The following is a summary of the Grupo Aval Acciones Y Valores SA (AVAL) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Grupo Aval reported net earnings of 883 billion pesos during the last year from a turnover of 13.5 trillion pesos.

• The company managed to increase its market share across major lending categories despite challenging conditions.

• Net interest margin growth and cost-to-asset efficiency fell mostly within initial predictions and guidance.

• The company's sustained loan performance was stimulated by an increase in cost risk.

• Delinquency metrics remain above historical levels, despite a high charge-off rate from competitors.

• The consolidated net interest margin (NIM) and loans expanded by 16 basis points to 4.3% quarter-on-quarter.

• The company reported a cost of risk of 2.3% and a return on equity (ROE) of about 6.5%.

Business Progress:

• Grupo Aval is focusing on sustainability, planning to achieve carbon neutrality in its direct subsidiaries between 2024 and 2025.

• The company is collaborating with the government on the Misión La Guajira project, aiming to deliver essential resources to over 80 communities.

• A majority of the company's significant financial subsidiaries are in the process of establishing climate change risk parameters based on CCFC principles.

• The Banco de Bogota, one of the company's subsidiaries, has been recognized as the best workplace for women in 2023 among companies with more than 1,500 employees.

• The board of directors underwent significant changes, increasing the proportion of independent members and women on the board.

• The company anticipates that actions taken in response to post-COVID economic recovery will begin showing in the results towards the end of the year.

More details: Grupo Aval IR

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