Chilean financial services holding Grupo Security is expecting to increase its bottom line by 15% this year on the back of expected good performance of all its subsidiaries, group CEO Renato Peñafiel said in a press release.
Grupo Security saw 2010 profits rise 36% to a record 40.9bn pesos (US$84.9mn), mainly thanks to the strong performance of the group's main asset, Banco Security, and life insurer Vida Security.
Earlier this week, shareholders approved a US$200mn capital increase by issuing 450mn new shares.
The fresh capital will go to strengthen its subsidiaries to support their expansion over the next three years and maintain Banco Security's capital adequacy ratio at least at 13%, the group said in a press release.
Banco Security and the group's factoring unit are expected to grow loans by 18% and 20% this year, respectively.
The group sees Vida Security increasing premiums by 25% in 2011 and its mutual funds' assets under management growing 20%, Peñafiel said.
Shareholders also approved the distribution of a 6.5-peso per share dividend, which combined with the dividend paid out in October will equal 59% of last year's profits.
Grupo Security also operates in the P&C, insurance brokerage, real estate and travel businesses.