Banco Santander Chile Sees Only Modest Benefits From Rebound in Copper Prices
Wide-moat-rated Santander Chile posted results that were modestly below our expectations. During the quarter, the company posted earnings per share of CLP 108.6 billion, a sequential decline of 10.9%. Management attributes this to a significant decrease in Chilean inflation. However, Santander’s interest expense did not receive much, if any, benefit from lower inflation. During the quarter, the net interest margin contracted to 4.2% from 4.5%. While we will update our model to reflect these resu...
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