Banco Santander-Chile (NYSE:BSAC) Q1 2022 Earnings Conference Call April 29, 2022 11:00 AM ET

Company Participants

Emiliano Muratore - Chief Financial Officer

Claudio Soto - Chief Economist

Robert Moreno - Managing Director and Head of Investor Relations

Conference Call Participants

Tito Labarta - Goldman Sachs

Alonso Garcia - Credit Suisse

Ernesto Gabilondo - Bank of America

Carlos Gomez - HSBC

Yui Fernandez - JP Morgan

Juan Recalde - Scotiabank

Operator

Ladies and gentlemen, thank you for standing by. And I would like to welcome you to Banco Santander-Chile Q1 2022 Results Conference Call on 29th of April 2022. At this time all participant lines are in listen-only mode. The format of the call will be a presentation by the management team, followed by a question-and-answer session.

So without further ado, I would now like to pass to Mr. Emiliano Muratore. Please go ahead sir, your line is open.

Emiliano Muratore

Good morning, everyone. Welcome to Banco Santander-Chile first quarter 2022 results webcast and conference call. This is Emiliano Muratore, CFO and I'm joined today by Robert Moreno, Managing Director and Head of Investor Relations, and Claudio Soto, Chief Economist.

Thank you for attending today's conference call. We hope you all continue to stay safe and healthy. The bank has continued with strong momentum into 2022 with a strong ROE and solid financial performance, thanks to our successful digital strategy, strong client growth, sound asset quality and impressive efficiency levels. As many of you probably already noticed in first quarter 2022 Chilean banks moved one step closer to adopted full IFRS accounting standards. With the adoption of IFRS 9 for valuating financial instruments with the exception of the methodology for calculating expected loss for credit risk, which is still calculated using the expected loss models defined by our regulator, the CMF.

At the same time all Chilean banks have adopted a new financial statement preparation standard. We have restated our historical figures to match the current forward and this restatement is included in our new management commentary. If you have further questions about this new format, don’t hesitate to contact our IR department for help.

When we get into our results, Claudio Soto will start with an update on the macro scenario beginning with Slide four.

Claudio Soto

Thank you, Emiliano. Since our last call, the pandemic in Chile has proceeded substantially and you can pay off a drop and sanitary restrictions have been lifted. After finishing 2022, 2021 significantly above trend the economy has begun it's slowed down a little earlier than expected. Monetary tightening by the Central Bank in the second part of last year a physical construction this year and political uncertainty has led to a moderation in domestic demand. These factors will continue pushing down the economy during the rest of 2022. The negative impact on global growth of the war in Ukraine, we’re also affect local activity.