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Grupo Security Profit Up by 15.8% as of September 2016

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Grupo Security Profit Up by 15.8% as of September 2016

The Group reported profit of CH$59,373 million for the nine-month period ended September 30, 2016.

Grupo Security's CEO, Renato Peñafiel, stated that "this excellent result reflects a strong operational performance from our businesses in the midst of a marked deterioration in the macroeconomic environment."

Grupo Security posted profit of CH$59,373 million at the close of the third quarter this year, representing an increase of 15.8% compared to the same period for the previous year, which is explained by excellent operating performances from all its businesses. Grupo Security's EBITDA reached CH$94,720 million for the same period, an increase of 12% compared to the same period for the previous year. Therefore, its return on equity was 12.9%.  

Grupo Security's CEO, Renato Peñafiel, stated that "this excellent result reflects a strong operational performance from all our businesses in the midst of a marked deterioration in the macroeconomic environment". Slow economic growth has impacted demand for financial services, resulting in limited growth in loans and insurance premiums, and lower returns, which has created a much more competitive environment for third-party asset management."

He added, "Nevertheless, Grupo Security has overcome these difficulties, and Banco Security has achieved annual loan growth of 8.0%, while the banking industry has grown by only 4.2%. Factoring Security increased its receivables by 10% versus a fall of 17% within the industry, and AGF Security reported a 33% increase in mutual funds, while the industry grew by 6.1%".

Grupo Security's shares reported a return of 20.0% as of September 2016, outperforming the IPSA (13.4%) and the banking sector index (10.1%).