Boston, MA 05\/02\/2014 (wallstreetpr) –\u00a0The largest bank of Chile by loans and deposits, Banco Santander-Chile (ADR) <\/b>(NYSE:BSAC)<\/b>, has announced its Q1 2014 results. Net income is reported Ch$ 141,843 million, which is equal to U.S. $0.55 of earning per share, and is up by 75.4% compared to Q1 previous year.<\/p>\n
\u00a0The results are unaudited and consolidated in accordance to Chilean GAAP. Bank\u2019s operating income has increased by 21.3% quarter on quarter and 76.5% YoY. The results have been attributed to high loan growth, inflation, business volumes and cost control. For this quarter, bank had focussed on developing its base among consumer loans in higher income segments. The loan growth was up by 12.3% YoY, especially in segments with higher-risk adjusted contribution.<\/p>\n
Banco Santander-Chile (ADR) (NYSE:BSAC)\u2019s Chile unit has been increasing its share in supporting the group\u2019s earnings as the economy in Spain saw a slowdown.<\/p>\n
\u00a0Parent company offers buyback in Brazil\u2019s unit.<\/b><\/p>\n
\u00a0<\/b>After the reports, its Spanish parent offered to buy back the 25% shares it did not already own in Banco Santander Brasil SA, and this was followed by an uptrend in the market, with Banco Santander-Chile (ADR) (NYSE:BSAC)\u2019s shares surging 21%, highest since the company went public in 2009. The move was strengthened by company proposing to issue of 665 million shares to do the voluntary buyback of business by spending $6.5 billion. The amount is equivalent of 15.31 reais a share that is 20% premium from closing price of the day before.<\/p>\n
There has been a shift in earning contributors of the Bank. Spain is climbing out of a six-year economic turmoil, so Brazil unit has seen its share prices slumping 40% in the past years. Britain, on the other hand, now contributes to earnings of Banco, as much as Brazil did, around 20%.<\/p>\n
The recovery of U.K. markets is helping earnings of Banco Santander-Chile (ADR) (NYSE:BSAC) as it is slowly rebuilding its profits in Spanish unit.<\/p>\n","protected":false},"excerpt":{"rendered":"
Boston, MA 05\/02\/2014 (wallstreetpr) –\u00a0The largest bank of Chile by loans and deposits, Banco Santander-Chile (ADR) (NYSE:BSAC), has announced its Q1 2014 results. Net income […]<\/p>\n","protected":false},"author":2,"featured_media":20973,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"twitter_2902945987_2902945987":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[1942],"tags":[6285,6286],"stock_ticker":[],"class_list":["post-20955","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-banco-santander-chile-adr-nysebsac","tag-nysebsac","entry"],"acf":[],"yoast_head":"\n