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Best Bank: Santander Chile |
Between January and April of this year Chile’s banks made a profit of $618 million. The country’s largest private bank, Santander Chile, reported a profit of $197.9 million during the four-month period. Banco de Chile, the number two bank, reported a profit of $127.6 million.
Santander Chile justifies this award as the most profitable and efficient bank. For the year, return on equity for the retail division hit 25%. The bank also reported an increase in profits of 6.3%, an impressive rate when compared with the country average of 1.7%.
The bank’s fee and income services increased by 5% year over year, with particularly strong gains in guarantees, pledges and other contingent operations, which were up 63% from last year.