Banco Santander - Chile ADS (BSAC) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Ladies and gentlemen, thank you for standing by, and I would like to welcome you to Banco Santa del Chile's first quarter 2026 earnings conference call on the 6th of May, 2026. Please note, at this point, all participant lines are on listen-only mode. After the call, there will be an opportunity to ask questions. So with this, I would now like to pass the line to Ms. Patricia Perez, Chief Financial Officer. Please go ahead, ma'am. Good morning, everyone, and thank you for joining us today. I am Patricia Perez, I'm joined today by Cristian Vicuña, Head of Strategy and Investor Relations, and Andres Sanzone, Chief Economist. We'll begin with Andres, who will provide an overview of the economic and political environment. Cristian will then walk you through our strategy priorities and review our first quarter results in more detail. We will conclude with a Q&A session. With that, I will now turn the call over Andrés. Thanks Patricia. Let me start with the big picture. Since our last webcast, the global battle has become more challenging and more uncertain. The main change has been the geopolitical shock in the Middle East and its effects on energy markets. Our baseline scenario assumes that the conflict gradually decalates but leaves lasting damage, which means oil prices do not return to the levels prevailing before the conflict. At the same time, risks remain purely due to more adverse scenarios, especially if supply disruptions persist for longer or if infrastructure damage proves more permanent. This matters for Chile through several channels. First, higher oil prices raise imported inflation and worsen terms of trade outside copper. Second, the external environment becomes less supportive for monetary easing globally, as energy prices have lifted inflation expectati...