Grupo Aval Reports Six-Fold Profit Increase in Q3

Colombian financial conglomerate Grupo Aval reported a significant increase in its third-quarter net profit, reaching 415.7 billion Colombian pesos ($94.18 million). This represents a more than six-fold rise compared to the same period last year. Despite this growth in profit, the company's interest income during July to September decreased by 6.3% year-over-year, totaling 6.87 trillion pesos.

The substantial increase in quarterly profits was largely driven by higher income from investments. Grupo Aval's diverse portfolio includes prominent Colombian financial institutions such as Banco de Bogota, Banco de Occidente, and the pension fund Porvenir. Additionally, the company noted a reduction in its cost of risk, which decreased by 59 basis points from the previous year to 1.19%.

This performance comes amid a challenging economic environment, highlighting Grupo Aval's strategic focus on investment income and risk management.

Exchange rate: $1 = 4,413.79 Colombian pesos.