Santander Chile Announces a Stable Outlook, but Copper Prices Still Concern Us
Wide-moat-rated Santander Chile reported modestly improving earnings of CLP 121.9 billion, a sequential increase of 4.9%, but a 5.6% drop from the previous year. Despite modestly improving results and a stable outlook from management, we plan to maintain our $23 fair value estimate. Total loans grew 1.8% during the quarter and 6.2% year over year. Much of that growth came from retail banking, where loans grew 1.5% sequentially and 10.7% year over year. The bank continues to focus on increasing l...
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