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:

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):

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):

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:

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

IMPORTANT NOTICE

Santander-Chile is a Chilean bank and maintains its financial books and records in Chilean pesos. The consolidated interim unaudited financial statements included in this report have been prepared in accordance with Chilean accounting principles issued by the Superintendency of Banks and Financial Institutions (“Chilean Bank GAAP” and the “SBIF,” respectively). The accounting principles issued by the SBIF are substantially similar to IFRS but there are some exceptions. Therefore, the unaudited financial statements included in this 6K have some differences compared to the financial statements filed in our Annual Report on Form 20-F for the year ended December 31, 2011 (the “Annual Report”). For further details and a discussion on main differences between Chilean Bank GAAP and IFRS refer to “Item 5. Operating and Financial Review and Prospects. —A. Accounting Standards Applied in 2011” of our Annual Report.

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

SECOND QUARTER 2012

EARNINGS REPORT

INDEX

SECTION 1: SUMMARY OF RESULTS

2Q12: Net income reaches Ch$105,695 million

In 2Q12, Net income attributable to shareholders totaled Ch$105,695 million (Ch$0.56 per share and US$1.1411/ADR). Compared to 1Q12 (from now on QoQ), net income decreased 10.7%. Compared to 2Q12 (from now on YoY), a record earnings quarter for the Bank, net income decreased 25.3%. This decline was mainly due to the lower inflation rate in the quarter that negatively affected net interest margins. Net income in the first half of 2012 totaled Ch$224,002 million (Ch$1.19 per share and US$2.42/ADR).

Solid levels of capital: Core capital at 10.4%, BIS at 13.7%

ROAE in 2Q12 reached 21.0% and 22.2% in 1H12. The Bank paid on April 25, 2012 its annual dividend equivalent to 60% of 2011 net income (Ch$1.39/share and US$2.9522/ADR) equivalent to a dividend yield of 3.5% on the dividend record date in Chile. Our dividend payout ratio has remained unchanged for the past three years. The prudent management of the Bank’s capital ratios and high profitability has permitted the Bank to continue paying attractive dividends without issuing new shares since 2002. The BIS ratio reached 13.7% as of June 2012 compared to 13.4% as of June 2011. The Bank’s core capital ratio reached 10.4% as of June 2012, among the highest among our main peers. Voting common shareholders’ equity is the sole component of our Tier I capital.

Loan growth accelerating

1  Earnings per ADR was calculated using the Observed Exchange Rate Ch$509.73 per US$ as of June 30, 2012.

2  Dividend per ADR calculated based on the observed exchange rate of Ch$487.15 / US$ as of April 25, 2012, which was the dividend pay date in Chile.

Loans to individuals, which include consumer, mortgage and commercial loans to individuals, increased 1.7% QoQ in 2Q12 and 5.6% YoY. In the quarter, the Bank focused on expanding its loan portfolio in the mid-upper income segments, while remaining more selective in the mass consumer market. Loans to high-income individuals increased 2.7% QoQ in comparison to a decrease of 1.1% QoQ in the mass consumer market. Lending to SMEs (defined as companies that sell less than Ch$1,200 million per year) expanded 2.1% QoQ (8.3% YoY), reflecting the Bank’s consistent focus on this profitable segment.

Solid growth of deposits

Asset quality indicators remain stable QoQ

Deceleration of inflation temporarily lowers net interest margins

Focus on improving efficiency in middle-income banking

Operating expenses in 2Q12 increased 9.6% QoQ and 10.1% YoY. The QoQ rise in expenses is mainly seasonal.  In the quarter, the Bank continued with its projects of investing in a new Client Relationship Management system and the Transformation Initiatives aimed at enhancing productivity, especially in middle-income banking. The CRM and Transformation Project should help to reverse this situation, leading to better long-term efficiency, growth and profitability in this segment.

Banco Santander Chile: Summary of Quarterly Results

SECTION 2: BALANCE SHEET ANALYSIS

LOANS

Loan growth accelerating

1. Includes consumer loans, residential mortgage loans and other commercial loans to individuals.

2. Total loans gross of loan loss allowances. Total loans include other non-segmented loans and excludes interbank loans.

In 2Q12, total loans increased 3.3% QoQ (+13.2% annualized) and 5.5% YoY. Loan growth was driven by the favorable evolution of the Chilean economy and was mainly focused in the high-end of the retail market, the middle-market and the corporate business segment. Even though the external scenario has worsened, the supportive local economic environment continued to push loan demand, albeit in less risky segments.

In the quarter, the Bank focused its loan growth in the middle-market and corporate loan segments. These segments continue to show healthy loan demand given the high level of investment expected this year in the Chilean economy, which is expected to reach approximately 28% of GDP.

Simultaneously, as external funding sources for companies have become more expensive many clients in these segments have reverted to the local market for their financing needs. A clear example of this was the largest loan approved by the Bank in its history in an amount of US$800 million (which will be included in July 2012 figures). This is a direct result of the Bank’s solid levels of liquidity and capital. Additionally, the Bank’s non-lending businesses with these clients (cash management, brokerage and treasury services) continue to thrive. As a result, lending in the middle market (companies with annual sales between Ch$1,200 million and Ch$10,000 million per year) increased 4.2% QoQ. In Corporate lending (companies with sale over Ch$10,000 million per year or that are part of a large foreign or local economic group) loans increased 6.6% QoQ.

FUNDING

Strong deposit growth

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

Customer funds (deposits + mutual funds) increased 6.7% QoQ and 6.3% YoY. Total deposits increased 8.6% QoQ and 9.3% YoY, outstripping loan growth. In the quarter, pension funds and core deposits fueled deposit growth. As a result, total time deposits increased 12.3% QoQ. The Bank took advantage of this influx of deposits and its relatively high structural liquidity to pre-pay more expensive foreign bank lines and bonds. This improved the Bank’s funding mix, as deposits tend to be cheaper and more stable than other sources of funding.

It is important to note that the Bank follows Grupo Santander’s policy of independent subsidiaries and intergroup funding represented 0.8% of our funding as of June 30, 2012.

This high growth of deposits was partially offset by a decrease in assets under management. The weakening of equity markets in 2Q12 negatively affected the funds managed by our asset management business. Assets under management decreased 1.7% QoQ and 6.2% YoY. This also had a negative impact on fees from asset management (See Fee income).

SHAREHOLDERS’ EQUITY AND REGULATORY CAPITAL

Core capital ratio at 10.4%. Dividend payout ratio unchanged since 2009.

Shareholders’ equity totaled Ch$2,028,611 million (US$4.0 billion) as of March 31, 2012. The Bank paid on April 25, 2012 its annual dividend equivalent to 60% of 2011 net income (Ch$1.39/share and US$2.953/ADR) equivalent to a dividend yield of 3.5% on the dividend record date in Chile. Our dividend payout ratio has remained unchanged for the past three years. The prudent management of the Bank’s capital ratios and high profitability has permitted the Bank to continue paying attractive dividends without issuing new shares since 2002. ROAE in 2Q12 reached 21.0% and 22.2% in 1H12.

3 Dividend per ADR calculated based on the observed exchange rate of Ch$487.15 / US$ as of April 25, 2012, which was the dividend pay date in Chile.

The BIS ratio reached 13.7% as of June 2012 compared to 14.8% as of March 2012 and 13.4% as of June 2011. The Bank’s core capital ratio reached 10.4% as of June 2012. The QoQ decline was mainly due to our annual dividend payment mentioned above. The YoY increase in BIS and Core capital levels reflects the Bank’s conservative stance regarding liquidity and capital. Voting common shareholders’ equity is the sole component of our Tier I capital.

Additionally in the quarter, the Board of Santander Chile filed with the Superintendence of Banks and financial Institutions (SBIF), its capital management plan. Among other definitions, the Board formalized the Bank’s internal limits regarding capital levels. The Board designated the Bank’s Asset and Liability Committee, comprised of five Boards members including three independent members, as the governing body that will determine and supervise the Bank’s capital levels. The Board also established the Bank’s minimum BIS ratio under current capital requirements at 12%. This is 100 basis points above the Bank’s regulatory limits.

SECTION 3: ANALYSIS OF QUARTERLY INCOME STATEMENT

NET INTEREST INCOME

Better asset mix and lower funding costs drives net interest income despite lower inflation

1. Interest income divided by interest earning assets.

2. Interest expense divided by interest bearing liabilities + demand deposits.

3. Net interest income divided by average interest earning assets annualized.

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

In 2Q12, Net interest income decreased 4.2% QoQ and increased 3.0% YoY. The Net interest margin (NIM) in 2Q12 reached 5.0% compared to 5.3% in 1Q12 and 5.2% in 2Q12.

Compared to 2Q11, the lower net interest margin was mainly due to the lower inflation rates, since the Bank has more assets than liabilities linked to inflation. Inflation, measured as the variation of the Unidad de Fomento (an inflation indexed currency unit), reached 0.42% in 2Q12 compared to 1.44% in 2Q11. For every 100 bp change in inflation, net interest income varies by approximately Ch$30 billion. Despite this impact, net interest income still grew 3.0% YoY in 2Q12. This is a direct result of:

i)                Higher lending volumes and loan spreads (excluding the impacts of mismatches in inflation indexed assets and liabilities) helped to boost the Bank’s NIM in the quarter. Average loans were up 5.7% and total earnings assets grew 6.6% YoY. Loan spreads began to rise in 2S11, as the Bank implemented a stricter pricing policy.

ii)             Improved funding mix away from relatively expensive institutional depositors towards a more core client time deposit base has also helped to sustain margins in the quarter. This is a direct result of the Bank’s efforts over the past two years to improve our funding mix and costs funding costs. This should give further stability to margins going forward.

Compared to 1Q12, the net interest margin decreased 30 basis points. This was directly due to lower UF inflation QoQ. Funding costs benefitted from the positive evolution of the Bank’s funding mix, as described above. Finally, the Bank took advantage of its excess liquidity cushion by paying liabilities that are more expensive and increasing the loan to asset ratio.

For the remainder of 2012, the evolution of margins will depend on various factors. The Bank will continue to focus on spreads. Funding costs should continue to stabilize or eventually fall in line with the outlook for short-term interest rates. On the other hand, inflation expectations, especially for 3Q12, have fallen considerably as international oil prices have dropped. The negative effects of possible regulations regarding maximum rates may have a negative impact on margins, mainly in 2013. Finally, this year Congress is expected to approve modifications to Chile’s tax code and the pricing mechanism for gasoline, which may result in temporary deflation.

PROVISION FOR LOAN LOSSES

Asset quality stable QoQ. Proactive risk measures in retail banking have been effective

1.               Excludes interbank loans.

2.               NPLs: Non-performing loans: full balance of loans with one installment 90 days or more overdue.

3.               Risk Index: Loan loss allowances / Total loans; measures the percentage of loans the banks must provision for given their internal models and the Superintendency of Banks guidelines.

4.               Loan loss allowances / NPLs.

Net provision for loan losses in the quarter were up 0.4% QoQ and increased 38.2% YoY. Total charge-offs increased 4.3% QoQ driven by an increase in charge-offs in retail banking. Since 3Q11, the Bank has been implementing more prudent credit risk policies in light of: (i) a possible deterioration of the macro environment, (ii) an increase in expected loss of the mass consumer market following the La Polar case and, (iii) the new regulations that temporarily reduced the effectiveness of the negative credit bureau. Following these events, the Bank has been redesigning its credit risk process in the mass consumer market, including:

3)         Tightening of consumer risk provisioning model parameters. Furthermore, the Bank, in 3Q12 will re-calibrate its expected loss model for consumer loans by increasing the upfront provision recognized at the moment a consumer loan is originated. We calculate the impact of this re-calibration of our consumer model to be Ch$24.8 billion, which will be fully recognized in 3Q12. This will be partially offset by the expected decrease in charge-offs and the rise in recoveries going forward.

The net provision expense by loan product was as follows:

By product, the QoQ and YoY increase in net provision expense was driven by commercial loans. This was mainly due to loan growth, since the Bank set-asides provisions at the moment of loan origination and a slight increase in risk in the Bank’s SME loan portfolio. Commercial loan NPLs were stable QoQ at 2.73%.

The Bank’s Non-performing loans ratio (NPL) reached 2.88% as of June 2012 compared to 2.92% as of March 2012 and 2.60% as of June 2011. The Coverage ratio of total NPLs (loan loss allowances over non-performing loans) reached 97.8% as of June 30, 2012. The Risk Index, which measures the percentage of loans for which the Bank must set aside loan loss allowances, based on our internal models and Superintendency of Banks guidelines, decreased to 2.82% as of June 2012 compared to 2.94% in March 2012 and 2.90% in June 2011.

NET FEE INCOME

Lower business activity in Banefe and negative impact of market downturn on asset management lowers fee income

Going forward, the Bank is in the midst of its Transformation Plan and the installation of a new CRM system. This is the largest overhaul and reorganization of the Bank’s middle and lower income business segments in the last decade. Once completed, this should permit a more efficient and rapid growth of the client base, cross-selling indicators and fee income.

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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 treasury services

* 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 Foreign exchange profits (loss), net mainly includes the translation gains or losses of assets and a liability denominated in foreign currency.

Net results from financial transactions totaled a gain of Ch$25,640 million in 2Q12, a 32.8% QoQ increase and an 11.8% YoY decrease. In order to comprehend more clearly these line items, we present them by business area in the table below.

1.  Santander Global Connect is the Bank’s commercial platform for selling treasury products to our clients.

Client treasury services totaled Ch$22,040 million in 2Q12 and decreased 14.9% QoQ due to lower gains from our market-making business. Compared to 2Q12, client treasury services rose 4.7% due to an increase in client treasury services, which make up the bulk of our financial transaction results and reflects the recurring nature of this income line item.

The Bank recognized a Ch$3,600 million gain from Non-client treasury services in the quarter compared to a loss of Ch$6,582 million in 1Q12. In the quarter, as inflation descended, interest rates also declined, resulting in positive mark-to-market gains from the Bank’s fixed income portfolio mainly comprised of Central Bank instruments. The 55.1% YoY decrease in non-client treasury income in 2Q12 was mainly due to the one-time gain of Ch$5,705 million recognized in 2Q11 from the sale of shares in Visa Inc.

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Investor Relations Department

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

email: rmorenoh@santander.cl

OPERATING EXPENSES AND EFFICIENCY

Focus on improving efficiency in middle-income banking

1.          Operating expenses / Operating income. Operating income = Net interest income + Net fee income+ Net results from Financial transactions + Other operating income and expenses.

Operating expenses in 1Q12 increased 9.6% QoQ and 10.1% YoY. The QoQ rise in expenses is mainly seasonal as first quarter includes the reversal of paid personnel vacation expenses due to the holiday season and in April of each year, the Bank adjusts salaries by the annual rise in CPI (+3.5%). The 11.0% YoY increase in personnel expenses was mainly due to an increase in business activity, especially in the corporate and middle market banking segments. As of June 2012, headcount totaled 11,621 employees, flat QoQ and YoY.

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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 operating income, net, totaled Ch$-12,392 million in 2Q12. The higher loss compared to 2Q11 was mainly due to lower reversal of non-credit contingencies recognized as other operating expenses in 2Q11.

The lower income tax expense in 2Q12 was mainly due to: (i) the reduction in the statutory corporate tax rate to 18.5% in 2012 from 20% in 2011 and, (ii) the Bank recognized a tax benefit from real estate taxes (contribuciones) paid over assets it has leased to clients. For these reason, the effective tax rate was only 11.6% in the quarter. For the rest of the year an effective tax rate of 15-16% is expected. Congress is currently discussing a law that would raise the statutory corporate tax rate to 20% this year, which would negatively affect income tax expense.

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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

The Bank has credit ratings from three leading international agencies.

Local ratings:

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

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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 2012

Ownership Structure: