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Grupo Security stock reaches earnings per share of CH$32.2 in 2022, an increase of 44.0% compared to 2021
This performance was driven by the results of Banco Security and its asset management subsidiaries, which reported consolidated profit of MCH$142,366, 84.6% higher than the previous year.
February 23rd, 2023
Grupo Security reported a positive year-end 2022, with earnings per share of CH$32.2, and profit of MCH$130,321, which represents an increase of 44.0% over the previous year, based on information filed today with the Financial Market Commission (CMF).
This performance was driven to a large extent by the results of Banco Security and its asset management subsidiaries, which reported consolidated profit of MCH$142,366, 84.6% higher than the previous year, thanks to strong treasury results, better margins in the commercial areas and lower risk expenses in the commercial segment.
The chairman of Grupo Security, Renato Peñafiel, commented, "During 2022 we are working on consolidating the business, adapting our culture and ways of working, in addition to strengthening corporate governance by developing new policies in the areas of occupational safety, inclusion and sustainability." Along these lines, board committees were also restructured to enhance board diversity.
As for subsidiary contributions to the Group's results, Factoring Security had profit of MCH$13,051 and Travel Security of MCH$4,329, with the latter almost recovering indices affected by the pandemic.
In addition, Vida Security reported profit of MCH$42,597, the second highest figure in the company's history, with MCH$451,424 in premiums, up 36.8% from 2021 thanks to an adequate product offering in line with current customer demand.
Fernando Salinas, CEO of Grupo Security, explained that "we developed a digital plan focused on the four main businesses: Banco Security, the asset management area, Vida Security and Factoring Security, with estimated investments of MUS$50 over the next few years. We have made progress building alliances with Fintechs, continuing to develop digital business platforms and implementing a corporate data lake.”
In addition, looking ahead to 2023 and attentive to how the financial cycle develops, Grupo Security will work on developing a long-term, customer-centric perspective and will continue the digitalization process, leveraging new growth opportunities in the industry driven, among other factors, by open finance and open banking.