Edgar Filing: BANCO SANTANDER CHILE

FORM 6-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Report of Foreign Issuer

Pursuant to Rule 13a-16 or 15d-16 of

the Securities Exchange Act of 1934

Commission File Number: 001-14554

Banco Santander Chile

Santander Chile Bank

(Translation of Registrant’s Name into English)

Bandera 140

Santiago, Chile

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F

Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Yes

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Yes

Indicate by check mark whether by furnishing the information contained in this Form, the Registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:

Yes

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): N/A

Table of Contents

Item

1.	Second Quarter 2009 Earnings Report (English)
2.	Second Quarter 2009 Financial Statements (Spanish)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BANCO SANTANDER-CHILE

By:	/s/

Name:	Juan Pedro Santa María
Title:	General Counsel

Date: August 4, 2009

INDEX

SECTION		PAGE

SECTION 1: SUMMARY OF RESULTS AND STRATEGY		2

SECTION 2: BALANCE SHEET ANALYSIS		6

SECTION 3: ANALYSIS OF QUARTERLY INCOME STATEMENT		9

SECTION 4: CREDIT RISK RATINGS		17

SECTION 5: SHARE PERFORMANCE		18

SECTION 6: INSTITUTIONAL BACKGROUND		19

ANNEX 1: BALANCE SHEET		20

ANNEX 2: YEAR TO DATE INCOME STATEMENT		21

ANNEX 3: QUARTERLY INCOME STATEMENTS		22

ANNEX 4: QUARTERLY EVOLUTION OF MAIN RATIOS AND OTHER INFORMATION		23

CONTACT INFORMATION		Santiago, Chile
Robert Moreno		Tel: (562) 320-8284
Manager, Investor Relations Department		Fax: (562) 671-6554
Banco Santander Chile		Email: rmorenoh@santander.cl
Bandera 140 Piso 19,		Website: www.santander.cl

Investor Relations Department	1
Bandera 140 19th Floor, Santiago, Chile, Tel: 562-320-8284, fax: 562-671-6554,
email: rmorenoh@santander.cl

SECTION 1: SUMMARY OF RESULTS AND STRATEGY

Core revenues: Net interest income + fee income.

Net operating income: Core revenues + financial transactions, net + other operating income, net + operating expenses + provision expense.

Net income up 40.1% QoQ and 4.1% YoY in 2Q09

In 2Q09, net income attributable to shareholders totaled Ch$107,391 million (Ch$0.57 per share and US$1.12/ADR). These results represent an increase of 40.1% compared to 1Q09 (from now on QoQ) and 4.1% compared to restated 2Q08 figures (from now on YoY). Compared to historical figures (not adjusted for the new accounting standards1), net income attributable to shareholders increased 36.9% YoY in 2Q09.

ROAE reached 28.7% in 2Q 09

With these results the Bank’s ROAE in the quarter reached 28.7%. The Bank currently has the highest ROE among the banks operating in Chile. This strong profitability was achieved despite having one of the highest levels of capitalization in the Chilean financial system. As of June 30, 2009, the BIS ratio reached 15.1%. In April 2009, the Bank paid its annual dividend of Ch$1.13/share, equivalent to 65% of 2008 earnings attributable to shareholders (not restated for IFRS). At the record date, in Chile, the dividend yield was 6.3%.

Core revenues increase by a 16.4% QoQ and 2.9% YoY in 2Q09

Core revenues, that is, net interest income plus fee income, was up 16.4% QoQ and 2.9% YoY in 2Q09 despite the challenging operating environment faced by the Bank. Net interest income increased 21.0% QoQ and 2.9% YoY. The Bank’s net interest margin reached 6.0% compared to 4.8% in 1Q09 and 6.2% in 2Q08. Lower deflation in the quarter, lower funding costs and rising spreads boosted this expansion. Net fee income increased 2.5% QoQ and 3.0% YoY in thje same period. The Bank designed different strategies to promote fee growth in the quarter despite lower economic growth and regulatory changes. Notable was the sequential growth of fee income from key products such as: (i) asset management fees which were up 22.0% QoQ, (ii) insurance

1 In 2009, banks in Chile adopted accounting standards in line with international standards (IFRS) and historical figures in the rest of this report have been re-stated to make them comparable. The main difference compared to previous accounting standards was the elimination of price level restatement. All figures and variation presented below are based on 2Q08 and 1H08 figures that have been restated in line with new accounting standards adopted in 2009.

Investor Relations Department	2
Bandera 140 19th Floor, Santiago, Chile, Tel: 562-320-8284, fax: 562-671-6554,
email: rmorenoh@santander.cl

brokerage 41.8% QoQ and (iii) fees from brokerage which rose 39.8% QoQ. This more than offset the contraction in fees from checking accounts and lines of credit that were negatively affected by recent regulatory changes.

Provision expense up 5.6% QoQ and 36.3% in 2Q09

In 2Q09, the Bank’s net provision expense increased 5.6% QoQ and 36.3% YoY. The evolution of net provision expense is directly related to negative effects of the economic downturn on asset quality. This higher provision expense resulted in an increase in coverage ratios. The coverage of past due loans (PDLs, all installments and lines of credit more than 90 days overdue) reached 172.8% as of June 2009 and improved from 166.2% as of March 2009 and June 2008. As of June 2009, the coverage of non-performing loans (NPLs, all loans with at least one installment over due > 90 days) reached 75.7% compared to 71.6% as of March 2009.

Despite the weakening of asset quality in 2Q09, there have been signs that the velocity of deterioration has subsided. In 2Q09, the Bank continued to focus loan growth in low risk segments in order to contain asset quality. At the same time, commercial executives continued to dedicate an important percentage of their time to asset quality issues and recoveries. As a result of these measures, the growth rate of early non-performance (<90 days) has evolved positively, total charge-offs decreased 6.8% QoQ, loan loss recoveries increased 20.9% QoQ while NPLs have decreased 9.6% since their peak in April 2009.

Efficiency ratio reaches a record low 31.5% in 2Q09

The Bank continued to effectively control costs in the quarter. In 2Q09, the efficiency ratio reached a record low of 31.5% compared to 34.5% in 1Q09 and 37.0% in 2Q08. YoY operating expenses decreased 5.7%, driven by a 6.8% decrease in personnel expenses and a 1.8% fall in administrative expenses. With this positive evolution of costs, the Bank consolidated its position as one of the most efficient banks in the Emerging Markets.

Net operating income increases 36.2% QoQ and 10.8% YoY

In summary, net operating income increased 36.2% QoQ and 10.8% YoY in 2Q09. The strategy of focusing on selective loan growth, improving the funding mix, higher spreads, increasing product usage and controlling costs, offset the negative effects of rising credit risks.

(Ch$ billion)	2Q09	YoY Chg.			QoQ Chg.
Net interest income	227		2.9	%		21.0	%
Fee income	63		3.0	%		2.5	%
Core revenue	290		2.9	%		16.4	%
Financial transactions + Other op. income, net*	40		142.6	%		12.9	%
Provision expense	-96		36.3	%		5.6	%
Operating expenses	-104		-5.7	%		5.9	%
Operating income, net of prov.	130		10.8	%		36.2	%

* Includes Other operating income and Other operating expenses.

Investor Relations Department	3
Bandera 140 19th Floor, Santiago, Chile, Tel: 562-320-8284, fax: 562-671-6554,
email: rmorenoh@santander.cl

Focus on selective loan growth to minimize credit risk and provision expense

The Bank continued with its approach to selective loan growth, given the more difficult economic environment. On the retail side, total loans to individuals decreased 0.4% QoQ and increased 4.3% YoY. Following our strategy of growing selectively, loan volumes to the mid-upper income segments continued to expand at a rapid pace in the quarter. Lending to middle-upper income segments increased 4.0% QoQ and 19.5% YoY and represented 58.7% of total lending to individuals as of June 09 (compared to 52.2% in June 08). In the rest of the segments loan volumes continued to descend on a QoQ basis mainly due to credit risk reasons and our strict focus on profitability over market share concerns.

The loan to deposit ratio remains healthy at 94.3% in 2Q09

The Bank also continued to focus on maintaining healthy liquidity and a strong funding base in the quarter. In the period, short-term rates fell sharply as the central bank loosened its monetary policy. However, customer funds, that is, demand and time deposits and mutual funds, remained stable QoQ and YoY. The Bank let its more expensive time deposits to expire and funneled those funds to mutual funds, which is a more profitable product. As a consequence, total customer deposits decreased 2.9% QoQ and mutual funds under management increased 8.4% QoQ. The loan to deposit ratio improved to 94.3% from 96.5% in 1Q09 and 93.2% as of 2Q08.

ROAE reaches 24.5% and the efficiency ratio 32.9% in 1H09

In the first half of 2009 (1H09), net income attributable to shareholders totaled Ch$184,043 million (Ch$0.98/share and US$1.90/ADR). The ROAE reached 24.5% and the efficiency ratio reached 32.9% in the period. Core revenues were up 2.0% compared to 1H08, while operating expenses decreased 1.8%. This was partially offset by the 41.7% rise in provision expense. As a consequence, net operating income grew 1.7%. Net income attributable to shareholders decreased 2.7% YoY due to the higher effective tax rate.

Net income attributable to shareholders increased 19.4% in 1H09 compared to non-restated 1H08 net income.

(Ch$ billion)	1H09	YoY Chg.
Net interest income	414		1.4	%
Fee income	125		4.1	%
Core revenue	539		2.0	%
Financial transactions + Other op. income, net*	76		142.6	%
Provision expense	-187		41.7	%
Operating expenses	-202		-1.8	%
Operating income net of prov.	225		1.7	%

* Includes Other operating income and Other operating expenses.

Investor Relations Department	4
Bandera 140 19th Floor, Santiago, Chile, Tel: 562-320-8284, fax: 562-671-6554,
email: rmorenoh@santander.cl

Banco Santander Chile: Summary of Quarterly Results

	Quarter							Change %
(Ch$ million)		2Q09		1Q09		2Q08			2Q09 / 2Q08		2Q / 1Q 09
Net interest income		226,611		187,273		220,249			2.9	%	21.0	%
Fee income		63,145		61,631		61,325			3.0	%	2.5	%
Core revenues		289,756		248,904		281,574			2.9	%	16.4	%
Financial transactions, net		29,656		68,815		22,105			34.2	%	(56.9	)%
Total operating income		322,340		320,217		309,375			4.2	%	0.7	%
Operating expenses		(104,099	)	(98,288	)	(110,422	)		(5.7	)%	5.9	%
Provision expense		(96,037	)	(90,934	)	(70,459	)		36.3	%	5.6	%
Net operating income		130,025		95,464		117,351			10.8	%	36.2	%
Net income attributable to shareholders		107,391		76,652		103,162			4.1	%	40.1	%
Net income/share (Ch$)		0.57		0.41		0.55			4.1	%	40.1	%
Net income/ADR (US$)1		1.12		0.73		1.09			2.3	%	54.1	%
Total loans		13,401,485		13,985,677		13,199,963			1.5	%	(4.2	)%
Customer funds		14,770,605		14,855,094		14,617,944			1.0	%	(0.6	)%
Shareholders’ equity		1,497,019		1,543,040		1,276,028			17.3	%	(3.0	)%
Net interest margin		6.0	%	4.8	%	6.2	%
Efficiency ratio		31.5	%	34.5	%	37.0	%
Return on average shareholders equity2		28.7	%	20.2	%	32.3	%
PDL / Total loans		1.4	%	1.2	%	1.1	%
Coverage ratio of PDLs		172.8	%	166.2	%	166.2	%
Expected loss3		2.3	%	2.0	%	1.9	%
BIS ratio		15.1		15.0	%	12.9	%
Branches		502		501		498
ATMs		1,929		1,929		2,016

1.	The change in earnings per ADR may differ from the change in earnings per share due to the exchange rate.

2.	Annualized Quarterly net income attributable to shareholders / Average Equity attributable to shareholders.

3.	Allowance for loan losses / Total loans. Based on internal credit models and Superintendency of Banks guidelines. Banks must have a 100% coverage of expected loss.

2008 figures have been restated in accordance with the new accounting standards adopted by Chilean banks in 2009. Please note that this information is provided for comparative purposes only and that this restatement may undergo further changes during the year and, therefore, historical figures, including financial ratios, presented in this report may not be entirely comparable to future figures presented by the Bank.

Investor Relations Department	5
Bandera 140 19th Floor, Santiago, Chile, Tel: 562-320-8284, fax: 562-671-6554,
email: rmorenoh@santander.cl

SECTION 2: BALANCE SHEET

LOANS

Focus on selective loan growth

Loans	Quarter ended,						% Change
(Ch$ million)	Jun-09		Mar-09		Jun-08		June 09 / 08			June 09 / Mar. 09
Total loans to individuals		6,091,508		6,115,175		5,841,984		4.3	%		(0.4	)%
Consumer loans		2,121,046		2,187,832		2,205,135		(3.8	)%		(3.1	)%
Residential mortgage loans		3,970,462		3,927,343		3,636,849		9.2	%		1.1	%
SMEs		2,370,029		2,385,720		2,314,975		2.4	%		(0.7	)%
Institutional lending		262,915		254,565		230,934		13.8	%		3.3	%
Middle-Market & Real Estate		2,472,244		2,727,232		2,703,058		(8.5	)%		(9.3	)%
Corporate		1,566,971		1,776,296		1,573,148		(0.4	)%		(11.8	)%
Total loans 1, 2		13,401,485		13,985,677		13,199,963		1.5	%		(4.2	)%

Includes past due loans in each category and other non-segmented loans.

Excludes allowance for loan losses and interbank loans.

In the quarter, the Bank maintained its strategy of focusing on profitability over market share concerns. In 2Q 09, total loans decreased 4.2% QoQ and have increased 1.5% YoY. This was a result of several factors. First of all, the more difficult economic environment has negatively affected demand for credit in all client segments. This has especially affected lending the SME and Middle-market in which loan volumes decreased 0.7% and 9.3% QoQ, respectively.

Secondly, the Bank, has continued to grow selectively, especially among individuals, in order to control asset quality and to ration capital. Total loans to individuals decreased 0.4% QoQ and increased 4.3% YoY, but lending to middle-upper income segments increased 4.0% QoQ and 19.5% YoY and represented 58.7% of total lending to individuals as of June 09 (compared to 52.2% in June 08). In the mid-income segments volumes decreased 4.3% QoQ and 7.2% YoY. Finally, in the mass consumer market, loan volumes decreased 6.4% QoQ and 14.8% YoY.

Investor Relations Department	6
Bandera 140 19th Floor, Santiago, Chile, Tel: 562-320-8284, fax: 562-671-6554,
email: rmorenoh@santander.cl

Source: Internal reports of Banco Santander Chile. Data for these reports are obtained from different data bases from the accounting systems and, therefore, growth rates of different sub-segments may not add up to the growth rate of total loans to individuals.

Thirdly, the normalization of cross border liquidity flows and the active local bond market has also resulted in slower loan growth. This is reflected in the 11.8% QoQ fall in loans in the corporate segment. Given our strict focus on profitability, we kept our spread strategy intact, while focusing our commercial efforts in the large corporate market on non-lending activities, which generate a greater pool of revenues from these clients. The Bank’s Global Banking and Markets business has actively participated in some of the largest local M&A, project finance, bond issues and financial advisories in 2009. These results are reflected in gains from financial transactions and fee income.

FUNDING

Stable evolution of customer funds. The loan to deposit ratio improves to 94.3%

Customer funds	Quarter ended,									% Change
(Ch$ million)	Jun-09			Mar-09			Jun-08			June 09 / 08			June 09 / Mar. 09
Non-interest bearing deposits		3,083,814			3,092,010			3,194,423			(3.5	)%		(0.3	)%
Time deposits		8,342,396			8,677,857			8,390,418			(0.6	)%		(3.9	)%
Total customer deposits		11,426,210			11,769,867			11,584,841			(1.4	)%		(2.9	)%
Mutual funds		3,344,395			3,085,227			3,033,103			10.3	%		8.4	%
Total customer funds		14,770,605			14,855,094			14,617,944			1.0	%		(0.6	)%
Loans / Deposits*		94.3	%		96.5	%		93.2	%

* (Loans - marketable securities that fund mortgage portfolio) / (Time deposits + demand deposits)

Customer funds remained stable QoQ and YoY in 2Q09 despite the sharp decline in interest rates, as the Central Bank loosened its monetary policy. As a result, the Bank let its more expensive time deposits to expire and funneled those funds to mutual funds, which is a more profitable product (See

Investor Relations Department	7
Bandera 140 19th Floor, Santiago, Chile, Tel: 562-320-8284, fax: 562-671-6554,
email: rmorenoh@santander.cl

Fee Income). As a consequence, total customer deposits decreased 2.9% QoQ and mutual funds under management increased 8.4% QoQ.

The loan to deposit ratio (total loans minus long-term bonds that fund long-term mortgage over time deposits plus non-interest bearing deposits) improved to 94.3% from 96.5% in 1Q09. At the same date, core funds (defined as retail deposits, long-term institutional deposits and bonds and equity) represented 89% of total liabilities.

SHAREHOLDERS’ EQUITY AND REGULATORY CAPITAL

ROE reaches 28.7% in 2Q09 with a BIS ratio of 15.1% and Tier I of 11.1%

Shareholders' Equity	Quarter ended,									% Change
(Ch$ million)	Jun-09			Mar-09			Jun-08			June 09 / 08			June 09 / Mar. 09
Capital		891,303			891,303			818,535			8.9	%		0.0	%
Reserves		(16,960	)		(16,960	)		(20,571	)		(17.6	)%		0.0	%
Unrealized gain (loss) Available-for-sale financial assets		(14,199	)		(7,856	)		(45,900	)		(69.1	)%		80.7	%
Retained Earnings:		636,875			676,553			523,964			21.5	%		(5.9	)%
Retained earnings previous periods		508,045			721,340			381,030			33.3	%		(29.6	)%
Net income		184,043			76,652			189,159			(2.7	)%		140.1	%
Provision for mandatory dividends		(55,213	)		(121,439	)		(46,225	)
Minority Interest		30,920			28,403			23,689			30.5	%		8.9	%
Total Equity		1,527,939			1,571,443			1,299,717			17.6	%		(2.8	)%
Equity attributable to shareholders		1,497,019			1,543,040			1,276,028			17.3	%		(3.0	)%

Shareholders’ equity totaled Ch$1,497,019 million (US$2.8 billion) as of June 30, 2009. ROAE in 2Q09 reached 28.7% and 24.5% in 1H09. The Bank currently has the highest ROE among the banks operating in Chile. This strong profitability was achieved despite having one of the highest levels of capitalization in the Chilean financial system. Voting common shareholders’ equity is the sole component of our Tier I capital and represented 11.1% of risk weighted assets as of June 2009. The BIS ratio reached 15.1% at the same date. The positive evolution of capitalization ratios was a direct result of the strong income generation capacity of the Bank, as the BIS ratio has increased 129 basis points since year-end 2008. This is noteworthy considering that in April 2009 the Bank paid its annual dividend of Ch$1.13/share, equivalent to 65% of 2008 earnings attributable to shareholders (not restated for IFRS). At the record date, in Chile, the dividend yield was 6.3%.

Investor Relations Department	8
Bandera 140 19th Floor, Santiago, Chile, Tel: 562-320-8284, fax: 562-671-6554,
email: rmorenoh@santander.cl

Capital Adequacy*	Quarter ended,									% Change
(Ch$ million)	Jun-09			Mar-09			Jun-08*			June 09 / 08			June 09 / Mar. 09
Tier I (Core Capital)		1,497,019			1,543,039			1,350,580			10.8	%		(3.0	)%
Tier II		545,906			560,232			461,436			18.3	%		(2.6	)%
Regulatory capital		2,042,925			2,103,271			1,812,015			12.7	%		(2.9	)%
Risk weighted assets		13,544,319			13,979,591			14,066,367			(3.7	)%		(3.1	)%
Tier I ratio		11.1	%		11.0	%		9.6	%
BIS ratio		15.1	%		15.0	%		12.9	%

* Figures for 2008 are not restated for new accounting standards.

SECTION 3: ANALYSIS OF QUARTERLY INCOME STATEMENT

NET INTEREST INCOME

Net interest margin reached 6.0% in 2Q09

Net Interest Income / Margin	Quarter							Change %
(Ch$ million)		2Q09		1Q09		2Q08			2Q09 / 2Q08		2Q / 1Q 09
Client net interest income 1		235,418		247,889		237,464			(0.9	)%	(5.0	)%
Non-client net interest income 2		(8,807	)	(60,616	)	(17,215	)		(48.8	)%	(85.5	)%
Net interest income		226,611		187,273		220,249			2.9	%	21.0	%
Average interest-earning assets		15,147,554		15,742,285		14,241,705			6.4	%	(3.8	)%
Average loans		13,733,919		14,312,882		12,807,117			7.2	%	(4.0	)%
Net interest margin (NIM) 3		6.0	%	4.8	%	6.2	%
Avg. equity + non-interest bearing demand deposits / Avg. interest earning assets		30.3	%	28.4	%	30.2	%
Quarterly inflation rate 4		-0.13	%	-2.30	%	2.17	%
Avg. overnight interbank rate (nominal)		1.40	%	5.49	%	6.39	%
Avg. 10 year Central Bank yield (real)		2.86	%	2.60	%	3.06	%

1.	Client net interest income and margins, is net interest income (and margins) generated by our commercial areas.

2.	Non-client net interest income is net interest income generated by centralized activities, non-segmented portions of the balance sheet and Financial Management.

3.	Annualized.

4.	Inflation measured as the variation of the Unidad de Fomento in the quarter.

In 2Q09, net interest income was up 2.9% YoY. The Bank’s net interest margin reached 6.0% in the quarter compared to 4.8% in 1Q09 and 6.2% in 2Q08. In order to understand the underlying trends of our net interest income, we break these revenues between Client net interest income, which is net interest income (and margins) generated by our commercial areas, and Non-client interest income.

Investor Relations Department	9
Bandera 140 19th Floor, Santiago, Chile, Tel: 562-320-8284, fax: 562-671-6554,
email: rmorenoh@santander.cl

Client net interest income. Client net interest income decreased 5.0% QoQ. This was mainly due to the 4.0% QoQ fall in average loans as seen in Section 2. The strong reduction in interest rates also negatively affected the spread earned over free funds (non-interest bearing liabilities and equity). Compared to 2Q08, client net interest income was flat YoY despite the strong reduction in rates as the Bank partially offset this effect with higher loan spreads as shown in the graph. Compared to our main competitors, the Bank has the highest net interest margin.

Non-Client net interest income. Non-client net interest income, which is net interest income generated by centralized activities, non-segmented portions of the balance sheet and Financial Management, totaled a loss of Ch$8,807 million. This loss was 85.5% lower than the loss in 1Q09. The QoQ reduction of this loss was mainly due to the lower deflation rate in the period being analyzed. The Bank maintains long-term assets (mainly medium and long-term financial investments) that are denominated in Unidades de Fomento (UFs), an inflation indexed unit, which are partially funded with nominal or non-interest bearing peso short-term deposits. In 1Q09, deflation had a negative impact on net interest income and margins due to this gap between assets and liabilities indexed to inflation. This situation partially reversed as UF deflation was -0.13% in the last quarter compared to -2.30% in 1Q09.

Negative non-client margins were reduced by 48.8% YoY in 2Q09. Despite the large difference in inflation rates in those two periods (2.17% in 2Q08 and -0.13% in 2Q09), the Bank’s asset and liability management neutralized this impact. The steeper yield curve had a positive effect on non-client net interest income as the spread earned over the Bank’s held-to-maturity portfolio increased, offsetting the impact of lower inflation. This portfolio is mainly comprised of Chilean Central Bank bonds acquired in 2008 when rates were higher. This is also in line with our focus of increasing profitability and lowering credit risk.

Investor Relations Department

Bandera 140 19th Floor, Santiago, Chile, Tel: 562-320-8284, fax: 562-671-6554,

email: rmorenoh@santander.cl

PROVISION FOR LOAN LOSSES

Net provision expense rises 5.6% QoQ

Provision for loan losses	Quarter							Change %
(Ch$ million)		2Q09		1Q09		2Q08			2Q09 / 2Q08		2Q / 1Q 09
Gross provisions		(19,402	)	(6,098	)	(12,908	)		50.3	%	218.2	%
Charge-offs		(87,393	)	(93,733	)	(66,251	)		31.9	%	(6.8	)%
Gross provisions and charge-offs		(106,795	)	(99,831	)	(79,159	)		34.9	%	7.0	%
Loan loss recoveries		10,758		8,897		8,700			23.7	%	20.9	%
Net provisions for loan losses		(96,037	)	(90,934	)	(70,459	)		36.3	%	5.6	%
Total loans		13,401,485		13,985,677		13,199,963			1.5	%	(4.2	)%
Total reserves (RLL)		(314,191	)	(281,265	)	(245,823	)		27.8	%	11.7	%
Past due loans1 (PDL)		181,790		169,220		147,874			22.9	%	7.4	%
Non-performing loans (NPLs)2		415,311		392,802		—			—	%	5.7	%
Gross provision expense / Loans		3.19	%	2.86	%	2.40	%
Cost of credit3		2.87	%	2.60	%	2.14	%
PDL / Total loans		1.36	%	1.21	%	1.12	%
Expected loss (RLL / Total loans)		2.34	%	2.01	%	1.86	%
NPL ratio (NPLs/Total loans)		3.10	%	2.81	%	—
Coverage of Expected loss		100.0	%	100.0	%	100.0	%
Coverage of PDLs4		172.8	%	166.2	%	166.2	%
Coverage NPLs5		75.7	%	71.6	%	—

1	PDLs: Past due loans: installments or credit lines more than 90 days overdue.

2	NPLs: Full balance of loans with one installment 90 days or more overdue.

3	Cost of credit: Net provision expense / loans annualized.

4	Coverage of PDLs: RLL / PDLs

5	Coverage NPLs: RLL / NPLs

In 2Q09, the Bank’s net provision expense increased 5.6% QoQ and 36.3% YoY. The evolution of net provision expense is directly related to negative effects of the economic downturn on asset quality and on the Expected Loan Loss ratio or Risk Index. This ratio, defined as loan loss allowances over total loans, measures how much the Bank expects to loose on its loan book, according to its internal models and the Superintendency of Banks guidelines. The Bank is required to have 100% coverage of its Expected Loan Loss ratio. This indicator increased from 2.01% as of March 2009 to 2.34% as of June 2009. Concerning other risk metrics, the past due loan ratio (Unpaid loans & installments >90 days / Total loans) as of June 2009 reached 1.36% compared to 1.21% in March 2009 and 1.12% in June 2008. As of June 2009, the NPL ratio (unpaid loans included performing portion of capital > 90 days / total loans) reached 3.10% compared to 2.81% in March 2009.

This higher gross provision expense in the quarter resulted in an increase in coverage ratios. The coverage of past due loans reached 172.8% as of June 2009 and improved from 166.2% as of March 2009 and June 2008. As of June 2009, the coverage of NPLs reached 75.7% compared to 71.6% as of March 2009.

Investor Relations Department

Bandera 140 19th Floor, Santiago, Chile, Tel: 562-320-8284, fax: 562-671-6554,

email: rmorenoh@santander.cl

Despite the weakening of asset quality in 2Q09, there have been signs that the velocity of deterioration has subsided. In 2Q09, the Bank continued to focus loan growth in lower risk segments in order to contain asset quality. At the same time, commercial executives continued to dedicate an important percentage of their time to asset quality issues and recoveries. Commercial officers are now responsible for the performing portion of their loan book and the first 89 days of their non-performing portfolios. Previously, commercial teams were only directly involved in the collection process in the initial 30 days of non-performance and from then on NPLs were managed by the collections department. As a result of these measures, the growth rate of early non-performance (<90 days) has evolved positively, total charge-offs decreased 6.8% QoQ, loan loss recoveries increased 20.9% QoQ while NPLs have decreased 9.6% since their peak in April 2009.

By loan product, provision expense was as follows:

Provision for loan losses by loan product	Quarter							Change %
(Ch$ million)		2Q09		1Q09		2Q08			2Q09 / 2Q08		2Q / 1Q 09
Net provisions commercial loans1		(13,612	)	(12,940	)	(10,057	)		35.3	%	5.2	%
Net provisions res. mortgage loans		(3,096	)	(5,403	)	(701	)		341.7	%	(42.7	)%
Net provisions consumer loans		(79,329	)	(72,591	)	(59,701	)		32.9	%	9.3	%
Net provisions for loan losses		(96,037	)	(90,934	)	(70,459	)		36.3	%	5.6	%

1 Includes net provision expenses for interbank loans and off-balance sheet contingent operations.

NET FEE INCOME

Successful strategies in various products promotes fee growth

Fee Income	Quarter				Change %
(Ch$ million)		2Q09	1Q09	2Q08		2Q09 / 2Q08		2Q / 1Q 09
Collection fees		16,552	15,365	17,577		(5.8	)%	7.7	%
Checking accounts & lines of credit		13,116	15,995	13,519		(3.0	)%	(18.0	)%
Credit, debit & ATM card fees		11,950	12,014	10,525		13.5	%	(0.5	)%
Asset management		7,495	6,144	7,592		(1.3	)%	22.0	%
Guarantees, pledges and contingent operations		5,923	6,216	3,960		49.6	%	(4.7	)%
Insurance brokerage		4,719	3,328	4,286		10.1	%	41.8	%
Fees from brokerage and custody of securities		1,766	1,263	2,161		(18.3	)%	39.8	%
Other Fees		1,624	1,306	1,705		(4.8	)%	24.3	%
Total fees		63,145	61,631	61,325		3.0	%	2.5	%

Net fee income increased 2.5% QoQ and 3.0% YoY in 2Q09. The Bank implemented various strategies to promote fee growth in the quarter despite lower economic growth and regulatory changes.

Fees from checking accounts and lines of credit decreased 18.0 QoQ and 3.0% YoY. As stated in previous earnings reports, fee income from lines of credit is expected to decline throughout 2009

Investor Relations Department

Bandera 140 19th Floor, Santiago, Chile, Tel: 562-320-8284, fax: 562-671-6554,

email: rmorenoh@santander.cl

due to regulatory changes that prohibits fees charged for unauthorized overdrafts. This measure began in April 2009. This is being offset by the Bank’s strategy to increased product usage and cross-selling as reflected in other fee generating products, such as the card business, asset management and insurance brokerage.

Collection fees in 2Q09 increased 7.7% QoQ and decreased 5.8% YoY. The QoQ rise was mainly due to higher fees from the collection of loan insurance policies on behalf of third parties which rebounded in the second quarter. The ability to pay bills easily online has also driven collection fees. The YoY decline is mainly due to lower fees recognized by our collection company as an important portion of our charged-off loans were sold in 2007 and 2008.

Fees from credit, debit and ATM cards were flat QoQ and increased 13.5% YoY. The YoY rise in fees from this business reflects, among other initiatives, the launch of three new credit card products in 2009. These are: (i) the World Member Card, which is co-branded with Lan Airlines for the mid-upper income segment, (ii) Santander Banefe Lan Pass, which is the first credit card for the mid-lower income segment that is co-branded with an airline and permits the accumulation of mileage with purchases and, (iii) a credit card co-branded with Movistar, that permits the accumulation of cell phone minutes with purchases, lets clients renew their cell phone once a year and other benefits. This card has been very popular among younger individuals and university students. As of June 2009, the Bank, with 33.2% of all bank credit cards, generated 35.9% of monetary purchases. Purchases were up 9.7% in real terms YoY compared to 4.1% for the rest of the market, excluding Santander.

Fees from asset management increased 22.0% QoQ and decreased 1.3% YoY. Total assets under management reached Ch$3,344,395 million (US$6.3 billion) and increased 8.4% QoQ and 10.3% YoY. Compared to June 2008, the lower fees from this business is mainly due to the lower value of stock funds. The QoQ rise, on the other hand, reflects the improvement since year-end 2008 of both money market and stock funds. The Bank’s commercial teams have also proactively funneled customer deposits to mutual funds, which is a more profitable product for the Bank.

Fees from guarantees, pledges and other contingent operations decreased 4.7% QoQ and increased 49.6% YoY. The QoQ decline was mainly due to the appreciation of the peso that affects fees from stand-by letters of credit. The 49.6% YoY increase was mainly driven fees from stand-by letters of credit.

Insurance brokerage fees increased 41.8% QoQ and 10.1% YoY. Despite lower retail activity, the Bank’s has been able to successfully drive insurance brokerage fees by offering simple and cheap insurance products through our website. This also reflects our efforts to increase product usage and cross-selling in order to continue driving fee growth despite lower economic growth.

Fees from securities brokerage and custody increased 39.8% QoQ and decreased 18.3% YoY. The YoY decline reflects the lower volumes in the stock brokerage, but at the same time the QoQ increase reflects the on-going recovery. The Bank also improved its systems for directly selling stock at the branch level in 2Q09 and this has also had a positive impact on brokerage fees compared to 1Q09.

Investor Relations Department

Bandera 140 19th Floor, Santiago, Chile, Tel: 562-320-8284, fax: 562-671-6554,

email: rmorenoh@santander.cl

Other fees, which totaled Ch$1,624 million, increased 24.3% QoQ and reflect, among other things, higher revenue from financial advisory and investment banking and higher gains from foreign exchange fees.

OPERATING EXPENSES AND EFFICIENCY

Cost down 5.7% YoY and the Efficiency ratio reached a record low of 31.5% in the quarter

Operating Expenses	Quarter							Change %
(Ch$ million)		2Q09		1Q09		2Q08			2Q09 / 2Q08		2Q / 1Q 09
Personnel expenses		(57,701	)	(54,394	)	(61,937	)		(6.8	)%	6.1	%
Administrative expenses		(34,258	)	(33,448	)	(34,873	)		(1.8	)%	2.4	%
Depreciation and amortization		(12,140	)	(10,446	)	(13,612	)		(10.8	)%	16.2	%
Operating expenses		(104,099	)	(98,288	)	(110,422	)		(5.7	)%	5.9	%
Efficiency ratio*		31.5	%	34.5	%	37.0	%

*	Operating expenses / Operating income. Operating income = Net interest income + Net fee income+ Financial transactions net + other operating income and expenses.

The growth rate of operating expenses was curbed in the quarter. In 2Q09, the efficiency ratio reached a record low of 31.5% compared to 34.5% in 1Q09 and 37.0% in 2Q08. Operating expenses increased 5.9% QoQ. This was mainly due to seasonal factors seen in 1Q 09. YoY operating expenses decreased 5.7%. The 6.8% decrease in personnel expenses was mainly due to the deceleration of inflation, lower variable incentives and a 6% reduction in average headcount.

The 1.8% fall in administrative expenses was due to general cost saving measures, our strategy of increasing the profitability of the existing branch network and the increase in usage of alternative channels, especially internet. Since approximately 1/3 of the Bank’s branches have been opened in the past three years, there is still ample room to sustain growth and improve efficiency by maximizing profitability of the existing network. As of June 2009, the Bank’s distribution network totaled 502 offices and 1,929 ATMs. The usage of the Bank’s remote channels has also been increasing in line with the investment made in 2008 in this area. The Bank has a 28% market share in terms of clients using online banking services. The online banking services, a part from being more convenient for clients, is much more cost effective as shown in the table below and this is contributing to the Bank’s efficiency levels.

Cost per client for granting a consumer loans	Off-line customer		Online customer
Origination	US$	72.00	US$	0.40
Processing	US$	2.00	US$	2.00
Servicing	US$	17.00	US$	2.30

Investor Relations Department

Bandera 140 19th Floor, Santiago, Chile, Tel: 562-320-8284, fax: 562-671-6554,

email: rmorenoh@santander.cl

NET RESULTS FROM FINANCIAL TRANSACTIONS

Positive results from client and non-client related treasury activities mitigates negative effects of deflation

Net Result from Financial Transactions	Quarter							Change %
(Ch$ million)		2Q09		1Q09		2Q08			2Q09 / 2Q08		2Q / 1Q 09
Net gains from mark-to-market and trading		(18,863	)	19,429		163,277			(111.6	)%	(197.1	)%
Exchange differences, net		48,519		49,386		(141,172	)		(134.4	)%	(1.8	)%
Net results from financial transactions		29,656		68,815		22,105			34.2	%	(56.9	)%
Avg. 10 year Central Bank yield (real)		2.86	%	2.60	%	3.06	%
Avg. 10 year Central Bank yield (nominal)		5.63	%	5.09	%	6.98	%

The net gains from financial transaction, which includes the sum of the net gains from mark-to-market and trading and net exchange differences, net totaled a gain of Ch$29,656 million in 2Q09. These results mainly include the mark-to-market of the available for sale investment portfolio, realized and unrealized gains of financial investments held for trading, the interest revenue generated by the held for trading portfolio, gains or losses from the sale of charged-off loans and the mark-to-market of derivatives. The results recorded as exchange differences, net mainly includes the translation gains or losses of assets and a liability denominated in foreign currency. In order to better understand these line items, we present the net results from financial transactions by business area in the table below.

Net Result from Financial Transactions	Quarter					Change %
(Ch$ million)		2Q09	1Q09	2Q08			2Q09 / 2Q08		2Q / 1Q 09
Santander Global Connect & Market making*		18,374	39,240	26,687			(31.1	)%	(53.2	)%
ALCO & Proprietary trading		11,282	29,575	(4,582	)		—	%	(61.9	)%
Net results from financial transactions		29,656	68,815	22,105			34.2	%	(56.9	)%

* Includes the sale of charged-off loans.

The 56.9% QoQ decrease in this line item was mainly due to lower gains from the sale of financial investments held to maturity as the dramatic drop in interest rates and inflation strongly impacted these results in 1Q09. The 34.2% YoY increase in the net results from financial transactions was mainly due to higher realized gains from the available for sale fixed income portfolio and better results from our proprietary trading which in 2Q08 had losses.

The results from Santander Global Connect and market-making decreased 53.2% QoQ and 31.1% YoY mainly as a result of lower gains from market making as the increase in long-term rates hurt this business.

Investor Relations Department

Bandera 140 19th Floor, Santiago, Chile, Tel: 562-320-8284, fax: 562-671-6554,

email: rmorenoh@santander.cl

OTHER INCOME AND EXPENSES

Other Income and Expenses	Quarter							Change %
(Ch$ million)		2Q09		1Q09		2Q08			2Q09 / 2Q08		2Q / 1Q 09
Other operating income		2,928		2,498		5,696			(48.6	)%	17.2	%
Other operating expenses		7,821		(35,531	)	(11,143	)		—	%	—	%
Income attributable to investments in other companies		440		326		1,595			(72.4	)%	35.0	%
Income tax		(21,816	)	(16,259	)	(13,607	)		60.3	%	34.2	%

Other operating income, which mainly includes the results from the sale and maintenance of repossessed assets and other results, totaled a gain of Ch$2,928 million in 2Q09, increasing 17.2% QoQ and decreasing 48.6% YoY.

In Other operating expenses, the Bank recognized an expense reversal of Ch$7,821 million in 2Q09. In 1Q09, the Bank recognized additional provisions for non-specific credit and non-credit contingencies given the difficult economic environment and the potential for further deterioration of the economic downturn. In the quarter, as the Bank assigned specific credit provisions to loans it began to reverse, in part, the non-specific provisions recognized as other expenses in 1Q09.

In 2009, and as a consequence of the Adoption of IFRS standards, the Bank no longer recognizes the results from price level restatement. This were usually negative in a positive inflation environment. Therefore, the absolute level of income tax paid should be higher in 2009 than in previous periods. In 2Q08, the Bank recognized in its historical income statement a Ch$22,546 million loss from price level restatement, which was tax deductible. As the results from price level restatement, under the new accounting standards, are no longer recognized, the absolute amount of tax increases compared to 2Q08. The statutory tax rate in Chile has not changed and is 17% over net income before taxes.

Investor Relations Department

Bandera 140 19th Floor, Santiago, Chile, Tel: 562-320-8284, fax: 562-671-6554,

email: rmorenoh@santander.cl

SECTION 4: CREDIT RISK RATINGS

International ratings: Fitch affirms the Bank’s A+ rating

The Bank has credit ratings from three leading international agencies. We have the highest risk rating in Latin America. In 2Q09, Fitch affirmed the Bank’s A+ ratings and removed the Bank from outlook negative. Moody’s in the quarter placed our parent company’s ratings on outlook negative and as a result placed our senior and subordinated debt on outlook negative and kept its foreign currency deposit ratings with outlook positive.

Moody’s		Rating
Long-term bank deposits		A1
Senior bonds		Aa2
Subordinated debt		Aa3
Bank Deposits in Local Currency		Aa2
Bank financial strength		B-
Short-term deposits		P-1

Standard and Poor’s		Rating
Long-term Foreign Issuer Credit		A+
Long-term Local Issuer Credit		A+
Short-term Foreign Issuer Credit		A-1
Short-term Local Issuer Credit		A-1

Fitch		Rating
Foreign Currency Long-term Debt		A+
Local Currency Long-term Debt		A+
Foreign Currency Short-term Debt		F1
Local Currency Short-term Debt		F1
Individual rating		B

Local ratings:

Our local ratings, the highest in Chile, are the following:

Local ratings	Fitch Ratings	Feller Rate

Shares	Level 2	1CN1

Short-term deposits	N1+	Level 1+

Long-term deposits	AAA	AAA

Mortgage finance bonds	AAA	AAA

Senior bonds	AAA	AAA

Subordinated bonds	AA+	AA+

Outlook	Stable	Stable

Investor Relations Department

Bandera 140 19th Floor, Santiago, Chile, Tel: 562-320-8284, fax: 562-671-6554,

email: rmorenoh@santander.cl

SECTION 5: SHARE PERFORMANCE

As of June 2009

Ownership Structure:		Daily traded volumes 1H 2009


ADR Price Evolution Santander ADR vs. Global 1200 Financial Index (Base 100 = 06/30/2008)		Local Share Price Evolution Santander vs IPSA Index (Base 100 = 06/30/2008)

ADR price (US$) 1H09		Local share price (Ch$) 1H09
06/30/09:	46.69	06/30/09:	23.89
Maximum (1H09):	46.69	Maximum (1H09):	23.90
Minimum (1H09):	31.22	Minimum (1H09):	18.23

		Dividends:
Market Capitalization: US$8,470 million		Year paid	Ch$/share	% of previous year
				earnings
P/E 12 month trailing*:	12.6	2006:	0.83	65%
P/BV (06/30/09)**:	3.2	2007:	0.99	65%
Dividend yield***:	6.3%	2008:	1.06	65%
		2009:	1.13	65%

*	Price as of July 30 / 12mth Earnings (2008 non-restated)
**	Price as of July 30 / Book value as of 06/30/09
***	Based on closing price on record date of last dividend payment.

Investor Relations Department

Bandera 140 19th Floor, Santiago, Chile, Tel: 562-320-8284, fax: 562-671-6554,

email: rmorenoh@santander.cl

SECTION 6: INSTITUTIONAL BACKGROUND

Institutional Background

As per the latest public records published by the Superintendency of Banks of Chile for June 2009, Banco Santander Chile was the largest bank in terms of loans and deposits. The Bank has the highest credit ratings among all Latin American companies, with an A+ rating from Standard and Poor’s, A+ by Fitch and A1 by Moody’s, which are the same ratings assigned to the Republic of Chile. The stock is traded on the New York Stock Exchange (NYSE: SAN) and the Santiago Stock Exchange (SSE: Bsantander). The Bank’s main shareholder is Santander, which controls 76.91% of Banco Santander Chile.

Banco Santander, S.A., (SAN.MC, STD.N), headquartered in Madrid, engages primarily in commercial banking with complementary activities in global wholesale banking, cards, asset management and insurance. Santander had over EUR 1.168 trillion in funds under management at the close of 2008, from more than 80 million customers served through 13,390 offices – more branches than any other international bank. Founded in 1857, Santander is the largest financial group in Spain and Latin America and has a significant presence in Western Europe and in the United Kingdom. In 2008, Santander registered €8,876 million in attributable net profit, an increase of 9% from 2007, excluding capital gains.

In Latin America, Santander manages over US$200 billion in business volumes (loans, deposits, mutual funds, pension funds and managed funds) through 6,089 branches. In 2008, Santander reported EUR 2,945 million in net attributable income in Latin America, up 10% from the previous year.

For more information, see www.santander.com.

Investor Relations Department	19
Bandera 140 19th Floor, Santiago, Chile, Tel: 562-320-8284, fax: 562-671-6554,
email: rmorenoh@santander.cl

ANNEX 1: BALANCE SHEET

Unaudited Balance Sheets	Mar-08			Jun-08			Sep-08			Dec-08			Mar-09			Jun-09			June 09 / 08			June 09 / Mar. 09
Ch$million																			% Chg.
Assets
Cash and balances from Central Bank		647,710			1,280,559			854,459			855,411			1,092,151			942,065			-26.4	%		-13.7	%
Funds to be cleared		626,731			487,591			513,843			335,405			374,617			426,647			-12.5	%		13.9	%
Financial assets held for trading		715,729			893,937			891,069			1,166,426			940,357			1,003,448			12.3	%		6.7	%
Investment collateral under agreements to repurchase		4,655			11,697			8,805			-			7,008			13,212			13.0	%		88.5	%
Derivatives		1,427,176			1,233,562			1,296,402			1,846,509			1,598,218			1,502,295			21.8	%		-6.0	%
Interbank loans		116,991			150,406			76,015			95,499			47,809			57,800			-61.6	%		20.9	%
Loans, net of loan loss allowances		12,184,550			12,954,140			13,515,005			14,311,349			13,704,412			13,087,295			1.0	%		-4.5	%
Available-for-sale financial assets		1,457,900			1,080,216			1,316,741			1,580,240			1,276,382			1,444,802			33.8	%		13.2	%
Held-to-maturity investments		-			-			-			-			-			-			—	%		—	%
Investments in other companies		6,859			7,786			6,762			7,277			7,452			7,145			-8.2	%		-4.1	%
Intangible assets		57,727			58,526			65,090			68,232			68,248			69,356			18.5	%		1.6	%
Fixed assets		202,941			201,234			198,133			200,389			196,553			190,997			-5.1	%		-2.8	%
Current tax assets		4,859			18,235			12,654			18,715			8,310			4,826			-73.5	%		-41.9	%
Deferred tax assets		77,063			83,280			124,800			88,825			85,691			94,369			13.3	%		10.1	%
Other assets		648,287			586,289			663,188			508,653			579,639			561,407			-4.2	%		-3.1	%
Total Assets		18,179,178			19,047,458			19,542,966			21,082,930			19,986,847			19,405,664			1.9	%		-2.9	%

Liabilities and Equity
Total non-interest bearing deposits		2,772,568			3,194,423			3,130,913			2,948,162			3,092,010			3,083,814			-3.5	%		-0.3	%
Funds to be cleared		381,921			297,611			308,345			142,552			246,100			195,249			-34.4	%		-20.7	%
Investments sold under agreements to repurchase		91,545			294,438			739,967			562,223			369,905			512,279			74.0	%		38.5	%
Time deposits and savings accounts		8,407,623			8,390,418			8,408,557			9,756,266			8,677,857			8,342,396			-0.6	%		-3.9	%
Derivatives		1,540,408			1,081,784			1,122,579			1,469,724			1,426,565			1,462,558			35.2	%		2.5	%
Deposits from credit institutions		1,013,578			1,505,196			1,495,608			1,425,067			1,423,195			1,140,901			-24.2	%		-19.8	%
Marketable debt securities		2,196,889			2,405,006			2,372,389			2,651,372			2,632,433			2,622,275			9.0	%		-0.4	%
Other obligations		113,873			165,833			130,521			131,318			120,780			149,046			-10.1	%		23.4	%
Current tax liabilities		3,552			1,017			850			791			506			34,786			3320.5	%		6774.7	%
Deferred tax liability		14,651			23,949			57,388			19,437			9,381			9,567			-60.1	%		2.0	%
Provisions		154,570			92,938			137,460			166,719			204,211			122,990			32.3	%		-39.8	%
Other liabilities		138,199			295,128			220,667			293,732			212,461			201,864			-31.6	%		-5.0	%
Total Liabilities		16,829,377			17,747,741			18,125,244			19,567,363			18,415,404			17,877,725			0.7	%		-2.9	%

Equity
Capital		818,535			818,535			818,535			891,303			891,303			891,303			8.9	%		0.0	%
Reserves		(20,618	)		(20,571	)		(21,234	)		(123,727	)		(16,960	)		(16,960	)		-17.6	%		0.0	%
Unrealized gain (loss) Available-for-sale financial assets		(21,155	)		(45,900	)		(31,204	)		(7,552	)		(7,856	)		(14,199	)		-69.1	%		80.7	%
Retained Earnings:		552,360			523,964			627,264			729,664			676,553			636,875			21.5	%		-5.9	%
Retained earnings previous periods		581,651			381,030			381,030			413,053			721,340			508,045			33.3	%		-29.6	%
Net income		85,997			189,159			321,408			415,055			76,652			184,043			-2.7	%		140.1	%
Provision for mandatory dividend		(115,288	)		(46,225	)		(75,174	)		(98,444	)		(121,439	)		(55,213	)		19.4	%		-54.5	%
Total Shareholders' Equity		1,329,122			1,276,028			1,393,361			1,489,688			1,543,040			1,497,019			17.3	%		-3.0	%
Minority Interest		20,679			23,689			24,361			25,879			28,403			30,920			30.5	%		8.9	%
Total Equity		1,349,801			1,299,717			1,417,722			1,515,567			1,571,443			1,527,939			17.6	%		-2.8	%
Total Liabilities and Equity		18,179,178			19,047,458			19,542,966			21,082,930			19,986,847			19,405,664			1.9	%		-2.9	%

Investor Relations Department	20
Bandera 140 19th Floor, Santiago, Chile, Tel: 562-320-8284, fax: 562-671-6554,
email: rmorenoh@santander.cl

ANNEX 2 : YTD INCOME STATEMENTS

YTD Income Statement Unaudited	Jun-09			Jun-09			Jun-08			June 09 / 08
	US$ths.			Ch$ million nominal						% Chg.
Interest revenue		1,097,227			585,535			896,399			(34.7	)%
Interest expense		(321,655	)		(171,651	)		(488,143	)		(64.8	)%
Net interest revenue		775,572			413,884			408,256			1.4	%
Fee income		292,027			155,840			144,773			7.6	%
Fee expense		(58,210	)		(31,064	)		(24,854	)		25.0	%
Net fee income		233,816			124,776			119,919			4.1	%
Net gains from mark-to-market and trading		1,061			566			74,656			(99.2	)%
Exchange differences, net		183,463			97,905			(39,191	)		(349.8	)%
Financial transactions, net		184,524			98,471			35,465			177.7	%
Other operating income		10,168			5,426			15,711			(65.5	)%
Total operating income		1,204,079			642,557			579,351			10.9	%
Provision expense		(350,363	)		(186,971	)		(131,913	)		41.7	%
Total operating income net of provisions		853,717			455,586			447,437			1.8	%
Personnel expenses		(210,053	)		(112,095	)		(115,745	)		(3.2	)%
Administrative expenses		(126,873	)		(67,706	)		(65,567	)		3.3	%
Depreciation and amortization		(42,324	)		(22,586	)		(24,726	)		(8.7	)%
Operating expenses		(379,250	)		(202,387	)		(206,038	)		(1.8	)%
Other operating expenses		(51,925	)		(27,710	)		(19,772	)		40.1	%
Total operating expenses		(431,176	)		(230,097	)		(225,810	)		1.9	%
Net operating income		422,541			225,489			221,628			1.7	%
Income attributable to investments in other companies		1,435			766			1,333			—	%
Net income before taxes		423,976			226,255			222,961			1.5	%
Income tax		(71,348	)		(38,075	)		(29,035	)		31.1	%
Net income from ordinary activities		352,628			188,180			193,926			(3.0	)%
Net income discontinued operations		0			0			0
Net income attributable to:
Minority interest		7,752			4,137			4,767			(13.2	)%
Net income attributable to shareholders		344,876			184,043			189,159			(2.7	)%

Investor Relations Department	21
Bandera 140 19th Floor, Santiago, Chile, Tel: 562-320-8284, fax: 562-671-6554,
email: rmorenoh@santander.cl

ANNEX 3 : QUARTERLY INCOME STATEMENTS

Unaudited Income Statement	1Q08		2Q08		3Q08		4Q08		1Q09		2Q09		June 09 / 08			June 09 / Mar. 09
													% Chg.
Interest revenue	397,894		498,504		624,168		540,779		246,791		338,744			-32.0	%		37.3	%
Interest expense	(209,888	)	(278,255	)	(372,562	)	(308,576	)	(59,518	)	(112,133	)		-59.7	%		88.4	%
Net interest revenue	188,006		220,249		251,606		232,203		187,273		226,611			2.9	%		21.0	%
Fee income	70,668		74,106		74,497		76,698		77,163		78,677			6.2	%		2.0	%
Fee expense	(12,073	)	(12,781	)	(13,390	)	(14,596	)	(15,532	)	(15,532	)		21.5	%		0.0	%
Net fee income	58,595		61,325		61,107		62,102		61,631		63,145			3.0	%		2.5	%
Net gains from mark-to-market and trading	(88,622	)	163,277		96,600		102,222		19,429		(18,863	)		—	%		—	%
Exchange differences, net	101,981		(141,172	)	(62,580	)	(85,271	)	49,386		48,519			—	%		-1.8	%
Total resutls from financial transactions, net	13,359		22,105		34,020		16,951		68,815		29,656			34.2	%		-56.9	%
Other operating income, net	10,015		5,696		64		2,014		2,498		2,928			-48.6	%		17.2	%
Total operating income	269,975		309,375		346,797		313,270		320,217		322,340			4.2	%		0.7	%
Provision expense	(61,454	)	(70,459	)	(72,492	)	(83,579	)	(90,934	)	(96,037	)		36.3	%		5.6	%
Total operating income net of provisions	208,521		238,916		274,305		229,691		229,283		226,303			-5.3	%		-1.3	%
Personnel expenses	(53,808	)	(61,937	)	(63,483	)	(67,547	)	(54,394	)	(57,701	)		-6.8	%		6.1	%
Administrative expenses	(30,694	)	(34,873	)	(35,511	)	(32,605	)	(33,448	)	(34,258	)		-1.8	%		2.4	%
Depreciation and amortization	(11,113	)	(13,612	)	(11,708	)	(11,193	)	(10,446	)	(12,140	)		-10.8	%		16.2	%
Operating expenses	(95,615	)	(110,422	)	(110,702	)	(111,345	)	(98,288	)	(104,099	)		-5.7	%		5.9	%
Other operating expenses	(8,631	)	(11,143	)	(12,579	)	(9,325	)	(35,531	)	7,821			—	%		—	%
Total operating expenses	(104,246	)	(121,565	)	(123,281	)	(120,670	)	(133,819	)	(96,278	)		-20.8	%		-28.1	%
Net operating income	104,275		117,351		151,024		109,021		95,464		130,025			10.8	%		36.2	%
Income attributable to investments in other companies	(262	)	1,595		(276	)	8		326		440			-72.4	%		35.0	%
Net income before taxes	104,013		118,946		150,748		109,029		95,790		130,465			9.7	%		36.2	%
Income tax	(15,427	)	(13,607	)	(17,545	)	(13,506	)	(16,259	)	(21,816	)		60.3	%		34.2	%
Net income from ordinary activities	88,586		105,339		133,203		95,523		79,531		108,649			3.1	%		36.6	%
Net income discontinued operations	0		0		0		0		0		0
Net income attributable to:
Minority interest	2,589		2,177		954		1,877		2,879		1,258			-42.2	%		-56.3	%
Net income attributable to shareholders	85,997		103,162		132,249		93,646		76,652		107,391			4.1	%		40.1	%

Investor Relations Department	22
Bandera 140 19th Floor, Santiago, Chile, Tel: 562-320-8284, fax: 562-671-6554,
email: rmorenoh@santander.cl

ANNEX 4: QUARTERLY EVOLUTION OF MAIN RATIOS AND OTHER INFORMATION

	Mar-08			Jun-08			Sep-08			Dec-08			Mar-09			Jun-09
(Ch$ millions)
Loans
Consumer loans		2,158,563			2,205,135			2,241,163			2,248,996			2,187,832			2,121,046
Residential mortgage loans		3,454,267			3,636,849			3,852,648			3,980,525			3,927,343			3,970,462
Commercial loans		6,808,174			7,357,979			7,679,640			8,356,033			7,870,502			7,309,977
Total loans		12,421,004			13,199,963			13,773,451			14,585,554			13,985,677			13,401,485
Allowance for loan losses		(236,454	)		(245,823	)		(258,446	)		(274,205	)		(281,265	)		(314,191	)
Total loans, net of allowances		12,184,550			12,954,140			13,515,005			14,311,349			13,704,412			13,087,294

Loans by segment
Individuals		5,612,830			5,841,984			6,093,811			6,229,521			6,115,175			6,091,508
SMEs		2,201,005			2,314,975			2,418,645			2,471,356			2,385,720			2,370,029
Institutional lending		218,018			230,934			216,016			234,824			254,565			262,915
Total retail lending		8,031,853			8,387,893			8,728,472			8,935,701			8,755,460			8,724,452
Middle-Market & Real estate		2,516,708			2,703,058			2,831,381			2,895,035			2,727,232			2,472,244
Corporate		1,500,669			1,573,148			1,648,671			2,083,141			1,776,296			1,566,971

Customer funds
Demand deposits		2,772,568			3,194,423			3,130,913			2,948,162			3,092,010			3,083,814
Time deposits		8,407,623			8,390,418			8,408,557			9,756,266			8,677,857			8,342,396
Total deposits		11,180,191			11,584,841			11,539,470			12,704,428			11,769,867			11,426,210
Mutual funds (Off balance sheet)		2,669,438			3,033,103			2,533,228			2,199,222			3,085,227			3,344,395
Total customer funds		13,849,629			14,617,944			14,072,698			14,903,650			14,855,094			14,770,605
Loans / Deposits1		91.4	%		93.2	%		98.8	%		93.9	%		96.5	%		94.3	%

Average balances
Avg. interest earning assets		13,539,003			14,241,705			14,681,695			15,959,439			15,742,285			15,147,554
Avg. loans		12,277,279			12,807,117			13,444,859			14,295,443			14,312,882			13,733,919
Avg. assets		17,561,157			18,473,351			19,017,636			20,846,092			20,491,543			19,719,613
Avg. demand deposits		2,807,126			3,019,391			3,007,537			2,996,543			2,952,461			3,087,754
Avg equity		1,345,916			1,279,462			1,322,955			1,446,467			1,517,709			1,495,755
Avg. free funds		4,153,042			4,298,853			4,330,493			4,443,010			4,470,170			4,583,509

Capitalization
Risk weighted assets		13,593,098			14,066,367			15,170,215			15,710,202			13,979,591			13,544,319
Tier I		1,398,183			1,350,580			1,477,245			1,578,043			1,543,039			1,497,019
Tier II		415,905			461,436			514,005			588,657			560,232			545,906
Regulatory capital		1,814,088			1,812,015			1,991,251			2,166,700			2,103,271			2,042,925
BIS ratio		13.3	%		12.9	%		13.1	%		13.8	%		15.0	%		15.1	%

Profitability & Efficiency
Net interest margin		5.6	%		6.2	%		6.9	%		5.8	%		4.8	%		6.0	%
Efficiency ratio		36.6	%		37.0	%		33.1	%		36.6	%		34.5	%		31.5	%
Avg. Free funds / interest earning assets		30.7	%		30.2	%		29.5	%		27.8	%		28.4	%		30.3	%
Return on avg. equity		25.6	%		32.3	%		40.0	%		25.9	%		20.2	%		28.7	%
Return on avg. assets		2.0	%		2.2	%		2.8	%		1.8	%		1.5	%		2.2	%

Investor Relations Department	23
Bandera 140 19th Floor, Santiago, Chile, Tel: 562-320-8284, fax: 562-671-6554,
email: rmorenoh@santander.cl

	Mar-08			Jun-08			Sep-08			Dec-08			Mar-09			Jun-09
Asset quality
Non-performing loans (NPLs)2		—			—			—			—			392,802			415,311
Past due loans3		135,354			147,874			154,651			160,824			169,220			181,790
Expected loss4		236,454			245,823			258,446			274,205			281,265			314,191
NPLs / total loans		—			—			—			—			2.81	%		3.10	%
PDL / total loans		1.09	%		1.12	%		1.12	%		1.10	%		1.21	%		1.36	%
Coverage of NPLs (Loan loss allowance / NPLs)		—			—			—			—			71.60	%		75.65	%
Loan loss allowance / PDLs		174.7	%		166.2	%		167.1	%		170.5	%		166.2	%		172.8	%
Expected loss (Loan loss allowances / Loans)		1.90	%		1.86	%		1.88	%		1.88	%		2.01	%		2.34	%
Cost of credit (prov. expense / loans)		1.98	%		2.14	%		2.11	%		2.29	%		2.60	%		2.87	%

Network
Branches		496			498			502			507			501			502
ATMs		1,989			2,016			1,987			1,958			1,929			1,929

Market information (period-end)
Net income per share (Ch$)		0.46			0.55			0.70			0.50			0.41			0.57
Net income per ADR (US$)		1.08			1.09			1.32			0.82			0.73			1.12
Stock price		21.9			21.4			21.9			20.5			19.1			23.9
ADR price		52.3			43.0			42.8			35.0			34.4			46.7
Market capitalization (US$mn)		9,479			7,801			7,761			6,353			6,230			8,468
Shares outstanding		188,446.1			188,446.1			188,446.1			188,446.1			188,446.1			188,446.1
ADRs (1 ADR = 1,039 shares)		181.4			181.4			181.4			181.4			181.4			181.4

Other Data
Quarterly inflation rate5		1.02	%		2.17	%		3.63	%		2.21	%		(2.30	)%		-0.13	%
Avg. overnight interbank rate (nominal)		6.22	%		6.39	%		7.58	%		8.24	%		5.49	%		1.40	%
Avg. 10 year Central Bank yield (real)		2.84	%		3.06	%		3.39	%		3.22	%		2.60	%		2.86	%
Avg. 10 year Central Bank yield (nominal)		6.46	%		6.98	%		7.74	%		6.50	%		5.09	%		5.63	%
Observed Exchange rate (Ch$/US$) (period-end)		439.1			520.1			552.5			629.1			582.1			529.07

1 Ratio = Loans - marketable securities / Time deposits + demand deposits

2 Capital + future interest of all loans with one installment 90 days or more overdue.

3 All instalments overdue more than 90 days

4 Based on internal credit models and SBIF guidelines. Banks must have a 100% coverage of expected loss

5 Calculated using the variation of the Unidad de Fomento (UF) in the period

Investor Relations Department	24
Bandera 140 19th Floor, Santiago, Chile, Tel: 562-320-8284, fax: 562-671-6554,
email: rmorenoh@santander.cl

BANCO SANTANDER CHILE Y FILIALES

ESTADOS DE SITUACIÓN FINANCIERA CONSOLIDADOS

Referidos al

	30 de Junio			30 de Junio			31 de Diciembre			01 de Enero
	2009			2008			2008			2008
	(Millones)			(Millones)			(Millones)			(Millones)
	$			$			$			$
ACTIVOS

Efectivo y depósitos en bancos		942.065			1.280.559			855.411			1.108.637
Operaciones con liquidación en curso		426.647			487.591			335.405			316.240
Instrumentos para negociación		1.003.448			893.938			1.166.426			1.093.445
Contratos de retrocompra y préstamos de valores		13.212			11.697			-			33.999
Contratos de derivados financieros		1.502.295			1.233.562			1.846.509			780.775
Adeudado por bancos		57.800			150.406			95.499			45.961
Créditos y cuentas por cobrar a clientes		13.087.295			12.954.140			14.311.349			12.022.275
Instrumentos de inversión disponibles para la venta		1.444.802			1.080.216			1.580.240			779.635
Instrumentos de inversión hasta el vencimiento		-			-			-			-
Inversiones en sociedades		7.145			7.786			7.277			7.301
Intangibles		69.356			58.526			68.232			56.224
Activo fijo		190.997			201.234			200.389			202.489
Impuestos corrientes		4.826			18.235			18.715			2.499
Impuestos diferidos		94.369			83.280			88.825			80.989
Otros activos		561.407			586.288			508.655			460.282

TOTAL ACTIVOS		19.405.664			19.047.458			21.082.932			16.990.751
PASIVOS

Depósitos y otras obligaciones a la vista		3.083.814			3.194.423			2.948.162			2.867.934
Operaciones con liquidación en curso		195.249			297.611			142.552			135.219
Contratos de retrocompra y préstamos de valores		512.279			294.438			562.223			307.630
Depósitos y otras captaciones a plazo		8.342.396			8.390.418			9.756.266			7.887.897
Contratos de derivados financieros		1.462.558			1.081.784			1.469.724			778.217
Obligaciones con bancos		1.140.901			1.505.196			1.425.067			1.099.457
Instrumentos de deuda emitidos		2.622.275			2.405.006			2.651.372			2.154.996
Otras obligaciones financieras		149.046			165.833			131.318			175.667
Impuestos corrientes		34.786			1.017			791			16.067
Impuestos diferidos		9.567			23.949			19.437			11.084
Provisiones		122.990			92.938			166.719			50.102
Otros pasivos		201.864			295.128			293.733			118.550

TOTAL PASIVOS		17.877.725			17.747.741			19.567.364			15.602.820
PATRIMONIO

Atribuible a tenedores patrimoniales del banco:		1.497.019			1.276.028			1.489.689			1.369.797
Capital		891.303			818.535			891.303			818.535
Reservas		(16.960	)		(20.571	)		(123.726	)		(20.914	)
Cuentas de valoración		(14.199	)		(45.900	)		(7.552	)		(9.475	)
Utilidades retenidas:		636.875			523.964			729.664			581.651
Utilidades retenidas de ejercicios anteriores		508.045			381.030			413.053			581.651
Utilidad (pérdida) del ejercicio		184.043			189.159			415.055			-
Menos: Provisión para dividendos mínimos		(55.213	)		(46.225	)		(98.444	)		-

Interés minoritario		30.920			23.689			25.879			18.134

TOTAL PATRIMONIO		1.527.939			1.299.717			1.515.568			1.387.931

TOTAL PASIVOS Y PATRIMONIO		19.405.664			19.047.458			21.082.932			16.990.751

BANCO SANTANDER CHILE Y FILIALES

ESTADOS CONSOLIDADOS DE RESULTADOS

Por los períodos terminados el

	30 de Junio			30 de Junio
	2009			2008
	(Millones)			(Millones)
	$			$
RESULTADOS OPERACIONALES
Ingresos por intereses y reajustes		585.535			896.399
Gastos por intereses y reajustes		(171.651	)		(488.143	)

Ingreso neto por intereses y reajustes		413.884			408.256

Ingresos por comisiones		155.840			144.773
Gastos por comisiones		(31.064	)		(24.854	)

Ingreso neto de comisiones		124.776			119.919

Utilidad neta operaciones financieras		566			74.656
Utilidad (pérdida) de cambio neta		97.905			(39.191	)
Otros ingresos operacionales		5.426			15.711

Total Ingresos operacionales		642.557			579.351

Provisiones por riesgo de crédito		(186.971	)		(131.913	)

INGRESO OPERACIONAL NETO		455.586			447.438

Remuneraciones y gastos del personal		(112.095	)		(115.745	)
Gastos de administración		(67.706	)		(65.567	)
Depreciaciones y amortizaciones		(22.586	)		(24.726	)
Deterioro		-			-
Otros gastos operacionales		(27.710	)		(19.772	)

TOTAL GASTOS OPERACIONALES		(230.097	)		(225.810	)

RESULTADO OPERACIONAL		225.489			221.628

Resultado por inversiones en sociedades		766			1.333

Resultado antes de impuesto a la renta		226.255			222.961

Impuesto a la renta		(38.075	)		(29.035	)

UTILIDAD (PERDIDA) CONSOLIDADA DEL EJERCICIO		188.180			193.926

Atribuible a:
Tenedores patrimoniales del Banco		184.043			189.159
Interés Minoritario		4.137			4.767

Utilidad por acción atribuible a tenedores patrimoniales del Banco:
(expresada en pesos)
Utilidad básica		0,9766			1,0038
Utilidad diluida		0,9766			1,0038

BANCO SANTANDER CHILE Y FILIALES

ESTADOS CONSOLIDADOS DE RESULTADOS INTEGRALES

Por los períodos terminados el

	30 de Junio			30 de Junio
	2009			2008
	(Millones)			(Millones)
	$			$
UTILIDAD (PERDIDA) CONSOLIDADA DEL EJERCICIO		188.180			193.926

OTROS RESULTADOS INTEGRALES

Instrumentos de Inversión Disponibles para la Venta		10.238			(27.999	)
Coberturas de Flujo de Efectivo		(17.417	)		(15.887	)
		-			-
Otros resultados integrales antes de impuesto a la renta		(7.179	)		(43.886	)

Impuesto a la renta relacionado con otros resultados integrales		1.220			7.461

Total de otros resultados integrales		(5.959	)		(36.425	)

RESULTADOS INTEGRALES CONSOLIDADOS DEL EJERCICIO		182.221			157.501

Atribuible a :
Tenedores patrimoniales del Banco		177.396			152.734
Interés Minoritario		4.825			4.767

BANCO SANTANDER CHILE

ESTADO DE CAMBIOS EN EL PATRIMONIO

Por los períodos terminados el

(en millones de pesos)

			RESERVAS						CUENTAS DE VALORACIÓN										UTILIDADES RETENIDAS
	Capital		Reservas y otras utilidades retenidas			Fusión de sociedades bajo control común			Instrumentos de Inversión Disponibles para la Venta			Coberturas de Flujo de Efectivo			Otros conceptos		Impuesto a la renta		Utilidades retenidas de ejercicios anteriores			Utilidades del ejercicio			Provision para dividendo mínimo			Total atribuible a tenedores patrimoniales			Interés Minoritario			TOTAL PATRIMONIO

Patrimonio al 31 de Diciembre 2007		818.535		49.372			(2.042	)		(5.548	)		(5.867	)		-		1.940		273.004			308.647			-			1.438.041			20.047			1.458.088
Distribución resultado ejercicio anterior		-					-			-			-			-		-		308.647			(308.647	)		-			-			-			-
Sub-total		818.535		49.372			(2.042	)		(5.548	)		(5.867	)		-		1.940		581.651			-			-			1.438.041			20.047			1.458.088
Efectos por primera Aplicación de IFRS		-		(68.244	)		-			-			-			-		-		-			-			-			(68.244	)		(1.913	)		(70.157	)
Patrimonio al 01 de Enero 2008		818.535		(18.872	)		(2.042	)		(5.548	)		(5.867	)		-		1.940		581.651			-			-			1.369.797			18.134			1.387.931
Ajuste circular Nº 3443 dividendo mínimo 2008		-		-			-			-			-			-		-		-			-			(92.594	)		(92.594	)		-			(92.594	)
Dividendos /Retiros realizados		-		-			-			-			-			-		-		(200.619	)		-			92 594			(108.025	)		(33	)		(108.058	)
Otros movimientos patrimoniales		-		343			-			-			-			-		-		(2	)		-			-			341			821			1.162
Provisión para dividendos minimos		-		-			-			-			-			-		-		-			-			(46.225	)		(46.225	)		-			(46.225	)
Sub-total		-		343			-			-			-			-		-		(200.621	)		-			(46.225	)		(246.503	)		788			(245.715	)
Otros resultados integrales		-		-			-			(27.999	)		(15.887	)		-		7.461		-			-			-			(36.425	)					(36.425	)
Resultado del ejercicio		-		-			-			-			-			-		-		-			189.159			-			189.159			4.767			193.926
Sub-total		-		-			-			(27.999	)		(15.887	)		-		7.461		-			189.159			-			152.734			4.767			157.501
Patrimonio al 30 de Junio 2008		818.535		(18.529	)		(2.042	)		(33.547	)		(21.754	)		-		9.401		381.030			189.159			(46.225	)		1.276.028			23.689			1.299.717
Patrimonio al 31 de Diciembre 2008		891.303		(121.684	)		(2.042	)		(19.972	)		10.873			-		1.547		413.053			415.055			(98.444	)		1.489.689			25.879			1.515.568
Distribución resultado ejercicio anterior		-		-			-			-			-			-		-		415.055			(415.055	)		-			-			-			-
Sub-total		891.303		(121.684	)		(2.042	)		(19.972	)		10.873			-		1.547		828.108			-			(98.444	)		1.489.609			25.879			1.515.568
Reposición corrección monetaria 2008		-		106.766			-			-			-			-		-		(106.766	)		-			-			-			-			-
Patrimonio al 01 de Enero 2009		891.303		(14.918	)		(2.042	)		(19.972	)		10.873			-		1.547		721.342			-			(98.444	)		1.489.609			25.879			1.515.568
Aumento o disminución de capital y reservas		-		-			-			-			-			-		-		-			-			-			-			5.600			5.600
Dividendos / Retiros realizados		-		-			-			-			-			-		-		(213.295	)		-			98.444			(114.851	)		(5.174	)		(120.025	)
Otros movimientos patrimoniales		-		-			-			-			-			-		-		(2	)		-			-			(2	)		(210	)		(212	)
Provisión para dividendos mínimos		-		-			-			-			-			-		-		-			-			(55.213	)		(55.213	)		-			(55.213	)
Sub-total		-		-			-			-			-			-		-		(213.297	)		-			43.231			(170.066	)		216			(169.850	)
Otros resultados integrales		-		-			-			9.409			(17.417	)		-		1.361		-			-			-			(6.647	)		688			(5.959	)
Resultado del ejercicio		-		-			-			-			-			-		-		-			184.043			-			184.043			4.137			188.180
Sub-total		-		-			-			9.409			(17.417	)		-		1.361		-			104.043			-			177.396			4.825			182.221
Patrimonio al 30 de Junio 2009		891.303		(14.918	)		(2.042	)		(10.563	)		(6.544	)		-		2.908		508.045			184.043			(55.213	)		1.497.019			30.920			1.527.939

Dividendos distribuídos:

Período	Resultado atribuible a tenedores patrimoniales		Destinados a reservas o utilidades retenidas		Destinado a Dividendos		Porcentaje Distribuido			Dividendo por acción (en pesos)

- Año 2007 (Junta Accionistas Aliril 2008)		308.647		108.028		200.619		65	%		1,065

- Año 2000 (Junta Accionistas Ahril 2009)		328.146		114.851		213.295		65	%		1,132

BANCO SANTANDER CHILE Y FILIALES

ESTADOS CONSOLIDADOS DE FLUJOS DE EFECTIVO

Por los períodos terminados el

	30 de Junio			30 de Junio
	2009			2008
	(Millones)			(Millones)
	$			$

FLUJOS ORIGINADOS POR ACTIVIDADES OPERACIONALES :

UTILIDAD (PERDIDA) CONSOLIDADA DEL EJERCICIO		188.180			193.926
Cargos (abonos) a resultados que no significan movimiento de efectivo:
Depreciaciones y amortizaciones		22.586			24.726
Provisiones por créditos, ctas por cobrar a clientes y castigos		206.625			131.913
Ajuste a valor de mercado de instrumentos financieros		(41.227	)		(1.432	)
(Utilidad) Pérdida por inversiones en sociedades		(766	)		(918	)
(Utilidad) Pérdida en venta de activos recibidos en pago		(2.239	)		(4.879	)
(Utilidad) Pérdida en venta de activos fijos		(207	)		677
Castigo de activos recibidos en pago		2.869			2.151
Otros cargos (abonos) que no significan movimiento de efectivo		47.077			26.571
Variación neta de intereses, reajustes y comisiones devengados sobre activos y pasivos		(50.413	)		(20.630	)
Total flujos operacionales		372.485			352.105
FLUJO ORIGINADO POR ACTIVIDADES DE INVERSIÓN :
(Aumento) disminución neta de créditos y ctas por cobrar		922.642			(1.098.922	)
(Aumento) disminución neta de inversiones		754.758			(277.762	)
Compras de activos fijos		(9.998	)		(6.760	)
Ventas de activo fijo		11.312			2.103
(Aumento) Disminución de inversiones en sociedades		(79	)		-
Dividendos recibidos de inversiones en sociedades		790			606
Ingresos por bienes recibidos en pago		15.246			12.187
Aumento (disminución) neta de otros activos y pasivos		(70.529	)		(74.334	)
Total flujos de inversión		1.624.142			(1.442.882	)
FLUJO ORIGINADO POR ACTIVIDADES DE FINANCIAMIENTO :
Aumento (disminución) de acreedores en cuenta corriente		110.522			291.002
Aumento (disminución) de depósitos y captaciones		(1.384.048	)		502.522
Aumento (disminución) de otras obligaciones a la vista o a plazo		42.505			25.447
Aumento (disminución) de obligaciones por intermediación de documento		(259.267	)		120.568
Aumento (disminución) de préstamos del exterior corto y largo plazo		(283.240	)		297.160
Emisión de letras de crédito		4.506			-
Rescate de letras de crédito		(69.073	)		(66.802	)
Aumento (disminución) de otros pasivos de corto plazo		13.608			2.399
Préstamos obtenidos del Banco Central de Chile (corto plazo)		324.682			72.850
Pago de préstamos del Banco Central de Chile (corto y largo plazo)		(325.609	)		(74.366	)
Emisión de Bonos		201.346			202.929
Rescate de bonos		(36.259	)		(9.248	)
Otros Préstamos obtenidos a corto y largo plazo		3.307			107.767
Pago de otros préstamos a largo plazo		(1.006	)		-
Aumento (disminución) de Capital		5.600			-
Dividendos pagados		(219.002	)		(200.570	)
Total Flujos de financiamiento		(1.871.428	)		1.271.658

SUB TOTAL		125.199			180.881
VARIACION EFECTIVO Y EFECTIVO EQUIVALENTE DURANTE EL PERIODO		125.199			180.881
EFECTIVO INICIAL DE EFECTIVO Y EFECTIVO EQUIVALENTE		1.048.264			1.289.658
SALDO FINAL DE EFECTIVO Y EFECTIVO EQUIVALENTE		1.173.463			1.470.539

NOTA Nº1 ADOPCIÓN POR PRIMERA VEZ DEL COMPENDIO DE NORMAS CONTABLES:

La Superintendencia de Bancos e Instituciones Financieras (“SBIF”) en conjunto con otras superintendencias y otros organismos reguladores en Chile acordaron un plan de convergencia a Normas Internaciones de Información Financiera (“NIIF”) con el propósito de internacionalizar los modelos de reporte financiero para compañías públicas en Chile. En el marco del plan estratégico, la SBIF, a través de su Circular Nº 3.410 del 9 de noviembre de 2007, complementada posteriormente por la Circular Nº 3.443 del 21 de agosto de 2008, dio a conocer el nuevo “Compendio de Normas Contables”, en el cual contiene los nuevos estándares de contabilidad y reporte para la industria financiera que se aplicarán a contar del 1º de enero de 2009, considerando las normas de carácter transitorio establecidas en el Capítulo E de dicho compendio.

Por disposiciones legales, los bancos deben utilizar los criterios contables dispuestos por la SBIF y en todo aquello que no sea tratado por ella ni se contraponga con sus instrucciones, deben ceñirse a los criterios contables de general aceptación, que corresponden a las normas técnicas emitidas por el Colegio de Contadores de Chile A.G., coincidentes con los estándares internacionales de contabilidad e información financiera acordados por el Internacional Accounting Standards Board (“IASB”). En caso de existir discrepancias entre los principios contables y los criterios contables emitidos por la SBIF (Compendio de Normas Contables), primarán estas últimas.

Como resultado de lo anterior, el Banco estableció un plan para la transición a las nuevas normas contables que incluye, entre otros aspectos, el análisis de las diferencias de criterios contables, la selección de los criterios contables a aplicar en los casos en que se permitan tratamientos alternativos y la evaluación de las modificaciones de procedimientos y sistemas de información.

De acuerdo a este plan de transición, se han aplicado retroactivamente al 01 de enero de 2008 las normas del nuevo Compendio de Normas Contables, confeccionándose un balance de apertura a dicha fecha. Asimismo, con el objetivo de presentar estados financieros comparativos durante el año 2009, el Banco confeccionó un set de estados financieros pro-forma para el año 2008.

A continuación se detallan y explican los principales impactos que origina la migración a estas nuevas normas contables, ya sea a nivel de balance como resultados.

a) Conciliación del Patrimonio de acuerdo al nuevo Compendio de Normas Contables:

Los principales ajustes que origina la migración al nuevo Compendio de Normas Contables en el Patrimonio son los siguientes:

		Total Patrimonio
		Al 01 Enero de			Al 30 Junio de			Al 31 Diciembre de
		2008			2008			2008
	Explic.	MM$			MM$			MM$

Patrimonio antes de cambios normativos			1.458.089			1.373.196			1.602.610

Ajustes:
Perímetro de consolidación	i		(14.453	)		(10.469	)		(9.712	)
Sociedades de apoyo	ii		506			762			719
Corrección monetaria	iii		-			(9.734	)		(30.493	)
Activo fijo e Intangibles	iv		(64.494	)		(62.896	)		(58.613	)
Bienes recibidos o adjudicados en pago	v		(929	)		(586	)		(408	)
Castigos de colocaciones	vi		(2.205	)		(2.815	)		(4.235	)
Impuestos diferidos	vii		11.419			12.259			15.700
Sub-total			(70.156	)		(73.479	)		(87.042	)

Patrimonio según nuevo Compendio de Normas Contables			1.387.931			1.299.717			1.515.568

(*) En la letra g) se explica detalladamente la naturaleza de los principales ajustes.

Tal como se comentó anteriormente, estos ajustes se generan por la adopción del nuevo Compendio de Normas Contables de la SBIF, por lo tanto estos no corresponden al reconocimiento de errores de ejercicios anteriores de acuerdo a la NIC 8.

NOTA Nº1 ADOPCIÓN POR PRIMERA VEZ DEL COMPENDIO DE NORMAS CONTABLES, continuación:

b) Conciliación del Resultado de acuerdo al nuevo Compendio de Normas Contables:

Los principales ajustes que origina la migración al nuevo Compendio de Normas Contables en el Resultado son los siguientes:

		Resultado Consolidado
		Al 30 Junio de			Al 31 Diciembre de
		2008			2008
	Explic.	MM$			MM$

Resultado antes de cambios normativos			156.095			331.017

Ajustes:
Perímetro de consolidación	i		3.985			4.742
Sociedades de apoyo	ii		256			213
Corrección monetaria	iii		31.419			78.027
Activo fijo e Intangibles	iv		1.598			5.881
Bienes recibido o adjudicados en pago	v		343			521
Castigos de colocaciones	vi		(610	)		(2.030	)
Impuestos diferidos	vii		840			4.281
Sub-total			37.831			91.635

Resultado según nuevo Compendio de Normas Contables			193.926			422.652

(*) En la letra g) se explica detalladamente la naturaleza de los principales ajustes.

c) Balance de Apertura de acuerdo al nuevo Compendio de Normas Contables:

Tal como se comentó anteriormente, al 01 de enero de 2008 se aplicaron retroactivamente las normas del nuevo Compendio de Normas Contables con el objetivo de elaborar el respectivo balance de apertura bajo estas nuevas normas contables.

A continuación se presenta la conciliación de los saldos del Estado de Situación Financiera, debiendo entenderse por:

Saldos de cierre:

Son aquellos que figuran en los estados financieros consolidados del Banco y sus filiales al 01 de Enero de 2008, los cuales se prepararon conforme a los criterios y principios contables anteriormente vigentes.

Ajustes:

Cambios con origen principalmente en los criterios de valorización y políticas contables modificadas por la nueva normativa. Dentro de este concepto se incluyen las modificaciones al perímetro de consolidación que establece el nuevo Compendio de normas Contables.

Saldos de Apertura:

Son aquellos que resultan de considerar el efecto de los ajustes en los saldos de cierre.

NOTA Nº1 ADOPCIÓN POR PRIMERA VEZ DEL COMPENDIO DE NORMAS CONTABLES, continuación:

c) Balance de Apertura de acuerdo al nuevo Compendio de Normas Contables, continuación:

	Al 01 de Enero 2008
	Saldos de Cierre			Ajustes (*)			Saldos de Apertura
	(millones)			(millones)			(millones)
	$			$			$
ACTIVOS
Efectivo y depósitos en bancos		1.108.444			193			1.108.637
Operaciones con liquidación en curso		316.240			-			316.240
Instrumentos para negociación		1.090.004			3.441			1.093.445
Contratos de retrocompra y préstamos de valores		33.999			-			33.999
Contratos de derivados financieros		780.775			-			780.775
Adeudado por bancos		45.961			-			45.961
Créditos y cuentas por cobrar a clientes		12.028.053			(5.778	)		12.022.275
Instrumentos de inversión disponibles para la venta		779.635			-			779.635
Inversiones en sociedades		6.795			506			7.301
Intangibles		56.187			37			56.224
Activo fijo		245.619			(43.130	)		202.489
Impuestos corrientes		1.933			566			2.499
Impuestos diferidos		61.260			19.729			80.989
Otros activos		474.091			(13.809	)		460.282

TOTAL ACTIVOS		17.028.996			(38.245	)		16.990.751

PASIVOS

Depósitos y otras obligaciones a la vista		2.868.769			(835	)		2.867.934
Operaciones con liquidación en curso		135.219			-			135.219
Contratos de retrocompra y préstamos de valores		308.651			(1.021	)		307.630
Depósitos y otras captaciones a plazo		7.887.897			-			7.887.897
Contratos de derivados financieros		778.217			-			778.217
Obligaciones con bancos		1.099.443			14			1.099.457
Instrumentos de deuda emitidos		2.154.996			-			2.154.996
Otras obligaciones financieras		147.868			27.799			175.667
Impuestos corrientes		15.897			170			16.067
Impuestos diferidos		10.877			207			11.084
Provisiones		46.376			3.726			50.102
Otros pasivos		116.698			1.852			118.550

TOTAL PASIVOS		15.570.908			31.912			15.602.820

PATRIMONIO

Atribuible a tenedores patrimoniales del banco:		1.438.041			(68.244	)		1.369.797
Capital		818.535			-			818.535
Reservas		47.330			(68.244	)		(20.914	)
Cuentas de valoración		(9.475	)		-			(9.475	)
Utilidades retenidas		581.651			-			581.651
Utilidades retenidas de ejercicios anteriores		581.651			-			581.651
Utilidad (pérdida) del ejercicio		-			-			-
Menos: Provisión para dividendos mínimos		-			-			-

Interés minoritario		20.047			(1.913	)		18.134

TOTAL PATRIMONIO		1.458.088			(70.157	)		1.387.931

TOTAL PASIVOS Y PATRIMONIO		17.028.996			(38.245	)		16.990.751

(*) En la letra g) se explica detalladamente la naturaleza de los principales ajustes.

NOTA Nº1 ADOPCIÓN POR PRIMERA VEZ DEL COMPENDIO DE NORMAS CONTABLES, continuación:

d) Estados de Situación Financiera pro-forma:

Con el objetivo de presentar estados financieros comparativos durante el año 2009, el Banco confeccionó un set de estados financieros pro-forma para el año 2008, a continuación se presenta la formulación de los Estados de Situación Financiera pro-forma al 30 de Junio y 31 de Diciembre de 2008, respectivamente:

	Al 30 de Junio 2008									Al 31 de Diciembre 2008
							Compendio de									Compendio de
	Norma Antigua			Ajustes (*)			Normas Contables			Norma Antigua			Ajustes (*)			Normas Contables
	(millones)			(millones)			(millones)			(millones)			(millones)			(millones)
	$			$			$			$			$			$
ACTIVOS
Efectivo y depósitos en bancos		1.280.337			222			1.280.559			854.838			573			855.411
Operaciones con liquidación en curso		487.591			-			487.591			335.405			-			335.405
Instrumentos para negociación		893.938			-			893.938			1.161.631			4.795			1.166.426
Contratos de retrocompra y préstamos de valores		11.697			-			11.697			-			-			-
Contratos de derivados financieros		1.233.562			-			1.233.562			1.846.509			-			1.846.509
Adeudado por bancos		150.406			-			150.406			95.499			-			95.499
Créditos y cuentas por cobrar a clientes		12.960.626			(6.486	)		12.954.140			14.319.370			(8.021	)		14.311.349
Instrumentos de inversión disponibles para la		1.080.216			-			1.080.216			1.580.240			-			1.580.240
Inversiones en sociedades		6.865			921			7.786			6.990			287			7.277
Intangibles		61.458			(2.932	)		58.526			73.089			(4.857	)		68.232
Activo fijo		248.906			(47.672	)		201.234			260.105			(59.716	)		200.389
Impuestos corrientes		17.824			411			18.235			18.289			426			18.715
Impuestos diferidos		62.721			20.559			83.280			64.821			24.004			88.825
Otros activos		593.297			(7.009	)		586.288			520.348			(11.693	)		508.655
TOTAL ACTIVOS		19.089.444			(41.986	)		19.047.458			21.137.134			(54.202	)		21.082.932
PASIVOS
Depósitos y otras obligaciones a la vista		3.195.906			(1.483	)		3.194.423			2.949.757			(1.595	)		2.948.162
Operaciones con liquidación en curso		297.611			-			297.611			142.552			-			142.552
Contratos de retrocompra y préstamos de valores		295.494			(1.056	)		294.438			563.234			(1.011	)		562.223
Depósitos y otras captaciones a plazo		8.390.418			-			8.390.418			9.756.266			-			9.756.266
Contratos de derivados financieros		1.081.784			-			1.081.784			1.469.724			-			1.469.724
Obligaciones con bancos		1.505.176			20			1.505.196			1.425.065			2			1.425.067
Instrumentos de deuda emitidos		2.405.006			-			2.405.006			2.651.372			-			2.651.372
Otras obligaciones financieras		138.185			27.648			165.833			103.278			28.040			131.318
Impuestos corrientes		797			220			1.017			163			628			791
Impuestos diferidos		23.549			400			23.949			18.766			671			19.437
Provisiones		88.971			3.967			92.938			162.165			4.554			166.719
Otros pasivos		293.351			1.777			295.128			292.182			1.551			293.733
TOTAL PASIVOS		17.716.248			31.493			17.747.741			19.534.524			32.840			19.567.364
PATRIMONIO
Atribuible a tenedores patrimoniales del banco:		1.350.580			(74.552	)		1.276.028			1.578.045			(88.356	)		1.489.689
Capital		818.535			-			818.535			891.303			-			891.303
Reservas		89.057			(109.628	)		(20.571	)		51.539			(175.265	)		(123.726	)
Cuentas de valoración		(45.900	)		-			(45.900	)		(7.552	)		-			(7.552	)
Utilidades retenidas		488.888			35.076			523.964			642.755			86.909			729.664
Utilidades retenidas de ejercicios anteriores		381.030			-			381.030			413.053			-			413.053
Utilidad (pérdida) del ejercicio		154.083			35.076			189.159			328.146			86.909			415.055
Menos: Provisión para dividendos mínimos		(46.225	)		-			(46.225	)		(98.444	)		-			(98.444	)
Interés minoritario		22.616			1.073			23.689			24.565			1.314			25.879
TOTAL PATRIMONIO		1.373.196			(73.479	)		1.299.717			1.602.610			(87.042	)		1.515.568

TOTAL PASIVOS Y PATRIMONIO		19.089.444			(41.986	)		19.047.458			21.137.134			(54.202	)		21.082.932

(*) En la letra g) se explica detalladamente la naturaleza de los principales ajustes.

NOTA Nº1 ADOPCIÓN POR PRIMERA VEZ DEL COMPENDIO DE NORMAS CONTABLES, continuación:

e) Estados de Resultados pro-forma:

Tal como se comentaba en el punto anterior, el Banco confeccionó un set de estados financieros pro-forma para el año 2008 con ánimo de presentar información comparativa , a continuación se presenta la formulación de los Estados de Resultados pro-forma por los períodos terminados el 30 de Junio y el 31 de Diciembre de 2008, respectivamente:

	Al 30 de Junio 2008									Al 31 Diciembre 2008
	Norma						Compendio de			Norma						Compendio de
	Antigua			Ajustes (*)			Normas Contables			Antigua			Ajustes (*)			Normas Contables
	(millones)			(millones)			(millones)			(millones)			(millones)			(millones)
	$			$			$			$			$			$
RESULTADOS OPERACIONALES
Ingresos por intereses y reajustes		896.507			(108	)		896.399			2.061.112			234			2.061.346
Gastos por intereses y reajustes		(486.142	)		(2.001	)		(488.143	)		(1.164.071	)		(5.209	)		(1.169.280	)
Ingreso neto por intereses y reajustes		410.365			(2.109	)		408.256			897.041			(4.975	)		892.066

Ingresos por comisiones		134.384			10.389			144.773			276.433			19.536			295.969
Gastos por comisiones		(24.854	)		-			(24.854	)		(52.840	)		-			(52.840	)
Ingreso neto de comisiones		109.530			10.389			119.919			223.593			19.536			243.129

Utilidad neta de operaciones financieras		74.498			158			74.656			273.084			393			273.477
Utilidad (pérdida) de cambio neta		(39.191	)		-			(39.191	)		(187.042	)		-			(187.042	)
Otros ingresos operacionales		14.297			1.414			15.711			16.512			1.710			18.222
Total Ingresos Operacionales		569.499			9.852			579.351			1.223.188			16.664			1.239.852

Provisiones por riesgo de crédito		(131.303	)		(610	)		(131.913	)		(285.953	)		(2.030	)		(287.983	)

INGRESO OPERACIONAL NETO		438.196			9.242			447.438			937.235			14.634			951.869
Remuneraciones y gastos de personal		(96.139	)		(19.606	)		(115.745	)		(209.134	)		(37.641	)		(246.775	)
Gastos de Administración		(80.667	)		15.100			(65.567	)		(161.977	)		28.295			(133.682	)
Depreciaciones y amortizaciones		(24.552	)		(174	)		(24.726	)		(51.944	)		4.317			(47.627	)
Otros gastos operacionales		(20.159	)		387			(19.772	)		(42.259	)		581			(41.678	)
Total Gastos Operacionales		(221.517	)		(4.293	)		(225.810	)		(465.314	)		(4.448	)		(469.762	)

RESULTADO OPERACIONAL		216.679			4.949			221.628			471.921			10.186			482.107

Resultado por inversiones en sociedades		918			415			1.333			851			(219	)		632
Corrección Monetaria		(31.419	)		31.419			-			(78.027	)		78.027			-
Resultado antes de Impuesto a la Renta		186.178			36.783			222.961			394.745			87.994			482.739

Impuesto a la Renta		(30.083	)		1.048			(29.035	)		(63.728	)		3.641			(60.087	)


UTILIDAD CONSOLIDADA DEL EJERCICIO		156.095			37.831			193.926			331.017			91.635			422.652

Atribuible a:
Tenedores patrimoniales del Banco		154.083			35.076			189.159			328.146			86.909			415.200
Interés Minoritario		2.012			2.755			4.767			2.871			4.726			7.597

Utilidad por acción atribuible a tenedores patrimoniales del Banco: (expresada en pesos)
Utilidad básica		0,818			-			1,0038			1,741			-			2,203
Utilidad diluida		0,818			-			1,0038			1,741			-			2,203

(*) En la letra g) se explica detalladamente la naturaleza de los principales ajustes.

NOTA Nº1 ADOPCIÓN POR PRIMERA VEZ DEL COMPENDIO DE NORMAS CONTABLES, continuación:

f) Estado de Flujo de Efectivo pro-forma:

Con el objetivo de entregar una conciliación entre el Estado de Flujos de Efectivo presentado bajo las anteriores normas contables por el período terminado el 30 de Junio de 2008 y el incluido en estos estados financieros intermedios, a continuación se presenta la formulación de este estado pro-forma:

	Al 30 de Junio 2008
							Compendio de
	Norma Antigua			Ajustes (*)			Normas Contables
	(millones)			(millones)			(millones)
	$			$			$
FLUJOS ORIGINADOS POR ACTIVIDADES OPERACIONALES :
UTILIDAD (PERDIDA) CONSOLIDADA DEL EJERCICIO		156.095			37.831			193.926
Cargos (abonos) a resultados que no significan movimiento de efectivo:
Depreciaciones y amortizaciones		24.552			174			24.726
Provisiones por créditos cuentas por cobrar a clientes y castigos		150.224			(18.311	)		131.913
Ajuste a valor de mercado de instrumentos financieros		5.419			(6.851	)		(1.432	)
(Utilidad) Pérdida por inversiones en sociedades		(918	)		-			(918	)
(Utilidad) Pérdida en venta de activos recibidos en pago		(4.871	)		(8	)		(4.879	)
(Utilidad) Pérdida en venta de activos fijos		251			426			677
Castigo de activos recibidos en pago		2.295			(144	)		2.151
Corrección monetaria		31.419			(31.419	)		-
Otros cargos (abonos) que no significan movimiento de efectivo		40.445			(13.874	)		26.571
Variación neta de intereses, reajustes y comisiones devengados sobre activos y		(26.967	)		6.337			(20.630	)
Total Flujos Operacionales		377.944			(25.839	)		352.105
FLUJO ORIGINADO POR ACTIVIDADES DE INVERSIÓN :
(Aumento) disminución neta de créditos y cuentas por cobrar		(812.681	)		(286.241	)		(1.098.922	)
(Aumento) disminución neta de inversiones		(80.243	)		(197.519	)		(277.762	)
Compras de activos fijos		(8.135	)		1.375			(6.760	)
Ventas de activo fijo		2.103			-			2.103
(Aumento) Disminución de inversiones en sociedades		34.180			(34.180	)		-
Dividendos recibidos de inversiones en sociedades		606			-			606
Ingresos por bienes recibidos en pago		12.187			-			12.187
Aumento (disminución) neta de otros activos y pasivos		(93.200	)		18.866			(74.334	)
Total Flujos de Inversión		(945.183	)		(497.699	)		(1.442.882	)
FLUJO ORIGINADO POR ACTIVIDADES DE FINANCIAMIENTO :
Aumento (disminución) de acreedores en cuenta corriente		226.834			64.168			291.002
Aumento (disminución) de depósitos y captaciones		247.742			254.780			502.522
Aumento (disminución) de otras obligaciones a la vista o a plazo		3.855			21.592			25.447
Aumento (disminución) de obligaciones por intermediación de documento		(24.162	)		144.730			120.568
Aumento (disminución) de préstamos del exterior corto y largo plazo		261.777			35.383			297.160
Rescate de letras de crédito		(66.802	)		-			(66.802	)
Aumento (disminución) de otros pasivos de corto plazo		(805	)		3.204			2.399
Préstamos obtenidos del Banco Central de Chile (corto plazo)		180			72.670			72.850
Pago de préstamos del Banco Central de Chile (corto y largo plazo)		(1.036	)		(73.330	)		(74.366	)
Emisión de Bonos		202.929			-			202.929
Rescate de bonos		(9.248	)		-			(9.248	)
Otros préstamos obtenidos a largo plazo		106.281			1.486			107.767
Dividendos pagados		(203.676	)		3.106			(200.570	)
Total Flujos de Financiamiento		743.869			527.789			1.271.658
EFECTO DE INFLACION SOBRE EFECTIVO Y EFECTIVO EQUIVALENTE		4.436			(4.436	)		-
VARIACION EFECTIVO Y EFECTIVO EQUIVALENTE DURANTE EL PERIODO		181.066			(185	)		180.881
SALDO INICIAL DE EFECTIVO Y EFECTIVO EQUIVALENTE		1.331.115			(41.457	)		1.289.658
SALDO FINAL DE EFECTIVO Y EFECTIVO EQUIVALENTE		1.512.181			(41.641	)		1.470.539

(*) En la letra g) se explica detalladamente la naturaleza de los principales ajustes.

NOTA Nº1 ADOPCIÓN POR PRIMERA VEZ DEL COMPENDIO DE NORMAS CONTABLES, continuación:

g) Descripción de los principales ajustes:

A continuación se describirá la naturaleza de los principales efectos o ajustes que surgen en la adopción del nuevo Compendio de Normas Contables emitido por la SBIF.

i. Perímetro de Consolidación

De acuerdo a la normativa vigente hasta el 31 Diciembre 2007, Capitulo 11-6 “Inversiones en Sociedades en el País” de la Recopilación Actualizada de Normas; el Banco consideraba dentro de su perímetro de consolidación a las sociedades filiales y a las sociedades de apoyo al giro.

En primer caso, estas sociedades eran consolidadas mediante el método de integración global (línea a línea), siendo las siguientes:

	% de Participación
Sociedad	Directo			Indirecto			Total

Santander Corredores de Seguro Ltda.		99,75	%		0,01	%		99,76	%
Santander S.A. Corredores de Bolsa		50,59	%		0,41	%		51,00	%
Santander Asset Management S.A. Administradora General de Fondos		99,96	%		0,02	%		99,98	%
Santander S.A. Agente de Valores		99,03	%		-			99,03	%
Santander S.A. Sociedad Securitizadora		99,64	%		-			99,64	%
Santander Servicios de Recaudación y Pagos Limitada		99,90	%		0,10	%		100,00	%

Por su parte, las sociedades de apoyo al giro eran valorizadas mediante el método de puesta en equivalencia (VPP o VP), considerando las siguientes entidades:

Sociedad	% Part.

Redbanc S.A.		33,42	%
Transbank S.A.		32,71	%
Centro de Compensación Automatizado		33,33	%
Sociedad Interbancaria Depósitos de Valores S.A.		29,29	%
Cámara Compensación Alto Valor S.A.		11,52	%
Administrador Financiero Transantiago S.A.		20,00	%
Sociedad Nexus S.A.		12,90	%

Con la entrada en vigencia del nuevo Compendio de Normas Contables, el Banco ha debido analizar y definir nuevamente su perímetro de consolidación, teniendo presente que ahora el criterio fundamental a considerar es el grado de control que posea el Banco sobre una determinada entidad y no su porcentaje de participación en el patrimonio.

Producto de este análisis, se determinó lo siguiente:

Se mantendrán los métodos de consolidación/valorización utilizados hasta el 31 de diciembre de 2008 para las sociedades filiales y de apoyo al giro. Lo anterior, debido a que se concluyó que en el primer caso el Banco posee control sobre ellas y en el segundo ejerce una influencia significativa.

Por otro lado, de acuerdo a lo estipulado por la NIC 27 y la SIC 12, el Banco debe evaluar la existencia de Entidades de Cometido Especial (ECE), las cuales deben ser incluidas en el perímetro de consolidación, siendo sus principales características las siguientes:

Las actividades de la ECE han sido dirigidas, en esencia, en nombre de la entidad que presenta los estados financieros consolidados, y de acuerdo a sus necesidades específicas de negocio.

Se poseen los poderes de decisión necesarios para obtener la mayoría de los beneficios de las actividades de esas entidades y los derechos para obtener la mayoría de los beneficios u otras ventajas de dichas entidades.

En esencia, la entidad retiene para sí, la mayoría de los riesgos inherentes a la propiedad o residuales a la ECE o a sus activos, con el fin de obtener los beneficios de sus actividades.

NOTA Nº1 ADOPCIÓN POR PRIMERA VEZ DEL COMPENDIO DE NORMAS CONTABLES, continuación:

g) Descripción de los principales ajustes, continuación:

Así entonces, producto de esta evaluación, se concluyó que el Banco ejercía el control sobre un número determinado de entidades, las cuales debían ser incorporadas a su perímetro de consolidación, siendo las siguientes entidades:

- Santander Gestión de Recaudación y Cobranzas Ltda.

- Multinegocios S.A.

- Servicios Administrativos y Financieros Ltda.

- Servicios de Cobranzas Fiscalex Ltda.

- Multiservicios de Negocios Ltda.

- Bansa Santander S.A.

- Santander Multimedios S.A.

A principios del año 2009, la sociedad Santander Multimedios S.A., realizó un cambió en su giro de negocios, lo que generó que sus ingresos ya no dependieran en gran medida de las operaciones realizadas con el Banco. Producto de ello, se determinó que el Banco ya no ejercía control sobre ella, debiendo excluirla del perímetro de consolidación a partir de Marzo 2009.

Dentro de este ítem, en general, se incluyen los efectos que generó la inclusión de estas sociedades al perímetro de consolidación del Banco. Además se incluyen también aquellos efectos colaterales que genera la incorporación estas sociedades al perímetro de consolidación, como lo son nuevos ajustes de eliminación de operaciones relacionadas (ej. Colocaciones) y también la aceleración de desembolsos que anteriormente eran activados y devengados en resultado en un período de tiempo determinado.

ii. Sociedades de Apoyo al Giro

Dentro de este ítem se han agrupado los efectos particulares que generó la adopción del nuevo Compendio de Normas Contables en cada una de las diversas sociedades de Apoyo al Giro, considerando en cada caso el efecto proporcional que generan estos efectos/ajustes en el patrimonio del Banco, en base al porcentaje de participación que tiene el Banco sobre estas sociedades.

iii. Corrección Monetaria

De acuerdo a la normativa anteriormente vigente, los estados financieros consolidados se preparaban aplicando corrección monetaria integral, con el objetivo de reflejar los efectos de los cambios en el poder adquisitivo del peso chileno durante cada periodo.

Según el nuevo Compendio de Normas Contables y de acuerdo a la NIC 29 “Información Financiera en Economías Hiperinflacionarias”, se aplicará corrección monetaria solo cuando la entidad cuya moneda funcional sea una moneda correspondiente a una economía hiperinflacionaria (entiéndase que es aquella economía con 100 por ciento de inflación en 3 años). En el caso del Banco, la moneda funcional es el peso chileno.

Debido a que la economía chilena no cumple los requisitos antes descritos, es que el Banco debió eliminar la corrección monetaria a partir del 01 de Enero de 2008. De acuerdo a lo establecido en el Capítulo E del Compendio de Normas Contables, la corrección monetaria aplicada hasta el 31 de Diciembre de 2007 no fue objeto de reversiones.

Dentro de este ítem, se incluyen los ajustes por la reversión de la corrección monetaria de los diferentes activos y pasivos. Por su parte, la corrección monetaria del capital pagado y reservas al 31 de diciembre de 2008 no fueron revertidas, de acuerdo a lo establecido en el Capítulo E del Compendio de Normas Contables y a la necesidad de mantener los montos del capital pagado y de las reservas constituidas de acuerdo con las reglas aplicadas para efectos legales o estatutarios.

NOTA Nº1 ADOPCIÓN POR PRIMERA VEZ DEL COMPENDIO DE NORMAS CONTABLES, continuación:

g) Descripción de los principales ajustes, continuación:

iv. Activo Fijo e Intangibles

Dentro de este ítem, se incluye principalmente el efecto que genera el recálculo de las depreciaciones y amortizaciones de los activos fijos en general y de los intangibles (software y desarrollos informáticos) producto de la eliminación de la corrección monetaria (tal como se describe en el punto iii) y de las determinación del costo atribuido en el caso de los activos fijos al 01 de Enero de 2008.

De acuerdo a lo establecido en el Capítulo E del nuevo Compendio de Normas Contables, al 01 de enero de 2008 el Banco determinó el costo atribuido de sus activos fijos, eligiendo el menor importe entre el costo histórico de cada unos de ellos (incluyendo su respectiva corrección monetaria hasta el 31 de diciembre de 2007) y su valor razonable, basado en una tasación de los mismos, realizada por un tercero independiente.

v. Bienes Recibidos o Adjudicados en Pago

Anteriormente, los bienes recibidos o adjudicados en pago (BRP) eran valorizados al costo (precio convenido con el deudor en la dación en pago o el valor de adjudicación en remate judicial, según sea el caso, corregido monetariamente), menos una provisión de valuación individual en base a una tasación independiente. Al cabo de un año, en cumplimiento de lo dispuesto en el N° 5 del artículo 84 de la Ley General de Bancos, para hacer uso de un plazo adicional para vender los bienes recibidos o adjudicados en pago, los bancos debían castigar los bienes que se encontraban en esa situación.

La principal modificación que introduce en la valorización de los BRP el nuevo Compendio de Normas Contables, Capitulo B-5, (además de la eliminación de la corrección monetaria descrita en el punto iii.) es que al momento de realizar la provisión de valuación inicial se deberá considerar su valor realizable neto, es decir, el valor razonable (tasación independiente) menos los costos necesarios para mantenerlo y enajenarlo.

De acuerdo a los estudios realizados por el Banco, al 01 de Enero de 2008 se determinó un costo de venta (costo para mantenerlo y enajenarlo) promedio estimado de un 5,8% sobre el valor de tasación y al 31 de Diciembre de 2008 este guarismo ascendió a un 6,5%,

En este ítem se presentan los efectos que genera la aplicación del costo de venta anteriormente descrito.

vi. Castigos de Colocaciones

De acuerdo a la normativa anteriormente vigente, el plazo para efectuar los castigos de las cuotas vencidas y morosas de los créditos y cuentas a cobrar, se computaba desde su ingreso a cartera vencida, la cual representaba a aquellas operaciones que se encontraban morosas en el pago de capital e intereses por noventa días o más. Este ingreso a cartera vencida se realizaba anteriormente cuota a cuota.

De acuerdo a lo establecido en el Capítulo B-2 del nuevo Compendio de Normas Contables, el plazo para realizar los castigos de los créditos y cuentas por cobrar debe computarse desde el inicio de la mora de una determinada operación, afectando por tanto al 100% de la operación, ya sea que tenga una proporción morosa, vencida o vigente.

NOTA Nº1 ADOPCIÓN POR PRIMERA VEZ DEL COMPENDIO DE NORMAS CONTABLES, continuación:

g) Descripción de los principales ajustes, continuación:

A continuación se muestra un cuadro con los principales tipos de colocación y sus respectivos plazos de castigo de acuerdo a lo estipulado por el nuevo Compendio de Normas Contables:

Tipo de contrato		Plazo

Operaciones de Leasing

Leasing de consumo		6 meses
Otras operaciones de leasing no inmobiliario		12 meses
Leasing inmobiliario (comercial o vivienda)		36 meses

Resto de Operaciones

Créditos de consumo con o sin garantías reales		6 meses
Otras operaciones sin garantías reales		24 meses
Créditos comerciales con garantías reales		36 meses
Créditos hipotecarios para vivienda		48 meses

Dentro de este ítem, el Banco ha clasificado los efectos que surgen de la aplicación de esta nueva metodología para la aplicación de los castigos de créditos y cuentas a cobrar, así como también el efecto colateral que genera en las provisiones constituidas para cada una de las operaciones (al castigarse al 100% la operación, deben liberarse las provisiones constituidas).

vii. Impuestos diferidos

Dentro de este ítem se agrupan los efectos fiscales (impuestos diferidos) generados por las diferencias temporales, originadas a su vez, por los ajustes comentados anteriormente, sea que estos afecten directamente al patrimonio o a resultados.

FELIPE CONTRERAS FAJARDO	ÓSCAR VON CHRISMAR CARVAJAL
Gerente de Contabilidad	Gerente General