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C O N S O L I D A T E D F I N A N C I A L S U M M A R Y B A N C O S E C U R I T YS U B S I D I A R I E SFigures in millions of Chilean pesosEARNINGS FOR THE YEAR 2006 2007 (3) 2008 (3) 2009 2010Gross Operating Result (Gross Margin) 65.047 65.047 78.599 78.515 99.085Operating Expenses 36.099 36.099 49.390 50.885 60.343Net Operating Result (Net Margin) 28.948 28.948 29.209 27.630 38.742Earnings (4) 20.498 20.498 24.364 23.039 33.710YEAR-END BALANCES 2006 2007 (3) 2008 (3) 2009 2010Loans (1) 65.047 65.047 2.060.995 2.157.850 1.950.697Financial investments 36.099 36.099 829.578 946.676 729.465Productive Assets 28.948 28.948 2.890.572 3.104.526 2.680.162Fixed Assets & Investment inSubsidiaries20.498 20.498 23.137 23.112 23.316Total Assets 2.498.762 2.618.289 3.456.034 3.452.372 3.123.518Net Sight Deposits 126.712 184.466 256.049 255.777 285.464Time Deposits & Borrowings 1.417.064 1.467.930 1.653.170 1.651.418 1.696.711Foreign borrowings 131.853 160.793 132.260 132.120 155.982Allowances for Doubtful Assets 19.245 20.679 22.754 31.219 37.904Capital & Reserves (2) 155.188 152.712 170.640 174.750 172.737Equity 179.188 167.578 198.064 197.854 206.447
01 financial summaryINDICATORS 2006 2007 (3) 2008 (3) 2009 2010Earnings / Equity (4) 13,4% 16,3% 13,2% 11,6% 16,3%Earnings / Total Assets (4) 1,0% 1,0% 0,8% 0,7% 1,1%Productive Assets / Total Assets 90,4% 88,5% 88,3% 89,9% 85,8%Operating Expenses/Gross Margin 55,5% 53,1% 64,8% 64,8% 60,9%Operating Expenses/Productive Assets 1,9% 2,0% 1,8% 1,6% 2,3%Basel 11,59 10,84 11,48 12,56 12,66NOTES:(1) Includes Interbank Loans.- As from 2007, contingent liabilities are excluded as, in accordancewith the new regulations, they do not form part of loans.(2) Includes Other Equity Accounts.(3) As from January 2008, the statements of financial position and results were preparedunder the IFRS format, as defined by the Superintendency of Banks in its Compendium ofAccounting Pinciples published in its Circular 3,410. The figures from 2007 onward are nottherefore comparable with the financial information for the previous years. The figures for2007 and 2008 include adjustments in line with the later regulatory changes in to makethem more comparable. Monetary correction is discontinued from January 2009.(4) Earnings 2008 were adjusted according to IFRS for comparison purposes. The earningsreported for that year were Ch$ 14,332 million and the ROE was 7.8%.05P A G E
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Page 25: 2004In June 2004, Grupo Security ac
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5309 subsidiariesAmong the highligh
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5509 subsidiariesReflecting the con
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financial statements10
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financial statements10C O N S O L I
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C O N S O L I D A T E D S TAT E M E
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S TAT E M E N T S O F C O M P R E H
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C O N S O L I D A T E D S TAT E M E
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As stipulated by the Superintendenc
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Consolidation Special Purpose Entit
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Interest and adjustments related to
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o.2) Non-financial assets: The carr
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u.2) Provisions for loan losses for
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ac) Provisions and contingent liabi
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5 . B U S I N E S S S E G M E N T S
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) Income by business segmentCorpora
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7 . T R A D I N G S E C U R I T I E
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) Hedge Accounting:The fair value a
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) Movement of provisions for loan l
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1 2 . I N V E S T M E N T I N S T R
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) The movement of intangible assets
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1 6 . C U R R E N T A N D D E F E R
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c.2) Effect of deferred taxes:At De
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d.2) Provisions for past-due portfo
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) The movement of provisions for as
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) Time deposits and other time liab
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2 1 . P R O V I S I O N Sa) At Dece
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) Contingent loansThe table below s
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) At December 31, 2010 and 2009, ea
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) Interest expenseDetails of intere
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2 7 . I N C O M E F R O M F I N A N
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3 0 . P E R S O N N E L S A L A R I
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3 2 . D E P R E C I A T I O N , A M
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) Other assets and liabilities with
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3 5 . F A I R VA L U E O F F I N A
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3 6 . R I S K M A N A G E M E N TI.
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3. Credit Decision-making:The Credi
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On the basis of the above, the Bank
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Notwithstanding, for particular cas
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D.6 Distribution of loan portfolio:
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IV. FINANCIAL RISKA. Financial Risk
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The Internal Audit department regul
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Market risk according to the method
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Regulatory Liquidity Mismatch at De
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Regulatory Liquidity Mismatch at De
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The Fair Value recognized in equity
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Make-up of the Credit Risk Committe
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Assets are weighted according to th
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Circular Nº 3,503 - In August, 201
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Amendments to IFRSMandatoryapplicat
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$ Chilean PesoMCh$ Millions of Chil
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VA L O R E S S E C U R I T Y S . A
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A D D R E S S E S B A N C O S E C U
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Vitacura branchAv. Vitacura 3706 -
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“THIS PAPER COMES FROM FORESTS MA
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w w w . B A N C O s e c u r i t y .
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