September 26, 2021

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Major Chilean banks spent August growing in profits

Major Chilean banks spent August growing in profits

The main private banks in the country that trade the stock market – Santander, Banco de Chile, Bci and Ita├║ – published their preliminary results at the end of August yesterday. The four financial entities have reported significant progress in their earnings so far this year.

Chill Banke was the company with the highest monthly profit, with earnings of $87.3 million, an increase of 93.5% over last year. Between January and August, the company associated with the Luksic Group and Citibank generated cumulative profits of $560 million, up 41.4% over 2020.

Santander reported that she earned $85.2 million USD during the month of August. This number represents a 75.1% jump from 12 months ago. The facility posted a 68.9% growth in earnings compared to 2020, to reach $616.4 million.

Bci also posted significant gains in its earnings. The company generated profits of $51.7 million in August, 57.3% higher than the figure recorded in 2020. So far this year, the bank has accumulated profits of $452.1 million, up 75.6% from last year. It should be remembered that Bci is also strengthening US operations in Chile.

Itau It still lags behind the red numbers it had in 2020. The company generated a profit in August of $23 million USD. Although these numbers are blue compared to last year, they are the lowest result the bank has achieved so far this year.

The good numbers released yesterday afternoon were greeted with optimism by stock market investors. Bci was one of the SP IPSA stocks that gained the most in the session, gaining 2.83%. While Banco de Chile and Santander advanced more moderately, at 0.66% and 0.40%, respectively. Itau, for its part, is expanding by about 1%.

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