 earnings report, the Bank improved its provisioning model for residential mortgage lending. This change was done in line with our strategic objective of accompanying our loan growth in retail lending with a proactive stance regarding credit risk. This signified a one-time provision expense of approximately Ch$10,000 million in 3Q11. The Bank migrated to a model with more parameters to determine the risk level of a client with a mortgage loan. Previously, the main factor for determining the reserve level was non-performance. For more details on the new model, see Annex 1.
|
|
ii.
|
Higher provisions in the middle-market. In 3Q11, the bank set aside Ch$4,000 million in provisions for two deteriorated loan positions in the middle market. We do not expect further provisions for these cases in the future.
|
|
iii.
|
Provisions related to La Polar. The Bank set aside a further Ch$600 million in provisions for this loan position in 3Q11.
|
iv.
|
Translation loss of provisions in US$. In the quarter, the Chilean peso depreciated 9%. As some large commercial loan positions are denominated in US$ and, since the Bank must set aside minimum provisions for all large loans analyzed on an individual basis, this resulted in Ch$4,600 million in higher provision directly related to the depreciation of the exchange rate.
|
Fee Income
|
Quarter
|
Change %
|
||||||||||||||||||
(Ch$ million)
|
3Q11
|
2Q11
|
3Q10
|
3Q11 /
3Q10
|
3Q11 /
2Q11
|
|||||||||||||||
Collection fees
|
14,684 | 16,215 | 15,324 | (4.2 | )% | (9.4 | )% | |||||||||||||
Credit, debit & ATM card fees
|
14,383 | 16,079 | 13,518 | 6.4 | % | (10.5 | )% | |||||||||||||
Checking accounts & lines of credit
|
10,020 | 10,025 | 10,604 | (5.5 | )% | (0.0 | )% | |||||||||||||
Asset management
|
8,796 | 10,179 | 10,063 | (12.6 | )% | (13.6 | )% | |||||||||||||
Insurance brokerage
|
7,955 | 9,574 | 8,683 | (8.4 | )% | (16.9 | )% | |||||||||||||
Guarantees, pledges and other contingent operations
|
6,335 | 5,697 | 5,568 | 13.8 | % | 11.2 | % | |||||||||||||
Fees from brokerage and custody of securities
|
2,469 | 2,592 | 2,399 | 2.9 | % | (4.7 | )% | |||||||||||||
Other Fees
|
1,349 | 1,689 | 277 | 388.8 | % | 43,344.9 | % | |||||||||||||
Total fees
|
65,991 | 72,050 | 66,436 | (0.7 | )% | (8.4 | )% |
Results from Financial Transactions*
|
Quarter
|
Change %
|
||||||||||||||||||
(Ch$ million)
|
3Q11
|
2Q11
|
3Q10
|
3Q11 / 3Q10
|
3Q11 /
2Q11
|
|||||||||||||||
Net income from financial operations
|
102,133 | 2,027 | (45,068 | ) | — | % | 4,938.6 | % | ||||||||||||
Foreign exchange profit (loss), net
|
(79,132 | ) | 27,049 | 66,781 | — | % | — | % | ||||||||||||
Net results from financial transactions
|
23,001 | 29,076 | 21,713 | 5.9 | % | (20.9 | )% |
*
|
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 Foreign exchange profits (loss), net mainly includes the translation gains or losses of assets and a liability denominated in foreign currency.
|
Results from Financial Transactions
|
Quarter
|
Change %
|
||||||||||||||||||
(Ch$ million)
|
3Q11
|
2Q11
|
3Q10
|
3Q11 / 3Q10
|
3Q11 /
2Q11
|
|||||||||||||||
Santander Global Connect1
|
16,259 | 15,045 | 11,628 | 39.8 | % | 8.1 | % | |||||||||||||
Market-making
|
4,958 | 6,012 | 8,451 | (41.3 | )% | (17.5 | )% | |||||||||||||
Client treasury services
|
21,217 | 21,058 | 20,079 | 5.7 | % | 0.8 | % | |||||||||||||
Non-client treasury services
|
1,784 | 8,018 | 1,635 | 9.2 | % | (77.7 | )% | |||||||||||||
Net results from financial transactions
|
23,001 | 29,076 | 21,713 | 5.9 | % | (20.9 | )% |
1.
|
Santander Global Connect is the Bank’s commercial platform for selling treasury products to our clients.
|
Operating Expenses
|
Quarter
|
Change %
|
||||||||||||||||||
(Ch$ million)
|
3Q11
|
2Q11
|
3Q10
|
3Q11 / 3Q10
|
3Q11 /
2Q11
|
|||||||||||||||
Personnel salaries and expenses
|
(73,884 | ) | (70,655 | ) | (63,330 | ) | 16.7 | % | 4.6 | % | ||||||||||
Administrative expenses
|
(41,041 | ) | (41,535 | ) | (37,983 | ) | 8.1 | % | (1.2 | )% | ||||||||||
Depreciation and amortization
|
(13,354 | ) | (12,944 | ) | (11,294 | ) | 18.2 | % | 3.2 | % | ||||||||||
Impairment
|
(77 | ) | (27 | ) | (963 | ) | (92.0 | )% | 185.2 | % | ||||||||||
Operating expenses
|
(128,356 | ) | (125,161 | ) | (113,570 | ) | 13.0 | % | 2.6 | % | ||||||||||
Efficiency ratio1
|
41.3 | % | 36.5 | % | 37.2 | % |
1.
|
Operating expenses / Operating income. Operating income = Net interest income + Net fee income+ Net results from Financial transactions + Other operating income and expenses.
|
Quarter
|
Change %
|
|||||||||||||||||||
(Ch$ million)
|
3Q11
|
2Q11
|
3Q10
|
3Q11 / 3Q10
|
3Q11 /
2Q11
|
|||||||||||||||
Other operating income
|
2,194 | 3,309 | 2,656 | (17.4 | )% | (33.7 | )% | |||||||||||||
Other operating expenses
|
(12,156 | ) | (8,800 | ) | (21,333 | ) | (43.0 | )% | 38.1 | % | ||||||||||
Other operating income, net
|
(9,962 | ) | (5,491 | ) | (18,677 | ) | (46.7 | )% | 81.4 | % | ||||||||||
Income from investments in other companies
|
546 | 552 | 832 | (34.4 | )% | (1.1 | )% | |||||||||||||
Income tax expense
|
(16,629 | ) | (19,416 | ) | (14,109 | ) | 17.9 | % | (14.4 | )% | ||||||||||
Income tax rate
|
17.9 | % | 12.0 | % | 10.0 | % |
Moody’s (Outlook stable)
|
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 (Outlook negative)
|
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 (Outlook negative)
|
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
|
|
Viability rating
|
a+
|
|
Individual rating
|
B
|
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
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AA+
|
||
Outlook
|
Stable
|
Stable
|
ADR price (US$) 9M11
|
||
09/30/11:
|
73.48
|
|
Maximum (1H11):
|
96.44
|
|
Minimum (1H11):
|
70.64
|
Market Capitalization:
|
US$13,329 million | |
P/E 12 month trailing*:
|
16.5
|
|
P/BV (06/30/11)**:
|
3.66
|
|
Dividend yield***:
|
3.7%
|
*
|
Price as of Sept. 30, 2011 / 12mth. earnings
|
**
|
Price as of Sept. 30, 2011 / Book value as of 09/30/11
|
***
|
Based on closing price on record date of last dividend payment.
|
Local share price (Ch$) 9M11
|
||
09/30/11:
|
37.46
|
|
Maximum (9M11):
|
43.64
|
|
Minimum (9M11):
|
35.63
|
Year paid
|
Ch$/share
|
% of previous year
earnings
|
||||||
2007:
|
0.99 | 65 | % | |||||
2008:
|
1.06 | 65 | % | |||||
2009:
|
1.13 | 65 | % | |||||
2010:
|
1.37 | 60 | % | |||||
2011:
|
1.52 | 60 | % |
Previous model
Residential mortgage loans
|
Overdue days
|
||||||||||||||||||||||||||||
1-30
|
31-60
|
61-120
|
121-180
|
181-360
|
361- 720
|
>720
|
|||||||||||||||||||||||
Mortgage
|
Profile 1
|
0.3 | % | 0.5 | % | 1.2 | % | 2.4 | % | 6.8 | % | 14.1 | % | 28.3 | % | ||||||||||||||
Profile 2
|
1.5 | % | 1.6 | % | 2.5 | % | 4.4 | % | 6.8 | % | 14.1 | % | 28.3 | % |
New model
Residential mortgage loans
|
Performing
|
Overdue days
|
|||||||||||||||||||
1-29
|
30-59
|
60-89
|
>90 days
|
||||||||||||||||||
Mortgage
(Bank client) |
New client
|
0.20 | % | 2.7 | % | 3.6 | % | 4.63 | % | 11.0 | % | ||||||||||
Existing client
|
0.29 | % | 1.49 | % | 2.97 | % | 3.7 | % | 11.0 | % | |||||||||||
Renegotiated client
|
1.75 | % | 1.75 | % | 1.75 | % | 1.75 | % | 11.0 | % | |||||||||||
Mortgage
(Banefe client) |
New or existing client
|
0.35 | % | 2.19 | % | 3.64 | % | 4.72 | % | 11.0 | % | ||||||||||
Renegotiated client
|
1.75 | % | 1.75 | % | 1.75 | % | 1.75 | % | 11.0 | % |
Sep-11
|
Sep-11
|
Dec-10
|
Sept. 11 / Dec. 10
|
|||||||||||||
US$ths
|
Ch$ million
|
% Chg.
|
||||||||||||||
Assets
|
||||||||||||||||
Cash and balances from Central Bank
|
3,488,473 | 1,812,785 | 1,762,198 | 2.9 | % | |||||||||||
Funds to be cleared
|
1,571,444 | 816,601 | 374,368 | 118.1 | % | |||||||||||
Financial assets held for trading
|
969,524 | 503,813 | 379,670 | 32.7 | % | |||||||||||
Investment collateral under agreements to repurchase
|
23,395 | 12,157 | 170,985 | (92.9 | )% | |||||||||||
Derivatives
|
3,871,038 | 2,011,585 | 1,624,378 | 23.8 | % | |||||||||||
Interbank loans
|
169,141 | 87,894 | 69,672 | 26.2 | % | |||||||||||
Loans, net of loan loss allowances
|
33,021,822 | 17,159,790 | 15,175,975 | 13.1 | % | |||||||||||
Available-for-sale financial assets
|
4,050,118 | 2,104,644 | 1,473,980 | 42.8 | % | |||||||||||
Held-to-maturity investments
|
0 | 0 | 0 | — | % | |||||||||||
Investments in other companies
|
15,841 | 8,232 | 7,275 | 13.2 | % | |||||||||||
Intangible assets
|
148,617 | 77,229 | 77,990 | (1.0 | )% | |||||||||||
Fixed assets
|
294,652 | 153,116 | 154,985 | (1.2 | )% | |||||||||||
Current tax assets
|
53,394 | 27,746 | 12,499 | 122.0 | % | |||||||||||
Deferred tax assets
|
276,028 | 143,438 | 117,964 | 21.6 | % | |||||||||||
Other assets
|
1,354,999 | 704,125 | 640,937 | 9.9 | % | |||||||||||
Total Assets
|
49,308,486 | 25,623,155 | 22,042,876 | 16.2 | % | |||||||||||
Liabilities and Equity
|
||||||||||||||||
Demand deposits
|
8,653,434 | 4,496,757 | 4,236,434 | 6.1 | % | |||||||||||
Funds to be cleared
|
896,879 | 466,063 | 300,125 | 55.3 | % | |||||||||||
Investments sold under agreements to repurchase
|
436,915 | 227,043 | 294,725 | (23.0 | )% | |||||||||||
Time deposits and savings accounts
|
18,079,950 | 9,395,246 | 7,258,757 | 29.4 | % | |||||||||||
Derivatives
|
3,127,632 | 1,625,274 | 1,643,979 | (1.1 | )% | |||||||||||
Deposits from credit institutions
|
3,896,961 | 2,025,056 | 1,584,057 | 27.8 | % | |||||||||||
Marketable debt securities
|
8,684,511 | 4,512,906 | 4,190,888 | 7.7 | % | |||||||||||
Other obligations
|
321,357 | 166,993 | 166,289 | 0.4 | % | |||||||||||
Current tax liabilities
|
4,426 | 2,300 | 1,293 | 77.9 | % | |||||||||||
Deferred tax liability
|
22,284 | 11,580 | 5,441 | 112.8 | % | |||||||||||
Provisions
|
329,299 | 171,120 | 235,953 | (27.5 | )% | |||||||||||
Other liabilities
|
1,083,472 | 563,026 | 261,328 | 115.4 | % | |||||||||||
Total Liabilities
|
45,537,119 | 23,663,364 | 20,179,269 | 17.3 | % | |||||||||||
Equity
|
||||||||||||||||
Capital
|
1,715,199 | 891,303 | 891,303 | 0.0 | % | |||||||||||
Reserves
|
99,178 | 51,538 | 51,539 | (0.0 | )% | |||||||||||
Unrealized gain (loss) Available-for-sale financial assets
|
1,143 | 594 | (5,180 | ) | — | % | ||||||||||
Retained Earnings:
|
1,893,703 | 984,063 | 894,136 | 10.1 | % | |||||||||||
Retained earnings previous periods
|
1,445,182 | 750,989 | 560,128 | 34.1 | % | |||||||||||
Net income
|
640,745 | 332,963 | 477,155 | (30.2 | )% | |||||||||||
Provision for mandatory dividend
|
(192,224 | ) | (99,889 | ) | (143,147 | ) | (30.2 | )% | ||||||||
Total Shareholders' Equity
|
3,709,224 | 1,927,498 | 1,831,798 | 5.2 | % | |||||||||||
Minority Interest
|
62,144 | 32,293 | 31,809 | 1.5 | % | |||||||||||
Total Equity
|
3,771,367 | 1,959,791 | 1,863,607 | 5.2 | % | |||||||||||
Total Liabilities and Equity
|
49,308,486 | 25,623,155 | 22,042,876 | 16.2 | % |
YTD Income Statement Unaudited
|
Sep-11
|
Sep-11
|
Sep-10
|
Sept. 11 / Sept. 10
|
||||||||||||
US$ths.
|
Ch$ million
|
% Chg.
|
||||||||||||||
Interest income
|
2,446,412 | 1,271,278 | 1,045,602 | 21.6 | % | |||||||||||
Interest expense
|
(1,083,660 | ) | (563,124 | ) | (337,748 | ) | 66.7 | % | ||||||||
Net interest income
|
1,362,752 | 708,154 | 707,854 | 0.0 | % | |||||||||||
Fee and commission income
|
522,546 | 271,541 | 247,346 | 9.8 | % | |||||||||||
Fee and commission expense
|
(119,525 | ) | (62,111 | ) | (53,401 | ) | 16.3 | % | ||||||||
Net fee and commission income
|
403,021 | 209,430 | 193,945 | 8.0 | % | |||||||||||
Net income from financial operations
|
295,458 | 153,535 | 51,946 | 195.6 | % | |||||||||||
Foreign exchange profit (loss), net
|
(144,838 | ) | (75,265 | ) | 24,381 | — | % | |||||||||
Total financial transactions, net
|
150,621 | 78,270 | 76,327 | 2.5 | % | |||||||||||
Other operating income
|
15,497 | 8,053 | 27,554 | (70.8 | )% | |||||||||||
Net operating profit before loan losses
|
1,931,891 | 1,003,907 | 1,005,680 | (0.2 | )% | |||||||||||
Provision for loan losses
|
(377,023 | ) | (195,920 | ) | (182,120 | ) | 7.6 | % | ||||||||
Net operating profit
|
1,554,868 | 807,987 | 823,560 | (1.9 | )% | |||||||||||
Personnel salaries and expenses
|
(399,076 | ) | (207,380 | ) | (184,921 | ) | 12.1 | % | ||||||||
Administrative expenses
|
(234,924 | ) | (122,078 | ) | (109,743 | ) | 11.2 | % | ||||||||
Depreciation and amortization
|
(76,278 | ) | (39,638 | ) | (36,227 | ) | 9.4 | % | ||||||||
Impairment
|
(210 | ) | (109 | ) | (4,665 | ) | (97.7 | )% | ||||||||
Operating expenses
|
(710,488 | ) | (369,205 | ) | (335,556 | ) | 10.0 | % | ||||||||
Other operating expenses
|
(79,994 | ) | (41,569 | ) | (45,963 | ) | (9.6 | )% | ||||||||
Total operating expenses
|
(790,482 | ) | (410,774 | ) | (381,519 | ) | 7.7 | % | ||||||||
Operating income
|
764,386 | 397,213 | 442,041 | (10.1 | )% | |||||||||||
Income from investments in other companies
|
3,219 | 1,673 | 1,175 | 42.4 | % | |||||||||||
Income before taxes
|
767,605 | 398,886 | 443,216 | (10.0 | )% | |||||||||||
Income tax expense
|
(120,362 | ) | (62,546 | ) | (60,032 | ) | 4.2 | % | ||||||||
Net income from ordinary activities
|
647,243 | 336,340 | 383,184 | (12.2 | )% | |||||||||||
Net income discontinued operations
|
0 | 0 | 0 | — | % | |||||||||||
Net income attributable to:
|
||||||||||||||||
Minority interest
|
6,499 | 3,377 | (99 | ) | — | % | ||||||||||
Net income attributable to shareholders
|
640,745 | 332,963 | 383,283 | (13.1 | )% |
Unaudited Quarterly Income Statement
|
3Q11 | 3Q11 | 2Q11 | 3Q10 | 3Q11 / 3Q10 | 3Q11 / 2Q11 | ||||||||||||||||||
US$ths.
|
Ch$mn
|
% Chg.
|
||||||||||||||||||||||
Interest income
|
809,639 | 420,729 | 472,132 | 355,445 | 18.4 | % | (10.9 | )% | ||||||||||||||||
Interest expense
|
(363,075 | ) | (188,672 | ) | (224,718 | ) | (119,771 | ) | 57.5 | % | (16.0 | )% | ||||||||||||
Net interest income
|
446,564 | 232,057 | 247,414 | 235,674 | (1.5 | )% | (6.2 | )% | ||||||||||||||||
Fee and commission income
|
168,673 | 87,651 | 92,652 | 85,379 | 2.7 | % | (5.4 | )% | ||||||||||||||||
Fee and commission expense
|
(41,682 | ) | (21,660 | ) | (20,602 | ) | (18,943 | ) | 14.3 | % | 5.1 | % | ||||||||||||
Net fee and commission income
|
126,991 | 65,991 | 72,050 | 66,436 | (0.7 | )% | (8.4 | )% | ||||||||||||||||
Net income from financial operations
|
196,542 | 102,133 | 2,027 | (45,068 | ) | — | % | 4938.6 | % | |||||||||||||||
Foreign exchange profit (loss), net
|
(152,279 | ) | (79,132 | ) | 27,049 | 66,781 | — | % | — | % | ||||||||||||||
Total financial transactions, net
|
44,262 | 23,001 | 29,076 | 21,713 | 5.9 | % | (20.9 | )% | ||||||||||||||||
Other operating income
|
4,222 | 2,194 | 3,309 | 2,656 | (17.4 | )% | (33.7 | )% | ||||||||||||||||
Net operating profit before loan losses
|
622,040 | 323,243 | 351,849 | 326,479 | (1.0 | )% | (8.1 | )% | ||||||||||||||||
Provision for loan losses
|
(173,909 | ) | (90,372 | ) | (56,874 | ) | (51,525 | ) | 75.4 | % | 58.9 | % | ||||||||||||
Net operating profit
|
448,130 | 232,871 | 294,975 | 274,954 | (15.3 | )% | (21.1 | )% | ||||||||||||||||
Personnel salaries and expenses
|
(142,180 | ) | (73,884 | ) | (70,655 | ) | (63,330 | ) | 16.7 | % | 4.6 | % | ||||||||||||
Administrative expenses
|
132,041 | (41,041 | ) | (41,535 | ) | (37,983 | ) | 8.1 | % | (1.2 | )% | |||||||||||||
Depreciation and amortization
|
(25,698 | ) | (13,354 | ) | (12,944 | ) | (11,294 | ) | 18.2 | % | 3.2 | % | ||||||||||||
Impairment
|
(148 | ) | (77 | ) | (27 | ) | (963 | ) | (92.0 | )% | 185.2 | % | ||||||||||||
Operating expenses
|
(247,005 | ) | (128,356 | ) | (125,161 | ) | (113,570 | ) | 13.0 | % | 2.6 | % | ||||||||||||
Other operating expenses
|
(23,393 | ) | (12,156 | ) | (8,800 | ) | (21,333 | ) | (43.0 | )% | 38.1 | % | ||||||||||||
Total operating expenses
|
(270,397 | ) | (140,512 | ) | (133,961 | ) | (134,903 | ) | 4.2 | % | 4.9 | % | ||||||||||||
Operating income
|
177,733 | 92,359 | 161,014 | 140,051 | (34.1 | )% | (42.6 | )% | ||||||||||||||||
Income from investments in other companies
|
1,051 | 546 | 552 | 832 | (34.4 | )% | (1.1 | )% | ||||||||||||||||
Income before taxes
|
178,784 | 92,905 | 161,566 | 140,883 | (34.1 | )% | (42.5 | )% | ||||||||||||||||
Income tax expense
|
(32,000 | ) | (16,629 | ) |