Colombia's Grupo Aval posts major earnings increase

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Monday, August 20, 2018

Colombia's Grupo Aval saw its attributable net income grow 44.8% year-on-year in the second quarter to 682bn pesos (US$225mn).

ROAA and ROAE stood at 2.0% and 17.7%, respectively, up from 1.3% and 12.4%.

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Total gross loans and receivables stood at 160tn pesos at the end of June, up 2.8% from 12 months earlier.

Grupo Aval is the biggest banking group in Colombia, where it operates through four commercial banks - Banco de Bogotá, Banco de Occidente, Banco Popular and Banco AV Villas - and private pension fund manager AFP Porvenir. It also owns the country's largest merchant bank, Corficolombiana.

In the second quarter, Porvenir generated income from commissions and fees of 235bn pesos, up 3.4%.

ALSO READ: Snapshot: Colombia's AFPs

Grupo Aval also operates in Central America through subsidiary BAC Credomatic.