Financial Data and Key Metrics Changes - Banco Santander Chile reported a net income of CLP 798 billion for Q3 2025, representing a 37% year-over-year increase, with a return on equity (ROE) of 24% and an efficiency ratio of 35.9% [11][12] - Net interest income increased by 17% year-over-year, maintaining a net interest margin (NIM) of 4% [12][13] - The recurrence ratio reached 62% year-to-date, indicating that over 60% of expenses were financed by fee generation [15] Business Line Data and Key Metrics Changes - Fee income rose by 8%, while financial transactions increased by 19% [11] - Mutual funds grew by 15%, and credit card transactions saw a 12% annual increase [14] - The composition of income revenue streams shifted, with fee generation increasing from 15% to 20% of total revenues [10] Market Data and Key Metrics Changes - The Chilean economy is projected to grow by approximately 2% year-on-year in Q3 2025, with GDP growth expected to reach 2.4% by the end of the year [3][4] - Inflation remains above the 3% target but is expected to converge below 4% by year-end [4][5] - The Central Bank of Chile maintained a policy rate of 4.75% during Q3, with expectations for a reduction to 4.5% by year-end [4][5] Company Strategy and Development Direction - The company aims to become a digital bank with a target of attracting 5 million clients by 2026, focusing on operational efficiency and fee generation [8][9] - The strategy includes leveraging artificial intelligence and process automation to reduce costs and improve operational excellence [9][10] - The bank is committed to maintaining an efficiency ratio in the mid-30s and achieving ROEs above 20% [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about a favorable business environment post-elections, anticipating mid-single-digit loan growth and stable NIMs around 4% [19] - The potential for a political change could enhance growth dynamics in the commercial loan portfolio [22][24] - The company is prepared for various scenarios, including lower inflation and better loan growth dynamics [24] Other Important Information - The CET1 ratio reached 10.8%, significantly above the minimum requirement, indicating strong capital generation [16][17] - The bank has received multiple recognitions, including being named the best bank in Chile and improving its sustainability ratings [12] Q&A Session Summary Question: What are the main upside and downside risks for ROE estimates in 2026? - Management noted that potential political changes could positively impact growth, but external macroeconomic factors pose risks not currently factored into guidance [21][22] Question: Can you provide guidance on loan growth by segment for 2026? - Management expects homogeneous growth across segments, with consumer loans growing healthily and mortgage portfolios benefiting from government support [27][30] Question: What is the current status of the interchange fee and potential impacts? - The current interchange fee for credit is 1.14, with a potential second cut that could impact fees by CLP 20 billion-CLP 25 billion if implemented [36][39] Question: What is the outlook for asset quality indicators and cost of risk in 2026? - Management anticipates improvements in asset quality, with a cost of risk expected to decrease gradually, despite some seasonal effects observed [32][41]