Chilean financial services group Grupo Security comprising a bank, a factoring unit, a stock brokerage, and a mutual fund announced first quarter profits up 152% to 2.55bn pesos due to restructuring, Silva said.
Grupo Security aims to boost its profits 45% to 10.6bn pesos (US$15m) this year, compared to 2002, according to group chairman Francisco Silva. Mr Silva also predicted that its insurance unit, Seguro Security, would contribute 20%, or 2bn pesos (US$2.8m), of its profits this year.
The group's main asset, local bank Banco Security, should see profits grow 15% to 10bn pesos this year, he said. Silva expects greater business activity in the bank's core segments of medium and large companies, high-income individuals and investment banking this year.
Stronger activity in the bank's core segments will also likely boost its share of the loan market by 0.3% to 3%, Silva noted.
Source: Business News Americas
