Banco Santander Chile Announces Third Quarter 2010 Earnings

SANTIAGO, Chile, October 29, 2010 - Banco Santander Chile (NYSE: SAN; SSE: Bsantander) announced today its
unaudited results for the third quarter and the nine-month period ended
September 30, 2010. These results are reported on a consolidated basis in
accordance with Chilean GAAP in nominal Chilean pesos.

In the nine-month period ended September 30, 2010 (9M10), net income
attributable to shareholders totaled Ch$383,283 million (Ch$2.03/share and
US$4.37/ADR) and increased 30.4% compared to results in the nine month period
ended September 30, 2009 (9M09). Gross income, net of provisions and costs
increased 21.1% with a 12.2% increase in net interest revenue, a 21.5%
decrease in provision and expense and a 10.0% rise in operating costs. The
Bank's net interest margin reached 5.9%, 40 basis point above the margins
reached in 9M09. The efficiency ratio in 9M10 reached 34.0%.

In 3Q10, net income attributable to shareholders totaled Ch$125,356
million (Ch$0.67 per share and US$1.42/ADR (1)). These results represent an
increase of 14.1% compared to 3Q09 (from now on YoY) and a decrease of 9.7%
compared to 2Q10 (from now on QoQ). The efficiency ratio in 3Q10 reached
33.8%.

ROAE reaches 29.3% in 3Q10. Core capital at 10.5%.

With these results, the Bank's ROAE in the quarter reached 29.3% and
30.5% for 9M10. The Bank currently has one of the highest ROEs and
capitalization levels in the Chilean financial system. As of September 30,
2010, the Bank's BIS ratio reached 14.5% and its Core Capital ratio stood at
10.5%.

Total loans grow 4.5% QoQ in 3Q10. Strong growth of the Bank's credit
card business.

In 3Q10, total loans increased 4.5% QoQ with loan growth seen in all
products and segments. YoY, loan growth reached 12.1%. Higher yielding retail
loans increased 4.2% QoQ, led by a 6.3% increase in consumer loans. Notable
was the 9.9% QoQ and 35.6% YoY increase in credit card consumer loans, as the
Bank continues to gain market share in credit card loans and purchases. The
Bank's market share in consumer and credit card loans has increased 150 basis
points, since the beginning of the year to 27.3%. The Bank's market share in
credit card purchases, including retailers, is approximately 19%.

Gross income, net of provisions & costs from retail activities increases
23.5% QoQ and 42.1% YoY in 3Q10

By business segments, results were driven mainly by retail banking
activities in line with our strategic objectives. Gross income, net of
provisions and costs in retail banking increased 23.5% QoQ and 42.1% YoY. Net
interest income grew 18.9% QoQ and 15.1% YoY driven by loan growth and higher
margins with both individuals and small and middle-sized companies (SMEs).
Fee income grew 3.7% QoQ and 4.8% YoY in these segments, driven by higher
fees from credit cards and insurance brokerage. Provision expenses in retail
banking increased 2.9% QoQ as the Bank proactively implemented some
improvements in its standardized credit scoring models for consumer loans.
However, YoY provision expense decreased 19.1% as asset quality continues to
improve. Operating expenses from retail banking decreased 0.6% QoQ and
increased 8.4% YoY, driven by the rise in commercial activity.

The Bank also showed positive results in its middle market segment whose
gross income, net of provisions increased 29.7% QoQ and 113.9% YoY as loan
growth and improvements in asset quality drove earnings in this segment.

These results were partially offset by lower income from our Global
Banking and Markets business, which was negatively affected in the quarter by
the rising interest rate environment. This reduced earnings from our treasury
services and fixed income portfolios.

Institutional Background

As per the latest public records published by the Superintendency of
Banks of Chile for September 2010, Banco Santander Chile was the largest bank
in terms of loans and equity. The Bank has the highest credit ratings among
all Latin American companies, with an A+ rating from Standard and Poor's and
Aa3 by Moody's, which are the same ratings assigned to the Republic of Chile,
and AA- by Fitch, which pierces the sovereign ceiling. 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.

For more information see www.santander.cl

Banco Santander (SAN.MC, STD.N) is a retail and commercial bank, based in
Spain. Santander has more than 90 million customers, 13,660 branches - more
than any other international bank - and 169,460 employees around the world.
It is the largest financial group in Spain and Latin America, with leading
positions in the United Kingdom and Portugal and a broad presence in Europe
through its Santander Consumer Finance arm. In 2009, Santander registered EUR
8,943 million in net attributable profit.

For more information see htpp://www.santander.com

(1) Earnings per ADR is calculated using an exchange rate of Ch$483.65
per US$.

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

Robert Moreno, Manager, Investor Relations Department of Banco Santander Chile, +562-320-8284, Fax: +562-671-6554, rmorenoh at santander.cl