annual report grupo security - Banco Security

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F I N A N C I N GGrupo Security participates in the financing of companies and individuals through Banco Security and FactoringSecurity.Total loans of the different financing businesses, whether bank loans, leasing or factoring, in which Grupo Securitycompanies participate, amounted to Ch$2,059 billion at December 2007, an increase of 11.4% over the yearbefore.B A N K I N G I N D U S T R YAlthough profitability was the lowest in the last five years, 2007 was still a good year for the Chilean financial system,with a return on capital and reserves of 16.2%.Sustained growth with controlled risk levels and the favorable change in efficiency ratios have enabled the Chileanbanking system to produce quite attractive profits and profitability ratios compared to other countries with similarlysolid financial systems.
areas of businessfinancinginvestmentsinsuranceservicesAt the end of last year, the aggregate net income of the banking industry was Ch$966 billion, with loans of Ch$63,735billion, representing a 12.8% increase over 2006 and around 77% of GDP. The growth in loans was driven by loansto individuals, including consumer and housing loans, as well as the financing of companies. Loans to the formerexpanded by 13% in real terms while company financing, which represents around 67% of total loans, grew by12.8%.The industry continued to operate in a scenario of tough competition. At December 2007, the Chilean banking sectorcomprised 25 institutions. Banks’ efficiency ratios consolidated their position as one of the best in the world, at 49%in 2007. The two most important factors explaining this positive change are the economies of scale reached by thelargest banks and the technological progress that has enabled the different banks to increase the productivity of theircommercial and operations areas, plus the greater access to technology.The credit risk of the financial system has also shown a favorable trend since 1990. At the end of 2007, the overdueportfolio was at historically low levels, representing just 0.75% of total loans, a similar level to that of 2006. Thecharge for doubtful loan allowances rose by 31% over 2006 while the stock of allowances reached 1.58% of totalloans, a little higher than 1.48% recorded at the end of the previous year.
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Page 10 and 11: Security produced a 148% real incre
Page 12 and 13: B O A R D O F D I R E C T O R SC H
Page 14 and 15: SUPERBRANDSSuperbrands placed Grupo
Page 16 and 17: FUNDACION CHILEUNIDO SEMINARFUNDACI
Page 18 and 19: 1981Banco Urquijo de Chile is forme
Page 21 and 22: economic and financial environment
Page 36 and 37: A R E A S O F B U S I N E S SThe fo
Page 40 and 41: B A N C O S E C U R I T YThe missio
Page 42 and 43: • PRIVATE BANKINGThis is focused
Page 44 and 45: I N V E S T M E N T SGrupo Security
Page 46 and 47: MUTUAL FUNDS SECURITYSHORT-TERM FIX
Page 48 and 49: I N S U R A N C ET H E I N S U R A
Page 50 and 51: In terms of investment income, life
Page 52 and 53: 2.45%54.9432.71%2.04%44.1901.63%1.5
Page 54 and 55: S E R V I C E SIn order to provide
Page 56 and 57: T R A V E L S E C U R I T Y S . A .
Page 59 and 60: investment and financing policies
Page 68 and 69: I n f o r m a t i o n o n t h e c o
Page 70 and 71: The human team making up Grupo Secu
Page 72 and 73: D I R E C T O R S ’ A L L O W A N
Page 74 and 75: D I V I D E N D S P A I DThe follow
Page 76 and 77: The following shows the volume of G
Page 78 and 79: M A T E R I A L I N F O R M A T I O
Page 81 and 82: financial statementsunconsolidatedc
Page 83 and 84: I N D E P E N D E N T A U D I T O R
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