annual report grupo security - Banco Security

LIABILITIES AND SHAREHOLDERS’ EQUITY2007MCh$2006MCh$Deposits and other liabilities 2,075,916 1,731,280Bonds 222,498 149,278Borrowings from financial institutions 191,959 154,692Financial derivative contracts 42,740 4,374Other liabilities 113,342 88,071Minority interest 69 53Capital and reserves 139,657 139,657Other equity accounts 425 2,696Income for the year 27,250 22,015Total liabilities and shareholders’ equity 2,813,856 2,292,116B A N C O S E C U R I T Y A N D S U B S I D I A R I E S · C o n s o l i d a t e d S t a t e m e n t s o f I n c o m ef o r t h e y e a r s e n d e d D e c e m b e r 3 1 , 2 0 0 7 a n d 2 0 0 62007MCh$2006MCh$Operating income 307,560 270,273Menos:Interest and indexation expenses (138,368) (81,051)Losses from trading activities (77,488) (117,912)Commissions expenses (1,104) (694)Other operating expenses (638) (755)Gross operating margin 89,962 69,861Remuneration and personnel expenses (19,777) (18,651)Administrative and other expenses (21,431) (18,149)Depreciation and amortization (2,230) (1,970)Net operating margin 46,524 31,091Provisions for assets at risk (5,573) (3,173)Operating income 40,951 27,918Non-operating income 1,519 1,665Non-operating expenses (2,445) (828)Earnings from permanent investments 108 84Monetary correction (7,580) (2,300)Income before income taxes 32,553 26,539Income tax (5,285) (4,519)Income before minority interest 27,268 22,020Minority interest (18) (5)Net income for the year 27,250 22,015