After Banco de Bogotá and Grupo Aval completed the spin-off of 75% of the banking group BAC Credomatic (BHI), During the first quarter of this year, the holding company’s net income for the second quarter amounted to $675.5 billion.
(See: Grupo Aval promotes 5 pillars in terms of sustainability).
The entity said in a consolidated results report that the “net income attributable to shareholders for the second quarter of 2022 was $675,500, showing a contraction of 28.9% compared to the second quarter of 2021 and 60.9% compared to the first quarter of 2022”.
The first quarter profit had reached $1.72 billion.
Grupo Aval highlighted that during the first quarter, BHI’s contribution to net income attributable net income of the group amounted to $1.1 trillionincluding extraordinary income of $720,000 million.
In comparative terms, assured the financial entity, the attributable net profit increased by 7% against that registered in the first quarter.
Likewise, Grupo Aval assured that it recorded solid results, supported by the expansion of the Colombian economy, supported by better portfolio quality indices, a positive trend in the cost of risk, stable efficiency indicators and a robust contribution from the non-financial sector. .
(See: Banco Popular seeks to be sustainable in 2025).
Since June 2021, consolidated assets grew 14%, and deposits 8%.
As for the gross portfolio, it reached $166.6 billion during the period in question, which represents an increase of 12.8% compared to the second quarter of 2021.
Likewise, the portfolio past due more than 30 days improved 115 basis points in the twelve months and stood at 4.38%, while the portfolio past due more than 90 days improved 94 basis points in the same period.
The cost of risk (portfolio provisions over average portfolio) improved by 65 basis points when compared to the first half of 2021.
(See: Banco de Bogotá reached a net income of $2.3 billion).
On the other hand, the net interest margin of the loan portfolio decreased 19 basis points in the quarter and 60 basis points in 12 months, mainly due to higher interest recognized on the savings of our depositors.
It should be noted that Grupo Aval said that the net interest margin related to the fixed income portfolios of the entities contracted 239 basic points in the twelve months, mainly due to the rise in interest rates in the market.
With cut to June 30, its total assets amounted to $276.1 billion, a figure that increased by 14% compared to the same period of the previous year. Equity stood at $30.1 billion at the end of June.
(See: Grupo Aval, in the Forbes Ranking of the 2,000 private companies).
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