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The result was driven by expanding net interest income (5.3% q-o-q and 7.5% y-o-y) as well as net fees revenue (1.2% q-o-q and 16.4% y-o-y).
Net interest margin saw a slight improvement in Q3 to 5.6% from 5.3% in the previous quarter.
Return on average equity dropped slightly to 16.2% from 16.3%, and above the 12.8% from 3Q15.
Past due loans over 30 days over total loans showed a slight improvement, to 2.7% from 2.8% in the previous quarter, but 20 basis points higher than at the same quarter of 2015.
"A reduction in provision expenses, an improvement in its efficiency indicator, and a good operational dynamic generated a positive impact on Grupo Aval's profit, annually as well as quarterly," research firm Alianza Valores said.
Grupo Aval is composed of Banco de Bogota (approximately 14% of loans in Colombia's banking system), Banco de Occidente (7.3%), Banco Popular (4.4%), Banco AV Villas (2.5%), BAC Credomatic, pension fund administrator Porvenir and Corficolombiana.