Banco Santander - Chile ADS (BSAC) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Ladies and gentlemen, thank you for standing by. I would like to welcome you to Banco Santander's Chile first quarter 2025 earnings conference call on the 8th of May 2025. Please note that at this point, all participant lines are in lesson-only mode. After the call, there will be an opportunity to ask questions. So with this, I would like now to pass the line to Patricia Perez, the Chief Financial Officer. Please go ahead. Good morning, everyone. Welcome to Banco Santander Chile's first quarter 2025 results webcast and conference call. This is Patricia Perez, CFO, and I'm joined today by Christian Vicuña, Head of Strategy and IR in Andres Sansone, our Chief Economist. Thank you, everyone, for joining us today to review our first quarter performance and results. Today, Andrés will start with an overview of the economic environment and then Cristian will go through the key strategy points and the results of the banks in the first quarter of the year. After that, we will have a Q&A session where we will be happy to answer your questions. So, let me hand over to Andrés. Thanks, Patricia. On slide four, we have our current outlook. Since the last webcast, the trade conflict has increased uncertainty in global financial markets. In Chile, the peso briefly reached 1,000 pesos per dollar after the announcement in the Liberation Day, before returning to the 930-940 range, with our model suggesting it should be closer to 960-970. Long-term interest rates in Chilean pesos fell by around 30 basis points. And short-term rates in both pesos and inflation-linked U.S. also decreased, reflecting lower growth expectations and reduced inflationary pressures. Although the trade war poses a risk to Chile, given its high integration to global trade, the direct impact of U.S. tariff is lim...