AVAL Grupo Aval Acciones y Valores SA

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

 Washington, D.C. 20549

 

FORM 6-K

 

Report Of Foreign Private Issuer

 Pursuant To Rule 13a-16 Or 15d-16 Of

The Securities Exchange Act Of 1934

 

For the month of February 2025

---

Commission File Number: 001-36631

 

Grupo Aval Acciones y Valores S.A.

(Exact name of registrant as specified in its charter)

 

Carrera 13 No. 26A - 47

 Bogotá D.C., Colombia

(Address of principal executive office)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

 

Form 20-F

X

Form 40-F

 

 

 

GRUPO AVAL ACCIONES Y VALORES S.A.

 

TABLE OF CONTENTS

 

ITEM
1.	Report of 4Q2024 Consolidated Results

 

 

  

 

 

Item 1

 

Item 1

 

 

Disclaimer

 

 

Grupo Aval Acciones y Valores S.A. (“Grupo Aval”) is an issuer of securities in Colombia and in the United States (“SEC”). As such, it is subject to compliance with securities regulation in Colombia and applicable U.S. securities regulation. Grupo Aval is also subject to the inspection and supervision of the Superintendency of Finance as holding company of the Aval financial conglomerate.

 

The consolidated financial information included in this document is presented in accordance with IFRS as currently issued by the IASB. Details of the calculations of non-IFRS measures such as ROAA and ROAE, among others, are explained when required in this report.

 

This report includes forward-looking statements. In some cases, you can identify these forward-looking statements by words such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” or “continue,” or the negative of these and other comparable words. Actual results and events may differ materially from those anticipated herein as a consequence of changes in general, economic and business conditions, changes in interest and currency rates and other risk described from time to time in our filings with the Registro Nacional de Valores y Emisores and the SEC.

 

Recipients of this document are responsible for the assessment and use of the information provided herein. Matters described in this presentation and our knowledge of them may change extensively and materially over time, but we expressly disclaim any obligation to review, update or correct the information provided in this report, including any forward looking statements, and do not intend to provide any update for such material developments prior to our next earnings report.

 

The Financial Statements of Grupo Aval Acciones y Valores S.A., in accordance with Colombian regulations, must be filed with the market and with the Superintendency of Finance with the opinion of an external auditor. At the time of this Solicitation, this process is still ongoing.

 

The content of this document and the figures included herein are intended to provide a summary of the subjects discussed rather than a comprehensive description.

 

When applicable, in this document we refer to billions as thousands of millions.

 

 

Report of 4Q2024 consolidated results Information reported in Ps billions and under IFRS, except per share information

 

ABOUT GRUPO AVAL

 

Grupo Aval, leading financial conglomerate in Colombia, operates through: four commercial banks in Colombia (Banco de Bogotá, Banco de Occidente, Banco Popular and Banco AV Villas), the largest private pensions and severance fund manager in Colombia (Porvenir), and the largest merchant bank in Colombia (Corficolombiana). In addition, it is present in Panama through Multibank's operation through Banco de Bogotá.

 

Grupo Aval Acciones y Valores S.A. ("Grupo Aval") is an issuer of securities in Colombia and the United States ("SEC").

 

As of December 31, 2024, the Company has the following issuances:

 

 

Stocks	Securities issues in force
Type of security	Common stock	Preferred stock
Trading system	Stock exchange	Stock exchange
Stock exchange	Colombian Stock Exchange (BVC)
Outstanding Shares (*)	16,201,212,499	7,542,263,255
Issue amount(*)	16,201,212,499	7,542,263,255
Amount placed(*)	16,201,212,499	7,542,263,255

 

Local Bonds
Year	Principal (million)	Rate	Rating
Issue of 2016 - Series A - 10 years	93,000	CPI+3.86%	AAA –BRC Investor Services S.A.
Issue of 2016 - Series A - 20 years	207,000	CPI+4.15%
Issue of 2017 - Series A - 25 years	300,000	CPI +3.99%
Issue of 2019 - Series A - 20 years	300,000	CPI +3.69%
Issue of 2024 - Series A - 15 years	200,000	CPI +6.16%
Issue of 2024 - Series C - 3 years	100,000	10.08%
	1,200,000

 

International Bonds
	Principal U. S. (million)	Rate	Rating
Issue of 2020 - 10 years	US 1,000	4.375%	Ba2 / Negative (Moody’s) BB+ / Stable (Fitch)

 

 

 

Main domicile: Bogotá D.C., Colombia

 

Address: Carrera 13 No 26A – 47- 23rd Floor 

Table of contents

 

Key results of 4Q24	4
Consolidated Financial Results	5
– Statement of Financial Position Analysis	7
– Income Statement Analysis…	15
Grupo Aval + Grupo Aval Limited…	19
Separated Financial Results…	20
– Statement of Financial Position Analysis	20
– Income Statement Analysis	21
Definitions	22
Consolidated Financial Statements	23
Separate Financial Statements	25

 

 

Report of 4Q2024 consolidated results Information reported in Ps billions and under IFRS, except per share information

 

Bogotá, February 18th, 2025. Grupo Aval S.A. (NYSE:AVAL) reported a consolidated attributable net income of Ps 1,015.1 billion (Ps 42.8 pesos per share) for 2024, 37.4% higher than for 2023. ROAE was 6.0% and ROAA was 0.7% for the year.

 

 

•

To enhance its offering of comprehensive financial services as a holding, Grupo Aval acquired 40.77% of the outstanding shares of Casa de Bolsa and 95.4% of Fiduciaria Corficolombiana and renamed them Aval Casa de Bolsa and Aval Fiduciaria respectively.

 

•

Gross loans reached 199.4 trillion pesos, a 7.3% growth versus 4Q23. Consolidated deposits reached 201 trillion pesos, a 10.4% growth versus 4Q23.

 

•

As of November 2024, the Aval banks had gained 75 bps in market share of gross loans over 12-months (52 bps in commercial loans, 150 bps in consumer loans, and 152 bps in mortgages).

 

•

The quality of our loan portfolio improved 46 bps on a +30 PDLs basis and 29 bps on a +90 PDLs basis during the quarter.

  

•

Cost of risk for the year was 2.2%, 10 bps lower than in 2023 as a result of a 111 pbs improvement in consumer loans to 5.5% and a 50 pbs deterioration in commercial loans to 0.6%.

 

•

NIM on loans increased 29 bps during the year to 4.3%, while total NIM decreased 6 bps to 3.4% driven by a lower NIM on investments.

  

•

Cost to Assets efficiency improved to 2.7% compared to the 2.8% of 2023. OPEX grew 3.7% versus 2023 with Cost to income reaching 54.2% for the year.

 

•

Net income from commissions and fees for 2024 totaled Ps 3,584 billion, a 6.9% increase compared to 2023.

 

Report of 4Q2024 consolidated results Information reported in Ps billions and under IFRS, except per share information

 

 

		COP $tn		4Q23		3Q24		4Q24		4Q24 vs 3Q24		4Q24 vs 4Q23
Balance Sheet		Gross Loans		$ 185.8		$ 194.5		$ 199.4		2.5%		7.3%
		Deposits		$ 182.0		$ 196.0		$ 200.9		2.5%		10.4%
		Deposits/Net Loans		1.03 x		1.06 x		1.06 x		-0.01 x		0.02 x
Loan Quality		90 days PDLs / Gross Loans		4.0%		4.3%		4.0%		(29) bps		3 bps		2023		2024		2024 vs 2023
		Allowance/90 days PDLs		1.36 x		1.25 x		1.25 x		0.00 x		-0.11 x
		Cost of risk		2.7%		1.9%		1.8%		(11) bps		(83) bps		2.3%		2.2%		(10) bps
Profitability		Net interest margin		3.9%		3.9%		2.8%		(105) bps		(101) bps		3.4%		3.4%		(6) bps
		NIM on Loans		4.1%		4.2%		4.4%		19 bps		27 bps		4.0%		4.3%		29 bps
		Fee income Ratio		19.0%		21.6%		23.4%		178 bps		440 bps		20.9%		22.4%		150 bps
		Cost-to-Income Efficiency Ratio		54.0%		50.7%		61.3%		1,058 bps		727 bps		52.1%		54.2%		205 bps
		Cost-to-Assets Efficiency Ratio		2.9%		2.6%		2.9%		34 bps		3 bps		2.8%		2.7%		(5) bps
		Attributable net income		$ 0.08		$ 0.42		$ 0.28		-32.3%		239.4%		$ 0.74		$ 1.02		37.4%
		ROAA		0.5%		0.9%		0.7%		(25) bps		18 bps		0.7%		0.7%		(3) bps
		ROAE		2.0%		9.7%		6.5%		(329) bps		446 bps		4.5%		6.0%		149 bps

 

 

 

 

Gross loans excludes interbank and overnight funds. PDLs 90+ defined as loans more than 90 days past due. Cost of Risk calculated as Impairment loss on loans and other accounts receivable net of recoveries of charged-off assets divided by average gross loans. Net Interest Margin includes net interest income plus net trading income from debt and equity investments at FVTPL divided by total average interest-earning assets. Fee income ratio is calculated as net income from commissions and fees divided by net interest income plus net income from commissions and fees, gross profit from sales of goods and services, net trading income, net income from other financial instruments mandatory at FVTPL and total other income. Efficiency Ratio is calculated as total other expenses divided by net interest income plus net income from commissions and fees, gross profit from sales of goods and services, net trading income, net income from other financial instruments mandatory at FVTPL and total other income. ROAA is calculated as annualized Net Income divided by average of total assets. ROAE is calculated as Net Income attributable to Aval's shareholders divided by average attributable shareholders' equity. NS refers to non-significant figures.

 

Report of 4Q2024 consolidated results Information reported in Ps billions and under IFRS

 

Grupo Aval Acciones y Valores S.A.

Consolidated Financial Statements Under IFRS

Financial Statements Under IFRS

Information in Ps. Billions

 

Consolidated Statement of Financial Position		4Q23		3Q24		4Q24		D
								4Q24 vs. 3Q24	4Q24 vs. 4Q23
Cash and cash equivalents		18,597.9		19,151.9		16,998.9		-11.2%	-8.6%
Trading assets		15,451.1		20,234.6		20,163.2		-0.4%	30.5%
Investment securities		34,425.7		36,525.2		39,162.6		7.2%	13.8%
Hedging derivatives assets		48.7		71.8		54.0		-24.8%	11.0%
Total loans, net		176,168.1		184,554.6		190,129.5		3.0%	7.9%
Tangible assets		6,995.9		7,172.7		7,243.4		1.0%	3.5%
Goodwill		2,202.2		2,215.2		2,223.6		0.4%	1.0%
Concession arrangement rights		13,557.3		13,998.9		14,314.6		2.3%	5.6%
Other assets		33,734.8		36,690.7		37,569.6		2.4%	11.4%
Total assets		301,181.6		320,615.6		327,859.4		2.3%	8.9%
Trading liabilities		2,154.4		983.4		1,011.9		2.9%	-53.0%
Hedging derivatives liabilities		217.6		25.0		21.7		-13.2%	-90.0%
Customer deposits		181,987.4		196,025.0		200,872.2		2.5%	10.4%
Interbank borrowings and overnight funds		15,081.9		21,296.0		18,509.8		-13.1%	22.7%
Borrowings from banks and others		22,218.5		21,027.4		24,060.9		14.4%	8.3%
Bonds issued		23,427.8		24,658.7		26,215.8		6.3%	11.9%
Borrowings from development entities		4,813.1		4,009.2		4,037.3		0.7%	-16.1%
Other liabilities		19,760.5		19,800.3		19,966.9		0.8%	1.0%
Total liabilities		269,661.2		287,824.9		294,696.5		2.4%	9.3%
Equity attributable to owners of the parent		16,782.7		17,386.5		17,451.3		0.4%	4.0%
Non-controlling interest		14,737.7		15,404.3		15,711.7		2.0%	6.6%
Total equity		31,520.4		32,790.8		33,162.9		1.1%	5.2%
Total liabilities and equity		301,181.6		320,615.6		327,859.4		2.3%	8.9%
Consolidated Statement of Income		4Q23		3Q24		4Q24		D
								4Q24 vs. 3Q24	4Q24 vs. 4Q23
Interest income		7,421.9		6,874.0		6,832.9		-0.6%	-7.9%
Interest expense		5,891.6		5,206.0		4,834.9		-7.1%	-17.9%
Net interest income		1,530.3		1,667.9		1,998.0		19.8%	30.6%
Loans and other accounts receivable		1,370.1		1,096.4		1,047.3		-4.5%	-23.6%
Other financial assets		(2.3)		(0.1)		1.0		N.A	-144.7%
Recovery of charged-off financial assets		(132.5)		(157.7)		(148.2)		-6.0%	11.8%
Net impairment loss on financial assets		1,235.3		938.6		900.2		-4.1%	-27.1%
Net interest income, after impairment losses		295.0		729.4		1,097.9		50.5%	N.A.
Net income from commissions and fees		766.9		881.8		909.1		3.1%	18.5%
Gross profit from sales of goods and services		797.3		523.3		508.9		-2.8%	-36.2%
Net trading income		202.3		498.2		325.8		-34.6%	61.1%
Net income from other financial instruments mandatory at FVTPL		76.6		82.1		82.1		0.0%	7.3%
Total other income		658.7		421.1		57.7		-86.3%	-91.2%
Total other expenses		2,177.0		2,064.8		2,377.9		15.2%	9.2%
Net income before income tax expense		619.7		1,071.1		603.6		-43.6%	-2.6%
Income tax expense		251.1		342.4		63.1		-81.6%	-74.9%
Net income for the period		368.6		728.7		540.4		-25.8%	46.6%
Non-controlling interest		285.7		313.0		259.1		-17.2%	-9.3%
Net income attributable to owners of the parent		82.9		415.7		281.4		-32.3%	N.A.
Key ratios		4Q23		3Q24		4Q24		YTD 2023	YTD 2024
Net Interest Margin(1)		2.8%		2.9%		3.4%		2.9%	3.2%
Net Interest Margin (including net trading income)(1)		3.9%		3.9%		2.8%		3.4%	3.4%
Efficiency ratio(2)		54.0%		50.7%		61.3%		52.1%	54.2%
90 days PDL / Gross loans (5)		4.0%		4.3%		4.0%		4.0%	4.0%
Provision expense / Average gross loans (6)		2.7%		1.9%		1.8%		2.3%	2.2%
Allowance / 90 days PDL (5)		1.36		1.25		1.25		1.36	1.25
Allowance / Gross loans		5.4%		5.4%		5.0%		5.4%	5.0%
Charge-offs / Average gross loans (6)		2.6%		2.9%		3.3%		2.3%	2.9%
Total loans, net / Total assets		58.5%		57.6%		58.0%		58.5%	58.0%
Deposits / Total loans, net		103.3%		106.2%		105.7%		103.3%	105.7%
Equity / Assets		10.5%		10.2%		10.1%		10.5%	10.1%
Tangible equity ratio (7)		9.1%		8.9%		8.7%		9.1%	8.7%
ROAA(3)		0.5%		0.9%		0.7%		0.7%	0.7%
ROAE(4)		2.0%		9.7%		6.5%		4.5%	6.0%
Shares outstanding (EoP)		23,743,475,754		23,743,475,754		23,743,475,754		23,743,475,754	23,743,475,754
Shares outstanding (Average)		23,743,475,754		23,743,475,754		23,743,475,754		23,743,475,754	23,743,475,754
Common share price (EoP)		468.0		413.0		447.0		468.0	447.0
Preferred share price (EoP)		485.0		420.0		446.0		485.0	446.0
BV/ EoP shares in Ps.		706.8		732.3		735.0		706.8	735.0
EPS		3.5		17.5		11.8		31.1	42.8
P/E (8)		34.7		6.0		9.4		15.6	10.4
P/BV (8)		0.7		0.6		0.6		0.7	0.6

 

(1) NIM is calculated as Net Interest Income divided by the average of Interest Earning Assets; (2) Efficiency Ratio is calculated as total other expenses divided by net interest income plus net income from commissions and fees, gross profit from sales of goods and services, net trading income, net income from other financial instruments mandatory at FVTPL and total other income; (3) ROAA is calculated as Income before Minority Interest divided by the average of total assets for each quarter; (4) ROAE is calculated as Net Income attributable to Grupo Aval's shareholders divided by the average of shareholders´ attributable equity for each quarter; (5) PDLs 90+ defined as loans more than 90 days past due include interest accounts receivables. Gross loans excluding interbank and overnight funds; (6) Refers to average gross loans for the period; (7) Tangible Equity Ratio is calculated as Total Equity minus Intangibles (excluding those related to concessions) divided by Total Assets minus Intangibles (excluding those related to concessions); (8) Based on Preferred share prices.

 

Report of 4Q2024 consolidated results Information reported in Ps billions and under IFRS

 

Consolidated Financial Results

 

Statement of Financial Position Analysis

 

1.

Assets

 

Total assets as of December 31^st, 2024 totaled Ps 327,859.4 billion showing an increase of 8.9% versus total assets in December 31^st, 2023 and an increase of 2.3% versus September 30^th, 2024. Growth was mainly driven by (i) a 7.9% year over year growth in total loans, net to Ps 190,129.5 billion, (ii) a 30.5% year over year growth in trading assets to Ps 20,163.2 billion, and (iii) a 13.8% year over year increase in investment securities to Ps 39,162.6 billion.

 

1.1

Loan portfolio

 

Gross loans (excluding interbank and overnight funds) increased by 7.3% between December 31^st, 2024 and December 31st, 2023 to Ps 199,431.1 billion mainly driven by (i) a 7.8% increase in commercial loans to Ps 115,414.6 billion, (ii) a 19.2% increase in Mortgages to Ps 22,035.7 billion, and (iii) a 3.3% increase in Consumer loans to Ps 61,976.3 billion.

 

It is worth noting that Banco de Bogotá decided to sell its Microcredit portfolio as part of their strategic roadmap.

 

Interbank & overnight funds increased by 79.6% to Ps 705.1 billion between December 31^st, 2024 and December 31^st, 2023.

 

Loss allowance was Ps 10,006.6 billion as of December 31^st, 2024 taking net loans to Ps 190,129.5 billion.

 

Total loans, net		4Q23		3Q24		4Q24		D
								4Q24 vs. 3Q24	4Q24 vs. 4Q23
Gross loans
Commercial loans		107,047.8		112,798.3		115,414.6		2.3%	7.8%
Consumer loans		59,999.6		61,133.1		61,976.3		1.4%	3.3%
Mortgages loans		18,486.2		20,604.0		22,035.7		6.9%	19.2%
Microcredit loans		277.5		5.0		4.4		-11.8%	-98.4%
Gross loans		185,811.2		194,540.4		199,431.1		2.5%	7.3%
Interbank & overnight funds		392.6		453.0		705.1		55.6%	79.6%
Total gross loans		186,203.8		194,993.4		200,136.1		2.6%	7.5%
Loss allowance		(10,035.7)		(10,438.8)		(10,006.6)		-4.1%	-0.3%
Allowance for impairment of commercial loans		(5,294.6)		(5,644.9)		(5,363.7)		-5.0%	1.3%
Allowance for impairment of consumer loans		(4,307.4)		(4,326.4)		(4,166.0)		-3.7%	-3.3%
Allowance for impairment of mortgages		(380.0)		(463.5)		(473.3)		2.1%	24.6%
Allowance for impairment of microcredit loans		(53.7)		(4.1)		(3.6)		-10.9%	-93.3%
Total loans, net		176,168.1		184,554.6		190,129.5		3.0%	7.9%

  

Report of 4Q2024 consolidated results Information reported in Ps billions and under IFRS

 

The following table shows the gross loan composition per product of each of our loan categories. 

 

Gross loans		4Q23		3Q24		4Q24		D
								4Q24 vs. 3Q24	4Q24 vs. 4Q23
General purpose		73,611.9		79,413.3		82,145.4		3.4%	11.6%
Working capital		16,413.2		16,801.4		16,624.5		-1.1%	1.3%
Financial leases		11,706.8		11,839.6		12,141.1		2.5%	3.7%
Funded by development banks		4,464.8		3,661.0		3,517.4		-3.9%	-21.2%
Overdrafts		509.5		721.1		648.1		-10.1%	27.2%
Credit cards		341.6		361.7		338.2		-6.5%	-1.0%
Commercial loans		107,047.8		112,798.3		115,414.6		2.3%	7.8%
Payroll loans		32,619.6		33,795.0		34,182.0		1.1%	4.8%
Personal loans		14,232.9		14,290.8		14,442.1		1.1%	1.5%
Credit cards		7,596.2		7,221.0		7,266.7		0.6%	-4.3%
Automobile and vehicle		5,332.4		5,609.7		5,834.5		4.0%	9.4%
Financial leases		15.5		17.7		18.8		6.2%	21.3%
Overdrafts		76.1		79.3		79.3		0.1%	4.2%
Other		127.0		119.6		152.8		27.7%	20.3%
Consumer loans		59,999.6		61,133.1		61,976.3		1.4%	3.3%
Mortgages		16,294.2		18,367.2		19,714.1		7.3%	21.0%
Housing leases		2,192.0		2,236.9		2,321.7		3.8%	5.9%
Mortgages loans		18,486.2		20,604.0		22,035.7		6.9%	19.2%
Microcredit loans		277.5		5.0		4.4		-11.8%	-98.4%
Gross loans		185,811.2		194,540.4		199,431.1		2.5%	7.3%
Interbank & overnight funds		392.6		453.0		705.1		55.6%	79.6%
Total gross loans		186,203.8		194,993.4		200,136.1		2.6%	7.5%

 

In terms of gross loans (excluding interbank and overnight funds), 91.5% are domestic and 8.5% are foreign (reflecting the Multi Financial Holding operation). In terms of currency, 81.8% are peso denominated loans and 18.2% are USD denominated.

 

A 15.4% yearly depreciation of the Peso relative to the U.S. Dollar, favored growth metrics for US Dollar denominated loans in Pesos.

 

Commercial loans increased by 7.8% versus 4Q23 and 2.3% versus 3Q24. Over the year, Peso denominated loans increased by 4.6%, while dollar denominated loans increased 3.0% in dollar terms.

 

Consumer Loans increased by 3.3% versus 4Q23 and 1.4% versus 3Q24. Peso denominated consumer loans grew by 1.8% yearly, while dollar denominated loans increased 10.5% in dollar terms.

 

Mortgages increased by 19.2% versus 4Q23 and 6.9% versus 3Q24. Over the year, Peso denominated loans increased by 20.4%, while dollar denominated loans decreased 1.7% in dollar terms.

 

The following table shows the loans and receivables composition per segment. 

 

 

Report of 4Q2024 consolidated results Information reported in Ps billions and under IFRS

 

Gross loans / Segment ($)		4Q23		3Q24		4Q24		D
								4Q24 vs. 3Q24	4Q24 vs. 4Q23
Banking services		184,576.0		193,162.0		197,862.2		2.4%	7.2%
Merchant Banking		2,575.8		2,820.2		3,007.1		6.6%	16.7%
Pension and Severance Fund Management		-		-		-		-	-
Holding		1,242.0		1,338.2		1,198.1		-10.5%	-3.5%
Eliminations		(2,582.6)		(2,780.0)		(2,636.4)		-5.2%	2.1%
Gross loans		185,811.2		194,540.4		199,431.1		2.5%	7.3%
Interbank & overnight funds		392.6		453.0		705.1		55.6%	79.6%
Total gross loans		186,203.8		194,993.4		200,136.1		2.6%	7.5%
Gross loans / Segment (%)		4Q23		3Q24		4Q24
Banking services		99.3%		99.3%		99.2%
Merchant Banking		1.4%		1.4%		1.5%
Pension and Severance Fund Management		0.0%		0.0%		0.0%
Holding		0.7%		0.7%		0.6%
Eliminations		-1.4%		-1.4%		-1.3%
Gross loans		100.0%		100.0%		100.0%

 

30-days and 90 days past due loans improved compared to the previous quarter, reaching its lowest level since 3Q23. Commercial portfolio deterioration peaked during 3Q24 and improved 6 bps compared with the last quarter. Consumer portfolio ratios continued the positive trend for the third consecutive quarter.

 

 

Past due loans		4Q23		3Q24		4Q24		D
								4Q24 vs. 3Q24	4Q24 vs. 4Q23
Performing		101,940.1		106,718.0		109,704.8		2.8%	7.6%
Between 31 and 90 days past due		604.8		740.2		593.3		-19.8%	-1.9%
+90 days past due		4,502.9		5,340.1		5,116.6		-4.2%	13.6%
Commercial loans		107,047.8		112,798.3		115,414.6		2.3%	7.8%
Performing		56,233.0		57,440.0		58,505.4		1.9%	4.0%
Between 31 and 90 days past due		1,628.0		1,524.6		1,467.8		-3.7%	-9.8%
+90 days past due		2,138.5		2,168.5		2,003.1		-7.6%	-6.3%
Consumer loans		59,999.6		61,133.1		61,976.3		1.4%	3.3%
Performing		17,253.2		19,162.3		20,634.9		7.7%	19.6%
Between 31 and 90 days past due		515.3		589.5		528.9		-10.3%	2.6%
+90 days past due		717.6		852.3		872.0		2.3%	21.5%
Mortgages loans		18,486.2		20,604.0		22,035.7		6.9%	19.2%
Performing		229.9		0.9		0.8		-13.6%	-99.6%
Between 31 and 90 days past due		10.6		0.0		0.0		-97.7%	-100.0%
+90 days past due		37.0		4.0		3.6		-11.0%	-90.4%
Microcredit loans		277.5		5.0		4.4		-11.8%	-98.4%
Gross loans		185,811.2		194,540.4		199,431.1		2.5%	7.3%
Interbank & overnight funds		392.6		453.0		705.1		55.6%	79.6%
Total gross loans		186,203.8		194,993.4		200,136.1		2.6%	7.5%

  

 

Report of 4Q2024 consolidated results Information reported in Ps billions and under IFRS

 

Our 30 days PDL to total loans was 5.3% for 4Q24, 5.8% for 3Q24 and 5.5% for 4Q23. The ratio of 90 days PDL to total loans was 4.0% for 4Q24, 4.3% for 3Q24 and 4.0% for 4Q23.

 

30 days past due loans		4Q23		3Q24		4Q24
Commercial		4.8%		5.4%		4.9%
Consumer		6.3%		6.0%		5.6%
Mortgages		6.7%		7.0%		6.4%
Microcredit		17.2%		81.0%		81.4%
Total loans		5.5%		5.8%		5.3%
90 days past due loans		4Q23		3Q24		4Q24
Commercial		4.2%		4.7%		4.4%
Consumer		3.6%		3.5%		3.2%
Mortgages		3.9%		4.1%		4.0%
Microcredit		13.3%		80.6%		81.3%
Total loans		4.0%		4.3%		4.0%

 

Loans classified as stage 2 and 3 were 11.5% for 4Q24, 12.1% for 3Q24 and 11.7% for 4Q23. Allowance for stage 2 and 3 loans / stage 2 and 3 loans remained relatively stable over the last 12 months and stood at 35.4% for 4Q24, 36.5% for 3Q24 and 37.9% for 4Q23.

  

Loans by stages (%)		4Q23		3Q24		4Q24
Loans classified as Stage 2 / gross loans		4.9%		5.0%		4.8%
Loans classified as Stage 3 / gross loans		6.8%		7.2%		6.7%
Loans classified as Stage 2 and 3 / gross loans		11.7%		12.1%		11.5%
Allowance for Stage 1 loans / Stage 1 loans		1.1%		1.1%		1.1%
Allowance for Stage 2 loans / Stage 2 loans		14.1%		13.5%		12.8%
Allowance for Stage 3 loans / Stage 3 loans		55.2%		52.4%		51.4%
Allowance for Stage 2 and 3 loans / Stage 2 and 3 loans		37.9%		36.5%		35.4%

  

Grupo Aval’s coverage over its 90 days PDL was 1.3x for 4Q24, 1.2x for 3Q24, and 1.4x for 4Q23, coverage over its 30 days PDL was 0.9x in 4Q24, 0.9x for 3Q24 and 1.0x 4Q23.

 

Impairment loss, net of recoveries of charged off assets to average gross loans was 1.8% for 4Q24, 1.9% for 3Q24, and 2.7% 4Q23; this rate for consumer loans was 4.8% for 4Q24, 4.3% for 3Q24 and 7.5% for 4Q23, while for commercial loans was 0.4% for 4Q24, 0.9% for 3Q24 and 0.5% for 4Q23. Charge-offs to average gross loans was 3.3% for 4Q24, 2.9% for 3Q24, and 2.6% in 4Q23. 

 

Coverage and cost of risk		4Q23		3Q24		4Q24
Allowance for impairment / 30 days PDL		1.0		0.9		0.9
Allowance for impairment / 90 days PDL		1.4		1.2		1.3
Allowance for impairment / gross loans (*)		5.4%		5.4%		5.0%
Impairment loss / average gross loans (*)		2.9%		2.3%		2.1%
Impairment loss, net of recoveries of charged-off assets / average gross loans (*)		2.7%		1.9%		1.8%
Charge-offs / average gross loans (*)		2.6%		2.9%		3.3%

 

(*) Gross loans exclude interbank and overnight funds. 30 days past due and 90 days past due are calculated on a capital plus interest accounts receivable basis. 

Report of 4Q2024 consolidated results Information reported in Ps billions and under IFRS

 

1.2 Investment securities and trading assets

 

Total investment securities and trading assets increased 18.9% to Ps 59,325.8 billion between December 31^st, 2024 and December 31^st, 2023 and increased 4.5% versus September 30^th, 2024.

 

A total of Ps 49,678.7 billion of our total portfolio is invested in debt securities, which increased by 22.9% between December 31^st, 2024 and December 31^st, 2023 and increased by 5.7% versus September 30^th, 2024. Ps 8,677.8 billion of our total investment securities is invested in equity securities, which increased by 17.6% between December 31^st, 2024 and December 31^st, 2023 and decreased by 3.0% versus September 30^th, 2024.

 

Investment and trading assets		4Q23		3Q24		4Q24		D
								4Q24 vs. 3Q24	4Q24 vs. 4Q23
Debt securities		7,113.4		11,914.0		11,937.4		0.2%	67.8%
Equity securities		6,260.2		7,510.2		7,256.5		-3.4%	15.9%
Derivative assets		2,077.6		810.4		969.3		19.6%	-53.3%
Trading assets		15,451.1		20,234.6		20,163.2		-0.4%	30.5%
Investments in debt securities at FVTPL (non compliant with SPPI test)		1.9		1.9		1.4		-24.2%	-24.6%
Debt securities at FVOCI		23,326.8		24,653.1		27,050.2		9.7%	16.0%
Equity securities at FVOCI		1,117.3		1,436.9		1,421.3		-1.1%	27.2%
Investments in securities at FVOCI		24,444.1		26,090.0		28,471.5		9.1%	16.5%
Investments in debt securities at AC		9,979.7		10,433.3		10,689.7		2.5%	7.1%
Investment and trading assets		49,876.8		56,759.8		59,325.8		4.5%	18.9%

 

The average yield on our debt and equity investment securities (trading assets, investments in debt securities at FVTPL, investments in securities at FVOCI and investments in debt securities at AC) was 3.8% for 4Q24, 9.8% for 3Q24 and 11.4% for 4Q23.

 

1.3 Cash and Cash Equivalents

 

As of December 31^st, 2024 cash and cash equivalents had a balance of Ps 16,998.9 billion showing a decrease of 8.6% versus December 31^st, 2023 and a decrease of 11.2% versus September 30^th, 2024.

 

The ratio of cash and cash equivalents to customer deposits was 8.5% at December 31^st, 2024, 9.8% at September 30^th, 2024, and 10.2% at December 31^st, 2023.

 

Report of 4Q2024 consolidated results Information reported in Ps billions and under IFRS

 

1.4 Goodwill and Other Intangibles

 

Goodwill and other intangibles as of December 31^st, 2024 reached Ps 19,296.5 billion, increasing by 6.4% versus December 31^st, 2023 and 2.5% versus September 30^th, 2024.

 

Goodwill as of December 31st, 2024 was Ps 2,223.6 billion, increasing by 1.0% versus December 31^st, 2023 and showing an increase of 0.4% versus September 30^th, 2024.

 

Other intangibles, which include “concession arrangement rights” and other intangibles, mainly reflect the value of road concessions recorded for the most part at Corficolombiana. Other intangibles as of December 31^st, 2024 reached Ps 17,072.9 billion and grew by 7.1% versus December 31^st, 2023 and increased by 2.7% versus September 30^th, 2024.

 

2. Liabilities

 

As of December 31^st, 2024 Total Funding represented 92.9% of total liabilities and other liabilities represented 7.1%.

 

2.1 Funding

 

Total Funding (Total financial liabilities at amortized cost) which includes (i) Customer deposits, (ii) Interbank borrowings and overnight funds, (iii) Borrowings from banks and others, (iv) Bonds issued, and (v) Borrowing from development entities had a balance of Ps 273,696.0 billion as of December 31^st, 2024 showing an increase of 10.6% versus December 31st, 2023 and 2.5% versus September 30^th, 2024. Total customer deposits represented 73.4% of total funding as of 4Q24, 73.4% for 3Q24, and 73.5% for 4Q23.

 

Average cost of funds was 7.2% for 4Q24, 7.9% for 3Q24, and 9.5% for 4Q23.

 

2.1.1 Customer deposits 

 

Customer deposits		4Q23		3Q24		4Q24		D
								4Q24 vs. 3Q24	4Q24 vs. 4Q23
Checking accounts		17,737.8		16,468.0		18,380.4		11.6%	3.6%
Other deposits		430.2		344.4		347.9		1.0%	-19.1%
Non-interest bearing		18,168.0		16,812.4		18,728.3		11.4%	3.1%
Checking accounts		6,072.1		6,560.2		6,199.1		-5.5%	2.1%
Time deposits		86,597.5		94,680.1		96,329.8		1.7%	11.2%
Savings deposits		71,149.9		77,972.3		79,614.9		2.1%	11.9%
Interest bearing		163,819.4		179,212.6		182,143.9		1.6%	11.2%
Customer deposits		181,987.4		196,025.0		200,872.2		2.5%	10.4%

  

 

Report of 4Q2024 consolidated results Information reported in Ps billions and under IFRS

 

Of our total customer deposits as of December 31^st, 2024, checking accounts represented 12.2%, time deposits 48.0%, savings accounts 39.6%, and other deposits 0.2%.

 

The following table shows the customer deposits composition by segment.

 

Deposits / Segment($)		4Q23		3Q24		4Q2024		D
								4Q24 vs. 3Q24	4Q24 vs. 4Q23
Banking services		177,750.7		190,280.5		196,217.6		3.1%	10.4%
Merchant Banking		8,169.6		9,004.6		8,590.7		-4.6%	5.2%
Pension and Severance Fund Management		1.3		1.3		1.3		2.5%	4.4%
Holding		-		-		-		N.A	N.A
Eliminations		(3,934.2)		(3,261.4)		(3,937.5)		20.7%	0.1%
Total Grupo Aval		181,987.4		196,025.0		200,872.2		2.5%	10.4%
Deposits / Segment (%)		4Q23		3Q24		4Q2024
Banking services		97.7%		97.1%		97.7%
Merchant Banking		4.5%		4.6%		4.3%
Pension and Severance Fund Management		0.0%		0.0%		0.0%
Holding		0.0%		0.0%		0.0%
Eliminations		-2.2%		-1.7%		-2.0%
Total Grupo Aval		100.0%		100.0%		100.0%

  

2.1.2 Borrowings from Banks and Other (includes borrowings from development entities)

 

As of December 31^st, 2024 borrowings from banks and other totaled Ps 28,098.2 billion, increasing 3.9% versus December 31^st, 2023 and 12.2% versus September 30^th, 2024. Over the year, Peso denominated borrowings from banks and others decreased by 9.4% and dollar denominated borrowings from banks and others decreased 2.6% in dollar terms.

 

2.1.3 Bonds issued

 

Total bonds issued as of December 31^st, 2024 totaled Ps 26,215.8 billion and increased 11.9% versus December 31^st, 2023 and 6.3% versus September 30^th, 2024. Over the year, Peso denominated bonds decreased by 0.9%, while dollar denominated bonds increased by 4.6% in dollar terms.

 

Report of 4Q2024 consolidated results Information reported in Ps billions and under IFRS

 

3. Non-controlling Interest

 

Non-controlling Interest in Grupo Aval reflects the minority stakes that third party shareholders hold in each of its most relevant consolidated subsidiaries (Banco de Bogotá, Banco de Occidente, Banco Popular, Banco AV Villas, Corficolombiana and Porvenir).

 

As of December 31^st, 2024 non-controlling interest was Ps 15,711.7 billion which increased by 6.6% versus December 31^st, 2023 and by 2.0% versus September 30^th, 2024. Total non- controlling interest represents 47.4% of total equity as of 4Q24, compared to 47.0% in 3Q24 and 46.8% in 4Q23.

 

Total non-controlling interest derives from the sum of the combined minority interests of our banks and of Grupo Aval, applying eliminations associated with the consolidation process of Grupo Aval.

  

Percentage consolidated by Aval		4Q23		3Q24		4Q24		D
								4Q24 vs. 3Q24	4Q24 vs. 4Q23
Banco de Bogotá		68.9%		68.9%		68.9%		-
Banco de Occidente		72.3%		72.3%		72.3%		-	-
Banco Popular		93.7%		93.7%		93.7%		-	-
Banco AV Villas		79.9%		79.9%		79.9%		-	-
Porvenir		75.8%		75.8%		75.8%		-	-
Corficolombiana		40.5%		40.5%		40.5%		-	-
Aval Fiduciaria		40.5%		40.5%		96.7%		5,620	5,620
Aval Casa de Bolsa		62.2%		62.2%		86.4%		2,425	2,425

 

 

4. Attributable Shareholders’ Equity

 

Attributable shareholers’ edquity as of December 31^st, 2024 was Ps 17,451.3 billion, showing an increase of 4.0% versus December 31^st, 2023 and 0.4% versus September 30^th, 2024.

 

 

Report of 4Q2024 consolidated results Information reported in Ps billions and under IFRS

 

Income Statement Analysis

 

Our net income attributable to the owners of the parent company for 4Q24 was Ps 281.4 billion showing a 239.4 % increase versus 4Q23 and a 32.3% decrease versus 3Q24.

 

Consolidated Statement of Income		4Q23		3Q24		4Q24		D
								4Q24 vs. 3Q24	4Q24 vs. 4Q23
Interest income		7,421.9		6,874.0		6,832.9		-0.6%	-7.9%
Interest expense		5,891.6		5,206.0		4,834.9		-7.1%	-17.9%
Net interest income		1,530.3		1,667.9		1,998.0		19.8%	30.6%
Loans and other accounts receivable		1,370.1		1,096.4		1,047.3		-4.5%	-23.6%
Other financial assets		(2.3)		(0.1)		1.0		N.A	-144.7%
Recovery of charged-off financial assets		(132.5)		(157.7)		(148.2)		-6.0%	11.8%
Net impairment loss on financial assets		1,235.3		938.6		900.2		-4.1%	-27.1%
Net income from commissions and fees		766.9		881.8		909.1		3.1%	18.5%
Gross profit from sales of goods and services		797.3		523.3		508.9		-2.8%	-36.2%
Net trading income		202.3		498.2		325.8		-34.6%	61.1%
Net income from other financial instruments mandatory at FVTPL		76.6		82.1		82.1		0.0%	7.3%
Total other income		658.7		421.1		57.7		-86.3%	-91.2%
Total other expenses		2,177.0		2,064.8		2,377.9		15.2%	9.2%
Net income before income tax expense		619.7		1,071.1		603.6		-43.6%	-2.6%
Income tax expense		251.1		342.4		63.1		-81.6%	-74.9%
Net income for the period		368.6		728.7		540.4		-25.8%	46.6%
Non-controlling interest		285.7		313.0		259.1		-17.2%	-9.3%
Net income attributable to owners of the parent		82.9		415.7		281.4		-32.3%	239.4%

 

1. Net Interest Income

 

Net interest income		4Q23		3Q24		4Q24		D
								4Q24 vs. 3Q24	4Q24 vs. 4Q23
Interest income
Commercial		3,793.1		3,331.3		3,175.6		-4.7%	-16.3%
Interbank and overnight funds		206.6		206.0		182.6		-11.4%	-11.6%
Consumer		2,380.6		2,277.9		2,237.1		-1.8%	-6.0%
Mortgages and housing leases		446.3		491.8		513.5		4.4%	15.1%
Microcredit		18.4		11.0		0.0		-99.6%	-99.8%
Loan portfolio		6,844.9		6,318.0		6,108.9		-3.3%	-10.8%
Interests on investments in debt securities		576.9		555.9		724.0		30.2%	25.5%
Total interest income		7,421.9		6,874.0		6,832.9		-0.6%	-7.9%
Interest expense
Checking accounts		80.7		63.4		60.8		-4.1%	-24.7%
Time deposits		2,608.1		2,337.5		2,211.6		-5.4%	-15.2%
Savings deposits		1,527.3		1,364.9		1,184.9		-13.2%	-22.4%
Total interest expenses on deposits		4,216.1		3,765.7		3,457.3		-8.2%	-18.0%
Interbank borrowings and overnight funds		550.0		467.0		389.4		-16.6%	-29.2%
Borrowings from banks and others		456.1		412.5		442.8		7.3%	-2.9%
Bonds issued		507.2		449.4		450.3		0.2%	-11.2%
Borrowings from development entities		162.1		111.4		95.1		-14.6%	-41.3%
Total interest expenses on financial obligations		1,675.5		1,440.3		1,377.6		-4.4%	-17.8%
Total interest expense		5,891.6		5,206.0		4,834.9		-7.1%	-17.9%
Net interest income		1,530.3		1,667.9		1,998.0		19.8%	30.6%

 

 

Report of 4Q2024 consolidated results Information reported in Ps billions and under IFRS

 

Our net interest income increased by 30.6% to Ps 1,998.0 billion for 4Q24 versus 4Q23 and by 19.8% versus 3Q24. The increase versus 4Q23 was derived mainly from a 17.9% decrease in total interest expense

 

Net Interest Margin (NIM)		4Q23		3Q24		4Q24		D
								4Q24 vs. 3Q24	4Q24 vs. 4Q23
Consolidated
Net Interest Margin (NIM) (*)		3.85%		3.89%		2.84%		(105)	(101)
NIM on loans		4.13%		4.20%		4.40%		19	27
NIM on Investments		2.73%		2.76%		-2.61%		(537)	(534)
Banking segment
Net Interest Margin (NIM) (*)		4.44%		4.60%		3.67%		(93)	(77)
NIM on loans		4.99%		4.90%		4.96%		6	(3)
NIM on Investments		1.49%		3.19%		-2.06%		(524)	(355)

 

Net Interest Margin was 3.4% for 2024 and 3.4% for 2023. Net Interest Margin on Loans was 4.3% for 2024 and 4.0% for 2023. Net Investments Margin was 0.0% for 2024 and 1.2% for 2023. The negative performance of the NIM on Investments for the quarter is offset by positive results in the derivatives market.

 

2. Impairment loss on financial assets, net

 

Our impairment loss on financial assets, net decreased by 27.1% to Ps 900.2 billion for 4Q24 versus 4Q23 and by 4.1% versus 3Q24.

 

Net impairment loss on financial assets		4Q23		3Q24		4Q24		D
								4Q24 vs. 3Q24	4Q24 vs. 4Q23
Loans and other accounts receivable		1,370.1		1,096.4		1,047.3		-4.5%	-23.6%
Other financial assets		(2.3)		(0.1)		1.0		N.A	-144.7%
Recovery of charged-off financial assets		(132.5)		(157.7)		(148.2)		-6.0%	11.8%
Net impairment loss on financial assets		1,235.3		938.6		900.2		-4.1%	-27.1%

 

Our annualized gross cost of risk was 2.1% for 4Q24, 2.3% for 3Q24, and 2.9% 4Q23. Net of recoveries of charged-off assets our ratio risk was 2.1% for was 1.8% for 4Q24, 1.9% for 3Q24, and 2.7% for 4Q23.

 

For the full year, gross cost of risk was 2.5% for 2024 and 2.6% for 2023. Net of recoveries of charged-off assets, cost of risk was 2.2% for 2024 and 2.3% for 2023.

 

 

 

(*)       Grupo Aval’s NIM without income from trading securities and investment in debt securities designated at fair value through profit and loss (non compliant with SPPI test) was 3.4% for 4Q24, 2.9% for 3Q24 and 2.8% for 4Q23. 

Report of 4Q2024 consolidated results Information reported in Ps billions and under IFRS

 

3. Total non-interest income 

 

Total non-interest income		4Q23		3Q24		4Q24		D
								4Q24 vs. 3Q24	4Q24 vs. 4Q23
Income from commissions and fees
Banking fees (1)		704.2		680.6		704.4		3.5%	0.0%
Trust activities and management services		112.9		128.5		128.0		-0.3%	13.5%
Pension and severance fund management		204.7		291.9		311.2		6.6%	52.0%
Bonded warehouse services		45.7		45.5		46.3		1.7%	1.3%
Total income from commissions and fees		1,067.5		1,146.5		1,189.9		3.8%	11.5%
Expenses from commissions and fees		300.6		264.7		280.8		6.1%	-6.6%
Net income from commissions and fees		766.9		881.8		909.1		3.1%	18.5%
Income from sales of goods and services		3,077.9		2,606.5		3,223.3		23.7%	4.7%
Costs and expenses from sales of goods and services		2,280.6		2,083.2		2,714.4		30.3%	19.0%
Gross profit from sales of goods and services		797.3		523.3		508.9		-2.8%	-36.2%
Total trading investment income		708.8		740.2		(199.1)		-126.9%	-128.1%
Total derivatives income		(506.5)		(242.0)		524.9		N.A	-203.6%
Net trading income		202.3		498.2		325.8		-34.6%	61.1%
Net income from other financial instruments mandatory at FVTPL		76.6		82.1		82.1		0.0%	7.3%
Other income
Foreign exchange gains (losses), net		251.5		16.8		(241.5)		N.A	-196.0%
Net gain on sale of investments and OCI realization		44.5		115.2		(11.7)		-110.2%	-126.4%
Gain on the sale of non-current assets held for sale		12.0		10.8		3.6		-66.6%	-69.8%
Income from non-consolidated investments (2)		85.9		102.2		102.7		0.4%	19.5%
Net gains on asset valuations		90.1		9.9		(8.1)		-181.7%	-109.0%
Other income from operations		174.8		166.1		212.8		28.1%	21.8%
Total other income		658.7		421.1		57.7		-86.3%	-91.2%
Total non-interest income		2,501.7		2,406.5		1,883.6		-21.7%	-24.7%

 

⁽¹⁾ Includes commissions on banking services, office network services, credit and debit card fees, fees on drafts, checks and checkbooks and other fees 

⁽²⁾ Includes share of profit of equity accounted investees, net of tax, and dividend income.

 

 

3.1 Net income from commissions and fees

 

Net income from commissions and fees for 4Q24 totaled Ps 909.1 billion and increased by 18.5% versus 4Q23 and 3.1% versus 3Q24. Income from commissions and fees increased by 11.5% to Ps 1,189.9 billion in 4Q24 versus 4Q23 and by 3.8% versus 3Q24.

 

3.2 Gross profit from sales of goods and services

 

Gross profit from sales of goods and services (non-financial sector) decreased by 36.2% to Ps 508.9 billion for 4Q24 versus 4Q23 and by 2.8% quarterly.

 

The main driver behind this decrease is related to the infrastructure sector, which showed a quarterly decrease of 38.5%, explained by a lower work progress in some concessions.

 

Report of 4Q2024 consolidated results Information reported in Ps billions and under IFRS

 

3.3 Total other income from operations 

 

Other income		4Q23		3Q24		4Q24		D
								4Q24 vs. 3Q24	4Q24 vs. 4Q23
Total derivatives income		(506.5)		(242.0)		524.9		-316.9%	-203.6%
Foreign exchange gains (losses), net		251.5		16.8		(241.5)		N.A	-196.0%
Derivatives and foreign exchange gains (losses), net (1)		(255.0)		(225.3)		283.4		-225.8%	-211.1%
Net gains on asset valuations		90.1		9.9		(8.1)		-181.7%	-109.0%
Net income from other financial instruments mandatory at FVTPL		76.6		82.1		82.1		0.0%	7.3%
Net gain on sale of investments and OCI realization		44.5		115.2		(11.7)		-110.2%	-126.4%
Gain on the sale of non-current assets held for sale		12.0		10.8		3.6		-66.6%	-69.8%
Income from non-consolidated investments (2)		85.9		102.2		102.7		0.4%	19.5%
Other income from operations		174.8		166.1		212.8		28.1%	21.8%
Total other income from operations		228.8		261.2		664.7		154.5%	190.5%

 

⁽¹⁾ Includes income from trading and hedging derivatives reflected as part of the net trading income on the statement of profit and loss.

⁽²⁾ Includes share of profit of equity accounted investees, net of tax, and dividend income.

 

Total other income for 4Q24 totaled Ps 57.7 billion, quarterly and yearly performance is driven by foreign exchange losses related to our non-financial sector and other income from operations. When including total derivatives income, total other income from operations for the quarter reached Ps 664.7 billion and increased 190.5% versus 4Q23 and 154.5% vs 3Q24. This positive performance of the derivatives income offsets the negative performance of the NIM of investments during the quarter.

 

4. Other expenses

 

Total other expenses for 4Q24 totaled Ps 2,377.9 billion and increased by 9.2% versus 4Q23 and by 15.2% versus 3Q24. Our efficiency ratio measured as total other expenses to total income was 61.3% in 4Q24, 50.7% in 3Q24, and 54.0% for 4Q23.

 

General and administrative expenses for the quarter reached Ps 1,262.4 billion, increasing 6.8% over the year. Personnel expenses for the quarter reached Ps 837.1 billion, showing an increase of 11.8% over the year. The ratio of annualized total other expenses as a percentage of average total assets was 2.9% for 4Q24, 2.6% for 3Q24, and 2.9% for 4Q23.

 

For the full year, our efficiency ratio measured as operating expenses to total income was 54.2% for FY24 and 52.1% for FY23. The ratio of operating expenses as a percentage of average total assets was 2.7% for FY24 and 2.8% for FY23.

 

5. Non-controlling Interest

 

Non-controlling interest in Grupo Aval mainly reflects the minority stakes that third party shareholders hold in each of its direct consolidated subsidiaries (Banco de Bogotá, Banco de Occidente, Banco Popular, Banco AV Villas, Corficolombiana, Porvenir, Aval Fiduciaria and Aval Casa de Bolsa).

 

Non-controlling interest in the income statement was Ps 259.1 billion, showing a 9.3% decrease versus 4Q23 and a 17.2% versus 3Q24. In addition, the ratio of non-controlling interest to income before non-controlling interest was 47.9% in 4Q24, 43.0% in 3Q24 and 77.5% in 4Q23.

 

 

Report of 4Q2024 consolidated results Information reported in Ps billions and under IFRS

 

Information related to Grupo Aval Acciones y Valores S.A. (Holding Company) and Grupo Aval Limited

 

The holding company recorded a total gross indebtedness(*) of Ps 1,558.3 billion (Ps 349.8 billion of bank debt and Ps 1,208.5 billion of bonds denominated in Colombian pesos) as of December 31^st, 2024. It also guarantees irrevocably and unconditionally Grupo Aval Limited’s (144A / Reg S) 2030 (USD 1.0 billion) bonds under its respective indentures. As of December 31^st, 2024 , the total amount outstanding (including interests payable) of such bonds was USD 1.0 billion, or Ps 4,463.5 billion when converted into pesos.

 

The debt at Grupo Aval Limited is serviced with interest income on loans, investments and cash & cash equivalents. Grupo Aval Limited has not required, to this date, cash from Grupo Aval Acciones y Valores S.A. to fulfill its obligations.

 

When combined, Grupo Aval Acciones y Valores S.A. and Grupo Aval Ltd. had Ps 724.8 billion of total liquid assets, a total gross indebtedness of Ps 6,021.8 billion and a net indebtedness of Ps 5,297.0 billion as of December 31^st, 2024. In addition to liquid assets, it has Ps 1,390.5 billion in loans with related parties and Grupo Aval Ltd. has Ps 2,304.2 billion in investments in AT1 instruments.

   

 

As of December 31^st, 2024 our combined double leverage (calculated as investments in subsidiaries at book value, subordinated loans to subsidiaries, AT1 investments, and goodwill as a percentage of shareholders' equity) was 1.23x. Finally, we present an evolution of our key ratios on a combined basis:

 

Debt service coverage and leverage ratios		4Q23		3Q24		4Q24		D
								4Q24 vs. 3Q24	4Q24 vs. 4Q23
Contribution of Investments in Subisidiaries to double leverage		1.11x		1.10x		1.10x		0.00	-0.01
Contribution of Investments in AT1 Instruments to double leverage		.12x		.12x		.13x		0.01	0.01
Double Leverage (1)		1.22x		1.22x		1.23x		0.01	0.01
Net debt / Core earnings (2)(3)		3.30x		4.83x		4.72x		-0.12	1.42
Net debt / Cash dividends (2)(3)		4.78x		9.34x		9.51x		0.17	4.73
Core Earnings / Interest Expense (2)		3.6x		2.9x		3.1x		0.17	-0.49

 

 

(*) Grupo Aval Ltd extended US$ 270 million loans to Grupo Aval Acciones y Valores S.A. which is eliminated in the combined figures of Grupo Aval Acciones y Valores S.A. and Grupo Aval Ltd. (1) Double leverage is calculated as investments in subsidiaries at book value, subordinated and AT1 loans or investments and goodwill as a percentage of shareholders' equity; (2) Core earnings are defined as annualized recurring cash flow from dividends, investments and net operating income; (3) Net debt is calculated as total gross debt minus cash and cash equivalents and fixed income investments 

Report of 4Q2024 consolidated results Information reported in Ps billions and under Colombian IFRS

 

GRUPO AVAL ACCIONES Y VALORES S.A.

Separate Financial Statements

 

Below, we present a summary of our financial statements at the separate level by the end of the fourth quarter of 2024. The results presented are in accordance with the Colombian International Financial Reporting Standards (Colombian IFRS). The information reported below is expressed in Colombian Pesos (Ps) billion, except where otherwise indicated.

 

Assets

 

The assets are mainly represented by the interests we have in Banco de Bogotá (68.9%), Banco de Occidente (72.3%), Banco Popular (93.7%), Banco AV Villas (79.9%), AFP Porvenir (20.0%), Corficolombiana (8.7%), Aval Fiduciaria (95.4%), Aval Casa de Bolsa (40.8%) and 100.0% of Grupo Aval Ltd. (GAL).

 

Total assets as of December 31^st, 2024 totaled Ps 20,940.2 billion, increasing 3.1% or Ps 633.0 billion versus December 31^st, 2023 and a Ps 94.5 billion decrease versus September 30^th, 2024. The annual variation is mainly explained by the increase of Ps 779.0 billion in investments in subsidiaries and associates and partially offset by the decrease of Ps 152.8 billion in accounts receivable from related parties.

 

On Dec 2, 2024, Endor Capital Assets S.R.L paid in full the peso tranche of $200 billion debt at the HoldCo.

 

Liabilities

 

Total liabilities as of December 31^st, 2024 totaled Ps 2,971.5 billion, decreasing 3.1% or Ps 93.8 billion versus December 31^st, 2023 and decreasing 6.9% or Ps 221.5 billion versus September 30^th, 2024.

 

During the last quarter of the year, Grupo Aval issued local bonds worth Ps 300 billion in the local market. During the quarter, Ps 224.5 billion of local bonds matured and were paid in full. In addition, we paid Ps 157.8 in senior loans to our subsidiaries with liquidity surplus generated during the quarter.

 

The financial indebtedness of Grupo Aval did not present material changes compared to what was reported as of versus September 30^th, 2024.

 

Equity

 

As of December 31^st, 2024, shareholders' equity was Ps 17,968.7 billion, 4.2% higher than reported on December 31^st, 2023 and by 0.7% compared to the equity reported as of September 30^th, 2024. 

 

Report of 4Q2024 consolidated results Information reported in Ps billions and under IFRS

 

Net Income

 

Net income in our separate financial statements is derived primarily from equity method income from our investments and other income, net of the Holding's operating, financial and tax expenses.

 

During the 4Q24 we presented a net profit from of Ps 283.7 billion, increasing 297.1% versus 4Q23. The increase in profits is explained by a higher income from equity method.

 

Results for the 4Q24 incorporate a strong year-on-year and quarter-on-quarter evolution of our core metrics in our banking segment (NIM on loans, asset quality and cost of risk). On the other hand, this quarter incorporates an improvement in the contribution from our merchant banking segment and lower contribution of our pension and severance fund management segment.

  

Report of 4Q2024 consolidated results

 

DEFINITIONS

 

Cost of Risk calculated as Impairment loss on loans and other accounts receivable net of recoveries of charged-off assets divided by average gross loans

 

Efficiency Ratio is calculated as total other expenses divided by net interest income plus net income from commissions and fees, gross profit from sales of goods and services, net trading income, net income from other financial instruments mandatory at FVTPL and total other income

 

Fee income ratio is calculated as net income from commissions and fees divided by net interest income plus net income from commissions and fees, gross profit from sales of goods and services, net trading income, net income from other financial instruments mandatory at FVTPL and total other income.

 

Gross loans excludes interbank and overnight funds.

 

Interest Earning Assets are calculated as the sum of average gross loans, average interbanks and average investments.

 

Net Interest Income is the difference between Total Interest Income and Total Interest Expense.

 

Net Interest Margin includes net interest income plus net trading income from debt and equity investments at FVTPL divided by total average interest-earning assets.

 

NIM on Loans is calculated as Net Interest Income on Loans to Average loans and financial leases.

 

NIM on Investments is calculated as Net Interest income on fixed income securities, net trading income from equity and fixed income investment securities held for trading through profit and on interbank and overnight funds to Average securities and Interbank and overnight funds

 

Non-controlling interest refers to the participation of minority shareholders in a subsidiary’s equity or net income.

 

ROAA is calculated as annualized Net Income divided by average of total assets.

 

ROAE is calculated as Net Income attributable to Aval's shareholders divided by average attributable shareholders' equity.

 

 

Report of 4Q2024 consolidated results Information reported in Ps billions and under IFRS

 

Grupo Aval Acciones y Valores S.A.

Consolidated Financial Statements Under IFRS

Financial Statements Under IFRS

 

Information in Ps. Billions

 

Consolidated Statement of Financial Position		4Q23		3Q24		4Q24		D
								4Q24 vs. 3Q24	4Q24 vs. 4Q23
Cash and cash equivalents		18,597.9		19,151.9		16,998.9		-11.2%	-8.6%
Investment and trading assets
Debt securities		7,113.4		11,914.0		11,937.4		0.2%	67.8%
Equity securities		6,260.2		7,510.2		7,256.5		-3.4%	15.9%
Derivative assets		2,077.6		810.4		969.3		19.6%	-53.3%
Trading assets		15,451.1		20,234.6		20,163.2		-0.4%	30.5%
Investments in debt securities at FVTPL (non compliant with SPPI test)		1.9		1.9		1.4		-24.2%	-24.6%
Investments in securities at FVOCI		24,444.1		26,090.0		28,471.5		9.1%	16.5%
Investments in debt securities at AC		9,979.7		10,433.3		10,689.7		2.5%	7.1%
Investment securities		34,425.7		36,525.2		39,162.6		7.2%	13.8%
Hedging derivatives assets		48.7		71.8		54.0		-24.8%	11.0%
Gross loans
Commercial loans		107,440.4		113,251.3		116,119.7		2.5%	8.1%
Commercial loans		107,047.8		112,798.3		115,414.6		2.3%	7.8%
Interbank & overnight funds		392.6		453.0		705.1		55.6%	79.6%
Consumer loans		59,999.6		61,133.1		61,976.3		1.4%	3.3%
Mortgages loans		18,486.2		20,604.0		22,035.7		6.9%	19.2%
Microcredit loans		277.5		5.0		4.4		-11.8%	-98.4%
Total gross loans		186,203.8		194,993.4		200,136.1		2.6%	7.5%
Loss allowance		(10,035.7)		(10,438.8)		(10,006.6)		-4.1%	-0.3%
Total loans, net		176,168.1		184,554.6		190,129.5		3.0%	7.9%
Other accounts receivable, net		25,617.2		27,779.0		27,958.4		0.6%	9.1%
Non-current assets held for sale		101.2		87.1		105.2		20.8%	4.0%
Investments in associates and joint ventures		1,290.7		1,280.5		1,430.6		11.7%	10.8%
Own-use property, plant and equipment for own-use and given in operating lease, net		4,427.8		4,542.5		4,600.1		1.3%	3.9%
Right-of-use assets		1,337.0		1,372.7		1,351.6		-1.5%	1.1%
Investment properties		1,000.5		1,018.9		1,053.4		3.4%	5.3%
Biological assets		230.7		238.5		238.3		-0.1%	3.3%
Tangible assets		6,995.9		7,172.7		7,243.4		1.0%	3.5%
Goodwill		2,202.2		2,215.2		2,223.6		0.4%	0.97%
Concession arrangement rights		13,557.3		13,998.9		14,314.6		2.3%	5.6%
Other intangible assets		2,382.4		2,620.1		2,758.3		5.3%	15.8%
Intangible assets		18,141.9		18,834.2		19,296.5		2.5%	6.4%
Current		2,596.8		3,037.9		3,149.9		3.7%	21.3%
Deferred		1,280.9		1,351.0		1,628.2		20.5%	27.1%
Income tax assets		3,877.7		4,388.9		4,778.1		8.9%	23.2%
Other assets		465.6		535.0		538.9		0.7%	15.8%
Total assets		301,181.6		320,615.6		327,859.4		2.3%	8.9%
Trading liabilities		2,154.4		983.4		1,011.9		2.9%	-53.0%
Hedging derivatives liabilities		217.6		25.0		21.7		-13.2%	-90.0%
Customer deposits		181,987.4		196,025.0		200,872.2		2.5%	10.4%
Checking accounts		23,809.9		23,028.2		24,579.5		6.7%	3.2%
Time deposits		86,597.5		94,680.1		96,329.8		1.7%	11.2%
Savings deposits		71,149.9		77,972.3		79,614.9		2.1%	11.9%
Other deposits		430.2		344.4		347.9		1.0%	-19.1%
Financial obligations		65,541.3		70,991.3		72,823.8		2.6%	11.1%
Interbank borrowings and overnight funds		15,081.9		21,296.0		18,509.8		-13.1%	22.7%
Borrowings from banks and others		22,218.5		21,027.4		24,060.9		14.4%	8.3%
Bonds issued		23,427.8		24,658.7		26,215.8		6.3%	11.9%
Borrowings from development entities		4,813.1		4,009.2		4,037.3		0.7%	-16.1%
Total financial liabilities at amortized cost		247,528.7		267,016.2		273,696.0		2.5%	10.6%
Legal related		217.7		202.0		192.5		-4.7%	-11.6%
Other provisions		865.6		791.9		910.1		14.9%	5.1%
Provisions		1,083.3		994.0		1,102.7		10.9%	1.8%
Current		268.3		166.2		247.5		48.9%	-7.8%
Deferred		5,546.6		5,688.4		5,616.5		-1.3%	1.3%
Income tax liabilities		5,815.0		5,854.7		5,864.0		0.2%	0.8%
Employee benefits		907.8		1,045.1		1,003.3		-4.0%	10.5%
Other liabilities		11,954.4		11,906.6		11,997.0		0.8%	0.4%
Total liabilities		269,661.2		287,824.9		294,696.5		2.4%	9.3%
Equity attributable to owners of the parent		16,782.7		17,386.5		17,451.3		0.4%	4.0%
Non-controlling interest		14,737.7		15,404.3		15,711.7		2.0%	6.6%
Total equity		31,520.4		32,790.8		33,162.9		1.1%	5.2%
Total liabilities and equity		301,181.6		320,615.6		327,859.4		2.3%	8.9%

 

 

Report of 4Q2024 consolidated results Information reported in Ps billions and under IFRS

 

Grupo Aval Acciones y Valores S.A. 

Consolidated Financial Statements Under Full IFRS

Financial Statements Under IFRS

 

Information in Ps. Billions

 

Consolidated Statement of income		YTD 2023		YTD 2024		D		4Q23		3Q24		4Q24		D
						2024 vs. 2023								4Q24 vs. 3Q24	4Q24 vs. 4Q23
Interest income
Loan portfolio		26,534.1		25,465.6		-4.0%		6,844.9		6,318.0		6,108.9		-3.3%	-10.8%
Interests on investments in debt securities		2,385.3		2,716.3		13.9%		576.9		555.9		724.0		30.2%	25.5%
Total interest income		28,919.4		28,181.9		-2.6%		7,421.9		6,874.0		6,832.9		-0.6%	-7.9%
Interest expense
Checking accounts		253.0		261.3		3.3%		80.7		63.4		60.8		-4.1%	-24.7%
Time deposits		10,007.8		9,498.7		-5.1%		2,608.1		2,337.5		2,211.6		-5.4%	-15.2%
Savings deposits		5,953.4		5,434.1		-8.7%		1,527.3		1,364.9		1,184.9		-13.2%	-22.4%
Total interest expenses on deposits		16,214.2		15,194.0		-6.3%		4,216.1		3,765.7		3,457.3		-8.2%	-18.0%
Interbank borrowings and overnight funds		1,856.3		1,683.9		-9.3%		550.0		467.0		389.4		-16.6%	-29.2%
Borrowings from banks and others		1,810.7		1,755.1		-3.1%		456.1		412.5		442.8		7.3%	-2.9%
Bonds issued		2,159.9		1,790.7		-17.1%		507.2		449.4		450.3		0.2%	-11.2%
Borrowings from development entities		591.3		490.5		-17.0%		162.1		111.4		95.1		-14.6%	-41.3%
Total interest expenses on financial obligations		6,418.2		5,720.3		-10.9%		1,675.5		1,440.3		1,377.6		-4.4%	-17.8%
Total interest expense		22,632.4		20,914.3		-7.6%		5,891.6		5,206.0		4,834.9		-7.1%	-17.9%
Net interest income		6,287.0		7,267.6		15.6%		1,530.3		1,667.9		1,998.0		19.8%	30.6%
Impairment losses (recoveries) on financial assets
Loans and other accounts receivable		4,751.0		4,755.1		0.1%		1,370.1		1,096.4		1,047.3		-4.5%	-23.6%
Other financial assets		(12.9)		4.2		-132.3%		(2.3)		(0.1)		1.0		N.A	-144.7%
Recovery of charged-off financial assets		(555.8)		(574.3)		3.3%		(132.5)		(157.7)		(148.2)		-6.0%	11.8%
Net impairment loss on financial assets		4,182.4		4,185.0		0.1%		1,235.3		938.6		900.2		-4.1%	-27.1%
Net interest income, after impairment losses		2,104.6		3,082.6		46.5%		295.0		729.4		1,097.9		50.5%	N.A.
Income from commissions and fees
Banking fees (1)		2,726.4		2,763.8		1.4%		704.2		680.6		704.4		3.5%	0.0%
Trust activities		463.2		495.9		7.1%		112.9		128.5		128.0		-0.3%	13.5%
Pension and severance fund management		978.5		1,174.6		20.0%		204.7		291.9		311.2		6.6%	52.0%
Bonded warehouse services		188.2		181.8		-3.4%		45.7		45.5		46.3		1.7%	1.3%
Income from commissions and fees		4,356.3		4,616.1		6.0%		1,067.5		1,146.5		1,189.9		3.8%	11.5%
Expenses from commissions and fees		1,003.8		1,032.3		2.8%		300.6		264.7		280.8		6.1%	-6.6%
Net income from commissions and fees		3,352.5		3,583.8		6.9%		766.9		881.8		909.1		3.1%	18.5%
Income from sales of goods and services		11,223.6		11,048.6		-1.6%		3,077.9		2,606.5		3,223.3		23.7%	4.7%
Costs and expenses from sales of goods and services		8,005.6		8,571.2		7.1%		2,280.6		2,083.2		2,714.4		30.3%	19.0%
Gross profit from sales of goods and services		3,218.0		2,477.4		-23.0%		797.3		523.3		508.9		-2.8%	-36.2%
Total trading investment income		1,665.1		988.8		-40.6%		708.8		740.2		(199.1)		-126.9%	-128.1%
Total derivatives income		(2,581.1)		415.6		-116.1%		(506.5)		(242.0)		524.9		N.A	N.A
Net trading income		(916.0)		1,404.4		N.A		202.3		498.2		325.8		-34.6%	61.1%
Net income from other financial instruments mandatory at FVTPL		323.7		350.9		8.4%		76.6		82.1		82.1		0.0%	7.3%
Other income
Foreign exchange gains (losses), net		2,253.9		(454.8)		-120.2%		251.5		16.8		(241.5)		N.A	-196.0%
Net gain on sale of investments and OCI realization		108.8		150.2		38.1%		44.5		115.2		(11.7)		-110.2%	-126.4%
Gain on the sale of non-current assets held for sale		48.6		23.6		-51.4%		12.0		10.8		3.6		-66.6%	-69.8%
Income from non-consolidated investments (2)		497.7		526.8		5.9%		85.9		102.2		102.7		0.4%	19.5%
Net gains on asset valuations		74.9		27.0		-63.9%		90.1		9.9		(8.1)		-181.7%	-109.0%
Other income from operations		767.5		617.9		-19.5%		174.8		166.1		212.8		28.1%	21.8%
Total other income		3,751.3		890.7		-76.3%		658.7		421.1		57.7		-86.3%	-91.2%
Other expenses
Loss on the sale of non-current assets held for sale		0.6		2.2		N.A.		0.1		0.4		1.2		N.A.	N.A.
Personnel expenses		3,055.2		3,211.6		5.1%		748.6		814.9		837.1		2.7%	11.8%
General and administrative expenses		4,367.0		4,473.4		2.4%		1,182.3		1,000.5		1,262.4		26.2%	6.8%
Depreciation and amortization		670.5		712.6		6.3%		167.4		176.0		187.5		6.5%	12.0%
Impairment loss on other assets		2.9		5.0		68.3%		2.6		1.9		0.4		-77.7%	-83.8%
Other operating expenses		250.3		247.0		-1.3%		75.9		71.2		89.4		25.7%	17.9%
Total other expenses		8,346.5		8,651.8		3.7%		2,177.0		2,064.8		2,377.9		15.2%	9.2%
Net income before income tax expense		3,487.6		3,137.9		-10.0%		619.7		1,071.1		603.6		-43.6%	-2.6%
Income tax expense		1,310.4		946.4		-27.8%		251.1		342.4		63.1		-81.6%	-74.9%
Net income for the period		2,177.1		2,191.5		0.7%		368.6		728.7		540.4		-25.8%	46.6%
Net income for the period attibutable to:
Non-controlling interest		1,438.1		1,176.4		-18.2%		285.7		313.0		259.1		-17.2%	-9.3%
Net income attributable to owners of the parent		739.0		1,015.1		37.4%		82.9		415.7		281.4		-32.3%	239.4%

 

 

⁽¹⁾ Includes commissions on banking services, office network services, credit and debit card fees, fees on drafts, checks and checkbooks and other fees 

⁽²⁾ Includes share of profit of equity accounted investees, net of tax, and dividend income. 

Report of 4Q2024 consolidated results Information reported in Ps billions and under IFRS

 

GRUPO AVAL ACCIONES Y VALORES S.A.

Separate Financial Statements

Financial Statements Under Colombian IFRS

Information in Ps. Billions

 

Separate Statement of Financial Position		4Q23		3Q24		4Q24		D
								4Q24 vs. 3Q24	4Q24 vs. 4Q23
Current assets
Cash and cash equivalents		157.3		145.6		126.2		-13.4%	-19.8%
Trading securities		0.3		0.3		0.5		40.4%	76.6%
Financial assets at amortized cost		18.7		35.8		38.4		7.2%	105.4%
Accounts receivable from related parties		445.0		477.8		1,324.2		177.1%	197.6%
Taxes paid in advance		6.0		0.0		12.7		N.A	113.1%
Other accounts receivable		0.0		0.0		0.0		-87.5%	-80.6%
Other non-financial assets		0.1		0.1		0.1		-13.8%	-2.9%
Total current assets		627.3		659.8		1,502.0		127.7%	139.4%
Non-current Assets
Investments in subsidiaries and associates		18,645.2		19,232.7		19,424.2		1.0%	4.2%
Accounts receivable from related parties		1,032.0		1,128.1		0.0		-100.0%	-100.0%
Property and equipment, net		2.4		14.2		14.1		-1.1%	N.A.
Deferred tax assets		0.3		0.0		0.0		N.A	-100.0%
Total non-current Assets		19,679.9		20,375.0		19,438.3		-4.6%	-1.2%
Total assets		20,307.2		21,034.8		20,940.2		-0.4%	3.1%
Liabilities and shareholders' equity
Current liabilities
Borrowings at amortized cost		20.9		17.0		1,198.0		N.A	N.A.
Outstanding bonds at amortized cost		237.2		234.1		8.5		-96.4%	-96.4%
Accounts payable		364.0		390.9		201.3		-48.5%	-44.7%
Employee benefits		2.9		2.7		2.7		0.1%	-6.5%
Tax liabilities		13.3		13.1		12.0		-8.3%	-10.0%
Other non-financial liabilities		1.2		1.2		1.2		1.4%	1.4%
Total current liabilities		639.5		659.0		1,423.7		116.0%	122.6%
Long-term liabilities
Deferred tax  liability		0.0		0.1		0.0		-54.7%	N.A
Borrowings at amortized cost		1,525.8		1,634.0		347.8		-78.7%	-77.2%
Outstanding bonds		900.0		900.0		1,200.0		33.3%	33.3%
Total long-term liabilities		2,425.8		2,534.0		1,547.8		-38.9%	-36.2%
Total liabilities		3,065.3		3,193.0		2,971.5		-6.9%	-3.1%
Shareholders' equity
Total shareholders' equity		17,241.9		17,841.7		17,968.7		0.7%	4.2%
Total liabilities and shareholders' equity		20,307.2		21,034.8		20,940.2		-0.4%	3.1%

  

Report of 4Q2024 consolidated results Information reported in Ps billions and under Colombian IFRS

 

GRUPO AVAL ACCIONES Y VALORES S.A.

Separate Financial Statements

Financial Statements Under Colombian IFRS

Information in Ps. Billions

 

Separate Statement of Financial Position		YTD 2023		YTD 2024		D		4Q23		3Q24		4Q24	0	D
						2024 vs. 2023								4Q24 vs. 3Q24	4Q24 vs. 4Q23
Operating revenue
Equity method income, net		731.0		952.2		30.3%		83.9		395.4		253.4		-35.9%	N.A.
Other revenue from ordinary activities		443.1		425.0		-4.1%		101.9		106.7		104.5		-2.0%	2.5%
Total operating revenue		1,174.1		1,377.2		17.3%		185.8		502.1		357.9		-28.7%	92.6%
Expenses, net
Administrative expenses		79.8		81.1		1.7%		22.2		18.1		21.6		19.1%	-2.5%
Other expenses		-0.5		-0.3		-26.1%		-0.4		-0.3		0.0		-88.9%	-91.6%
Losses from exchange differences		1.5		-4.8		N.A		1.1		-0.3		-2.1		N.A.	N.A
Operating income		1,093.3		1,301.3		19.0%		163.0		484.5		338.4		-30.2%	107.6%
Financial expenses		326.8		270.8		-17.1%		79.4		66.6		62.7		-5.9%	-21.0%
Earnings before taxes		766.5		1,030.5		34.4%		83.6		417.9		275.7		-34.0%	N.A.
Income tax expense		43.5		30.6		-29.6%		7.6		13.7		-8.0		-158.6%	N.A
Net income		723.0		999.9		38.3%		76.1		404.2		283.7		-29.8%	N.A.

 

 

 

Report of 4Q2024 consolidated results

 

Investor Relations Contact

 

INVESTORRELATIONS@grupoaval.com

 

Nicolás Noreña

Strategic Planning and Investor Relations Senior Manager

Tel: 601 743 32 22

E-mail: nnorena@grupoaval.com

 

Simón Franky

Investor Relations and Finance Director

Tel: 601 743 32 22

Email sfranky@grupoaval com

 

Santiago Fonseca

Financial Planning and Investor Relations Analyst

Tel: 601 743 32 22 

Email safonseca@grupoaval com

  

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Date: February 20, 2025

 

			GRUPO AVAL ACCIONES Y VALORES S.A.
			By:	/s/ Jorge Adrián Rincón Plata
				Name:	Jorge Adrián Rincón Plata
				Title:	Chief Legal Counsel

 

 

 

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