Grupo Security Earnings Up at End of Third Quarter 2018
Highlights during the quarter include the Group's stock being selected for the MSCI Small Cap Chile Index.
Grupo Security reported profit of CH $57,823 million for the nine months ended September 30, 2018, reflecting a 7.8% increase over 2017, as filed today with the Financial Market Commission (CMF). According to the CEO of Grupo Security, Renato Peñafiel, “These favorable results were driven by the Bank’s earnings, which rose 30.9% from the first nine months of 2017, giving profit of CH $50,766 million.” Loans also grew 9.5% LTM, outperforming the industry at 8.5%. The Bank reported a strong efficiency ratio of 47.7% thanks to its long-term vision to maintain the ratio around 45%.
Highlights for the period include the announcement that Grupo Security's stock had been selected for the MSCI Small Cap Chile Index starting November 30th. “Grupo Security's listing on the MSCI Chile Small Cap Index is the result of our efforts to increase the Company's earnings and improve the stock's depth and liquidity by incorporating new local and foreign investors, supplying the market with quality reporting and cultivating close, analysis-based relationships with our investors,” Renato Peñafiel commented.
In addition, on November 26, 2018, Security Internacional completed its acquisition of Vida Security’s entire interest in Inversiones Security Perú S.A.C, the parent of Protecta Security, for S./ 100 million. This transaction is a step towards consolidating Security Internacional SpA, the holding company for all operations in Peru. “Our medium- to long-term objective is to replicate in Peru what Grupo Security has built in Chile over the past 25 years,” explained Mr. Peñafiel.
Grupo Security is a diversified financial group with 13 companies in Chile and Peru structured into four main business areas. Each area includes the subsidiaries and divisions that share common business objectives. These four areas are: lending, insurance, asset management and other services.