Rising Rates and Low Inflation Sting Santander Chile in 1Q; Interest Margin Hits a Multiyear Low
Earnings at Banco Santander Chile took a hit in the first quarter from lower inflation and rising rates, driving shares down to a one-year low. Still, we continue to view Santander Chile as marginally overvalued and reiterate that Chile is highly exposed to a slowing Chinese economy. Net interest margin dropped to 3.9% from 4.5% the previous quarter, leading to net interest income falling nearly 10%. Santander Chile’s balance sheet is uniquely structured, with about 50% of interest-earning asset...
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