The Aval Group reported a net profit attributable to the shareholders of $415.7 billion ($17.5 per share) in the third quarter, registering a growth of 103.4% compared to the second quarter and 541.4% compared to the same period of the previous year.
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The ROAE (Return On Average Equity, an acronym similar to ROE that is derived from Return on Equity or return on capital) was 9.7% and the ROAA (return on assets) was 0.9% in the third quarter.
The gross portfolio reaches $194 billion, with 0.7% quarterly growth and 4.3% annual growth. For their part, consolidated deposits amount to $196 billion pesos with an annual growth of 8.7%.
As of August 2024, in the last 12 months, Aval banks gained a market share of 65 basis points in gross portfolio (65 basis points in commercial portfolio, 130 basis points in consumer portfolio and 100 basis points in housing portfolio.
During the quarter, the quality of the overdue portfolio of more than 30 days improved 3 basis points and the overdue portfolio of more than 90 days deteriorated 5 basis points.
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The cost of risk for the quarter was 1.9%, 13 basis points lower than in the second quarter, including a 125 basis point improvement for the consumer portfolio to 4.3% and a 55 basis point deterioration for the commercial portfolio up to 0.9%.
During the third quarter, the total NIM (profitability expressed as a percentage of the assets of a financial entity) increased 47 basis points to 3.9% due to better performance of the investment NIM. For its part, the portfolio NIM decreased 8 basis points during the quarter to 4.2%.
The efficiency ratio over assets decreased to 2.6% against 2.7% observed in the second quarter.
Operating expenses grew 3.1% compared to the third quarter of 2023. For its part, income efficiency reached 50.7% as a result of a higher level of other income during the quarter.
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Total assets as of September 30, 2024 amounted to $320.61 billion, showing a
increase of 7.3% versus total assets as of September 30, 2023 and 1.3% versus
on June 30, 2024.
