UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report Of Foreign Private Issuer
Pursuant To Rule 13a-16 Or 15d-16 Of
The Securities
Exchange Act Of 1934
For the month of March 2021
Commission File Number: 000-54290
Grupo Aval Acciones y Valores S.A.
(Exact name of registrant as specified
in its charter)
Carrera 13 No. 26A - 47
Bogotá D.C., Colombia
(Address of principal executive office)
Indicate by check mark whether the registrant
files or will file annual reports under cover of Form 20-F or Form 40-F:
Indicate by check mark if the registrant
is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Indicate by check mark if the registrant
is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
GRUPO AVAL ACCIONES Y VALORES S.A.
TABLE OF CONTENTS
ITEM
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1.
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Report of Fourth Quarter and Full Year 2020 Consolidated Results
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2.
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Fourth Quarter and Full Year 2020 Consolidated Earnings Results Presentation
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Item 1
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Disclaimer
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Grupo Aval Acciones y Valores
S.A. (“Grupo Aval”) is an issuer of securities in Colombia and in the United States.. As such, it is subject to compliance
with securities regulation in Colombia and applicable U.S. securities regulation. Grupo Aval is also subject to the inspection
and supervision of the Superintendency of Finance as holding company of the Aval financial conglomerate.
The
consolidated financial information included in this document is presented in accordance with IFRS as currently issued by the IASB.
Details of the calculations of non-GAAP measures such as ROAA and ROAE, among others, are explained when required in this report.
This
report includes forward-looking statements. In some cases, you can identify these forward-looking statements by words such as
“may,” “will,” “should,” “expects,” “plans,” “anticipates,”
“believes,” “estimates,” “predicts,” “potential,” or “continue,” or
the negative of these and other comparable words. Actual results and events may differ materially from those anticipated herein
as a consequence of changes in general, economic and business conditions, changes in interest and currency rates and other risk
described from time to time in our filings with the Registro Nacional de Valores y Emisores and the SEC.
Recipients
of this document are responsible for the assessment and use of the information provided herein. Matters described in this presentation
and our knowledge of them may change extensively and materially over time but we expressly disclaim any obligation to review,
update or correct the information provided in this report, including any forward looking statements, and do not intend to provide
any update for such material developments prior to our next earnings report.
The
content of this document and the figures included herein are intended to provide a summary of the subjects discussed rather than
a comprehensive description.
When
applicable, in this document we refer to billions as thousands of millions.
1
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Report of 4Q2020 and FY 2020 consolidated results
Information reported in Ps billions and under IFRS, except per share information
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Bogotá,
March 11th, 2021. Grupo Aval S.A. (NYSE:AVAL) reported a consolidated attributable net income
of Ps 2,349.5 billion (Ps 105.4 pesos per share) for 2020 versus a Ps 3,034.4 billion (Ps 136.2 pesos per share) figure reported
for 2019. ROAE was 11.7% and ROAA was 1.5% for 2020.
Key results of the quarter:
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•
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2020 was a sad year which will be mostly remembered for the terrible loss
of life and financial havoc wreaked by the Coronavirus pandemic.
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•
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Amid this terrible year, Aval’s diversification strategy and its
approach to profitable and sustainable growth and risk management paid off. As a result, Grupo Aval reported consolidated attributable
net income for the year of Ps 2,349.5 billion (Ps 105.4 pesos per share), a decline of only 23% versus its all-time high (Ps 3,034.4
billion) during 2019.
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•
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ROAE was 11.7% and ROAA was 1.5% for 2020.
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•
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Consolidated assets grew 15.8% year-on-year, to Ps 323 trillion, consolidated
gross loans grew 12.5% year-on-year, to Ps 202 trillion and consolidated deposits grew 20.7% year on year, to Ps 212 trillion.
Asset growth in Central America (of almost 35%) was aided by the acquisition of Multibank.
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•
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Since March 2020 Aval’s banks deployed debtor relief programs that
benefitted over 30% of the Colombian loan portfolio and approximately 45% of Central America’s loan portfolio. As of December,
active debt reliefs amounted to approximately 7.3% of the Colombian loan portfolio and 23% of Central America’s loan portfolio.
Of all loans that have concluded their relief periods 5.4% are currently past due 30 days or more (1.4% as a percentage of our
total consolidated loan portfolio).
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•
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Cost of risk for 2020 was conservatively booked based on Aval’s (banks)
estimations of potential losses and not necessarily on loan past due ratios because past due ratios are still positively impacted
by loan relief programs.
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|
•
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Cost of risk for 2020 was 3.0% up from 2.2% in 2019. As we work towards
normalizing Aval’s exposure to Avianca, provision expense included an increase to approximately 45% coverage of our total
exposure (up from 2% a year earlier).
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•
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The ratio of +30 days past due loans increased from 4.4% at the end of
2019 to 4.9% at the end of 2020. +30 day past due loans for our commercial loan portfolio increase 60 bps from 3.9% to 4.5% and
in our consumer portfolio by 56 bps from 4.80% to 5.36%.
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|
•
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While the Central bank reduced interest rates by 250 bps during 2020, Aval’s
consolidated NIM on loans decreased from 6.4% in 2019 to 6.0% in 2020. Total NIM decreased by 50 bps from 5.7% in 2019 to 5.2%
in 2020.
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•
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After plunging in 2Q20, gross fee income continued its recovery during
the last quarter, growing 10% when compared to the previous quarter. However, gross fee income decreased by 4.1% during 2020.
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•
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Other Operating Income increased significantly, by almost 61% versus the previous year, driven
by
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(i) derivative and foreign exchange
gains and (ii) gains on sale of fixed income investments.
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•
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Income from our non-financial sector operations grew 19% when compared
to 2019, mainly due to better performance from the oil and gas sector (Promigas).
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•
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Expenses increased 4.7% in the year after adding to the base the Multibank
expenses (which were not part of the 2019 base). Our cost to income ratio improved from 47.6% in 2019 to 46.0% in 2020 and our
cost to assets ratio improved from 3.8% in 2019 to 3.4% in 2020.
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|
•
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Our funding and liquidity positions continued strong, as evidenced by the
Deposits/Net Loans ratio of 1.08x and the Cash/Deposits ratio of 16.1% at year end.
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2
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Report of 4Q2020 and FY 2020 consolidated results
Information reported in Ps billions and under IFRS, except per share information
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Bogotá,
March 11th, 2021. Grupo Aval S.A. (NYSE:AVAL) reported a consolidated attributable net income
of Ps 2,349.5 billion (Ps 105.4 pesos per share) for 2020 versus a Ps 3,034.4 billion (Ps 136.2 pesos per share) figure reported
for 2019. ROAE was 11.7% and ROAA was 1.5% for 2020.
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COP $tn
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4Q19
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3Q20
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4Q20
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4Q20
vs 4Q19
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4Q20
vs 3Q20
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Balance
Sheet
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Gross
Loans
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$
179.4
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$
210.0
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$
201.8
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12.5%
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-3.9%
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|
|
|
|
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Deposits
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$
175.5
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$
217.1
|
|
$
211.8
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20.7%
|
|
-2.4%
|
|
|
|
|
|
|
|
|
Deposits/Net
Loans
|
|
1.01
x
|
|
1.07
x
|
|
1.08
x
|
|
0.07
x
|
|
0.01
x
|
|
|
|
|
|
|
|
|
|
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Loan
Quality
|
|
90
days PDLs / Gross Loans
|
|
3.3%
|
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3.2%
|
|
3.6%
|
|
31
bps
|
|
35
bps
|
|
|
2019
|
|
2020
|
|
20
vs 19
|
|
Allowance/90
days PDLs
|
|
1.40
x
|
|
1.48
x
|
|
1.52
x
|
|
0.12
x
|
|
0.04
x
|
|
|
|
|
|
|
|
|
Cost
of risk
|
|
2.1%
|
|
2.9%
|
|
3.5%
|
|
144
bps
|
|
60
bps
|
|
|
2.2%
|
|
3.0%
|
|
77
bps
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
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Profitability
|
|
Net
interest margin
|
|
5.6%
|
|
5.1%
|
|
5.3%
|
|
(34)
bps
|
|
22
bps
|
|
|
5.7%
|
|
5.2%
|
|
(53)
bps
|
|
Fee income
Ratio
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27.3%
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21.2%
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21.0%
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(626)
bps
|
|
(19)
bps
|
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|
25.5%
|
|
22.0%
|
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(351)
bps
|
|
Efficiency
Ratio
|
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52.1%
|
|
44.0%
|
|
42.9%
|
|
(912)
bps
|
|
(102)
bps
|
|
|
47.6%
|
|
46.0%
|
|
(155)
bps
|
|
Attributable
net income
|
|
$
0.72
|
|
$
0.69
|
|
$
0.64
|
|
-11.2%
|
|
-8.1%
|
|
|
$
3.03
|
|
$
2.35
|
|
(22.6%)
|
|
ROAA
|
|
1.9%
|
|
1.5%
|
|
1.7%
|
|
(15)
bps
|
|
22
bps
|
|
|
2.0%
|
|
1.5%
|
|
(55)
bps
|
|
ROAE
|
|
14.6%
|
|
13.6%
|
|
12.3%
|
|
(236)
bps
|
|
(131)
bps
|
|
|
16.4%
|
|
11.7%
|
|
(472)
bps
|
Gross loans excludes
interbank and overnight funds. PDLs 90+ defined as loans more than 90 days past due. Cost of Risk calculated as Impairment
loss on loans and other accounts receivable net of recoveries of charged-off assets divided by average gross loans. Net Interest
Margin includes net interest income plus net trading income from debt and equity investments at FVTPL divided by total average
interest-earning assets. Fee income ratio is calculated as net income from commissions and fees divided by net interest
income plus net income from commissions and fees, gross profit from sales of goods and services, net trading income, net income
from other financial instruments mandatory at FVTPL and total other income. Efficiency Ratio is calculated as total other
expenses divided by net interest income plus net income from commissions and fees, gross profit from sales of goods and services,
net trading income, net income from other financial instruments mandatory at FVTPL and total other income. ROAA is calculated
as annualized Net Income divided by average of total assets. ROAE is calculated as Net Income attributable to Aval's shareholders
divided by average attributable shareholders' equity. NS refers to non-significant figures.
3
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|
|
Report of 4Q2020 and FY 2020 consolidated results
Information reported in Ps billions and under IFRS, except per share information
|
Grupo Aval Acciones y Valores
S.A. Consolidated Financial Statements Under IFRS Information in Ps. Billions
Consolidated Statement of Financial Position
|
|
4Q19
|
|
3Q20
|
|
4Q20
|
|
D
|
|
|
|
|
4Q20 vs. 3Q20
|
4Q20 vs. 4Q19
|
Cash and cash equivalents
|
|
30,117.2
|
|
39,012.4
|
|
34,025.5
|
|
-12.8%
|
13.0%
|
Trading assets
|
|
9,113.7
|
|
10,544.5
|
|
11,038.9
|
|
4.7%
|
21.1%
|
Investment securities
|
|
26,000.3
|
|
35,710.4
|
|
36,061.8
|
|
1.0%
|
38.7%
|
Hedging derivatives assets
|
|
166.6
|
|
35.1
|
|
156.2
|
|
N.A.
|
-6.2%
|
Total loans, net
|
|
173,942.3
|
|
202,591.1
|
|
195,542.0
|
|
-3.5%
|
12.4%
|
Tangible assets
|
|
8,950.4
|
|
9,395.2
|
|
8,974.0
|
|
-4.5%
|
0.3%
|
Goodwill
|
|
7,348.6
|
|
8,405.5
|
|
7,713.8
|
|
-8.2%
|
5.0%
|
Concession arrangement rights
|
|
7,521.5
|
|
8,451.5
|
|
9,187.6
|
|
8.7%
|
22.2%
|
Other assets
|
|
15,672.0
|
|
19,719.4
|
|
20,196.2
|
|
2.4%
|
28.9%
|
Total assets
|
|
278,832.6
|
|
333,865.1
|
|
322,895.9
|
|
-3.3%
|
15.8%
|
Trading liabilities
|
|
962.4
|
|
1,381.2
|
|
1,452.6
|
|
5.2%
|
50.9%
|
Hedging derivatives liabilities
|
|
94.3
|
|
191.6
|
|
56.6
|
|
-70.4%
|
-39.9%
|
Customer deposits
|
|
175,491.4
|
|
217,117.8
|
|
211,841.6
|
|
-2.4%
|
20.7%
|
Interbank borrowings and overnight funds
|
|
9,240.5
|
|
8,364.4
|
|
7,179.6
|
|
-14.2%
|
-22.3%
|
Borrowings from banks and others
|
|
19,803.3
|
|
23,546.5
|
|
19,654.5
|
|
-16.5%
|
-0.8%
|
Bonds issued
|
|
21,918.3
|
|
29,510.9
|
|
27,760.8
|
|
-5.9%
|
26.7%
|
Borrowings from development entities
|
|
3,882.5
|
|
3,990.0
|
|
4,029.8
|
|
1.0%
|
3.8%
|
Other liabilities
|
|
14,091.6
|
|
14,337.4
|
|
15,480.7
|
|
8.0%
|
9.9%
|
Total liabilities
|
|
245,484.3
|
|
298,439.8
|
|
287,456.3
|
|
-3.7%
|
17.1%
|
Equity attributable to owners of the parent
|
|
19,850.6
|
|
20,812.7
|
|
20,657.3
|
|
-0.7%
|
4.1%
|
Non-controlling interest
|
|
13,497.7
|
|
14,612.6
|
|
14,782.3
|
|
1.2%
|
9.5%
|
Total equity
|
|
33,348.3
|
|
35,425.3
|
|
35,439.6
|
|
0.0%
|
6.3%
|
Total liabilities and equity
|
|
278,832.6
|
|
333,865.1
|
|
322,895.9
|
|
-3.3%
|
15.8%
|
|
|
|
|
|
|
|
|
|
|
Consolidated Statement of Income
|
|
4Q19
|
|
3Q20
|
|
4Q20
|
|
D
|
Interest income
|
|
5,055.7
|
|
5,108.8
|
|
4,816.6
|
|
-5.7%
|
-4.7%
|
Interest expense
|
|
2,160.3
|
|
2,079.5
|
|
1,764.4
|
|
-15.2%
|
-18.3%
|
Net interest income
|
|
2,895.4
|
|
3,029.3
|
|
3,052.1
|
|
0.8%
|
5.4%
|
Loans and other accounts receivable
|
|
1,030.6
|
|
1,615.3
|
|
1,908.5
|
|
18.2%
|
85.2%
|
Other financial assets
|
|
(5.3)
|
|
12.8
|
|
3.6
|
|
-72.0%
|
-168.1%
|
Recovery of charged-off financial assets
|
|
(103.3)
|
|
(89.4)
|
|
(103.0)
|
|
15.2%
|
-0.2%
|
Net impairment loss on financial assets
|
|
922.1
|
|
1,538.7
|
|
1,809.1
|
|
17.6%
|
96.2%
|
Net interest income, after impairment losses
|
|
1,973.3
|
|
1,490.7
|
|
1,243.0
|
|
-16.6%
|
-37.0%
|
Net income from commissions and fees
|
|
1,494.0
|
|
1,267.3
|
|
1,385.8
|
|
9.4%
|
-7.2%
|
Gross profit from sales of goods and services
|
|
539.0
|
|
734.2
|
|
1,016.0
|
|
38.4%
|
88.5%
|
Net trading income
|
|
(36.2)
|
|
201.3
|
|
86.5
|
|
-57.0%
|
N.A
|
Net income from other financial instruments mandatory at FVTPL
|
|
55.2
|
|
59.7
|
|
59.7
|
|
0.0%
|
8.1%
|
Total other income
|
|
526.2
|
|
679.5
|
|
988.5
|
|
45.5%
|
87.9%
|
Total other expenses
|
|
2,849.7
|
|
2,625.4
|
|
2,829.4
|
|
7.8%
|
-0.7%
|
Net income before income tax expense
|
|
1,701.9
|
|
1,807.2
|
|
1,950.2
|
|
7.9%
|
14.6%
|
Income tax expense
|
|
418.8
|
|
565.5
|
|
547.1
|
|
-3.3%
|
30.6%
|
Net income for the period
|
|
1,283.1
|
|
1,241.7
|
|
1,403.1
|
|
13.0%
|
9.4%
|
Non-controlling interest
|
|
568.0
|
|
550.8
|
|
768.0
|
|
39.4%
|
35.2%
|
Net income attributable to owners of the parent
|
|
715.1
|
|
690.9
|
|
635.1
|
|
-8.1%
|
-11.2%
|
|
|
|
|
|
|
|
|
|
|
Key ratios
|
|
4Q19
|
|
3Q20
|
|
4Q20
|
|
YTD 2019
|
YTD 2020
|
Net Interest Margin(1)
|
|
5.6%
|
|
4.9%
|
|
5.0%
|
|
5.6%
|
5.1%
|
Net Interest Margin (including net trading income)(1)
|
|
5.6%
|
|
5.1%
|
|
5.3%
|
|
5.7%
|
5.2%
|
Efficiency ratio(2)
|
|
52.1%
|
|
44.0%
|
|
42.9%
|
|
47.6%
|
46.0%
|
ROAA(3)
|
|
1.9%
|
|
1.5%
|
|
1.7%
|
|
2.0%
|
1.5%
|
ROAE(4)
|
|
14.6%
|
|
13.6%
|
|
12.3%
|
|
16.4%
|
11.7%
|
|
|
|
|
|
|
|
|
|
|
90 days PDL / Gross loans (5)
|
|
3.3%
|
|
3.2%
|
|
3.6%
|
|
3.3%
|
3.6%
|
Provision expense / Average gross loans (6)
|
|
2.1%
|
|
2.9%
|
|
3.5%
|
|
2.2%
|
3.0%
|
Allowance / 90 days PDL (5)
|
|
1.40
|
|
1.48
|
|
1.52
|
|
1.40
|
1.52
|
Allowance / Gross loans
|
|
4.6%
|
|
4.7%
|
|
5.4%
|
|
4.6%
|
5.4%
|
Charge-offs / Average gross loans (6)
|
|
4.1%
|
|
2.7%
|
|
1.5%
|
|
2.7%
|
2.0%
|
|
|
|
|
|
|
|
|
|
|
Total loans, net / Total assets
|
|
62.4%
|
|
60.7%
|
|
60.6%
|
|
62.4%
|
60.6%
|
Deposits / Total loans, net
|
|
100.9%
|
|
107.2%
|
|
108.3%
|
|
100.9%
|
108.3%
|
Equity / Assets
|
|
12.0%
|
|
10.6%
|
|
11.0%
|
|
12.0%
|
11.0%
|
Tangible equity ratio (7)
|
|
9.2%
|
|
7.9%
|
|
8.3%
|
|
9.2%
|
8.3%
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding (EoP)
|
|
22,281,017,159
|
|
22,281,017,159
|
|
22,281,017,159
|
|
22,281,017,159
|
22,281,017,159
|
Shares outstanding (Average)
|
|
22,281,017,159
|
|
22,281,017,159
|
|
22,281,017,159
|
|
22,281,017,159
|
22,281,017,159
|
Common share price (EoP)
|
|
1,465.0
|
|
891.0
|
|
1,155.0
|
|
1,465.0
|
1,155.0
|
Preferred share price (EoP)
|
|
1,460.0
|
|
898.0
|
|
1,194.0
|
|
1,460.0
|
1,194.0
|
BV/ EoP shares in Ps.
|
|
890.9
|
|
934.1
|
|
927.1
|
|
890.9
|
927.1
|
EPS
|
|
32.1
|
|
31.0
|
|
28.5
|
|
136.2
|
105.4
|
|
|
|
|
|
|
|
|
|
|
P/E (8)
|
|
11.4
|
|
7.2
|
|
10.5
|
|
10.7
|
11.3
|
P/BV (8)
|
|
1.6
|
|
1.0
|
|
1.3
|
|
1.6
|
1.3
|
(1)
NIM is calculated as Net Interest Income divided by the average of Interest Earning Assets;
(2) Efficiency Ratio is calculated as total other expenses divided by net interest income
plus net income from commissions and fees, gross profit from sales of goods and services,
net trading income, net income from other financial instruments mandatory at FVTPL and
total other income; (3) ROAA is calculated as Income before Minority Interest divided
by the average of total assets for each quarter; (4) ROAE is calculated as Net Income
attributable to Grupo Aval’s shareholders divided by the average of shareholders´
attributable equity for each quarter; (5) PDLs 90+ defined as loans more than 90 days
past due include interest accounts receivables. Gross loans excluding interbank and overnight
funds; (6) Refers to average gross loans for the period; (7) Tangible Equity Ratio is
calculated as Total Equity minus Intangibles (excluding those related to concessions)
divided by Total Assets minus Intangibles (excluding those related to concessions); (8)
Based on Preferred share prices.
4
|
|
|
Report of 4Q2020 and FY 2020 consolidated results
Information reported in Ps billions and under IFRS, except per share information
|
Statement
of Financial Position Analysis
1.
Assets
Total
assets as of December 31st, 2020 totaled Ps 322,895.9 billion showing an increase of 15.8%
versus December 31st, 2019 and a decrease of 3.3% versus September 30th,
2020. Growth in assets was mainly driven by (i) an 12.4% year over year growth in total loans, net to Ps 195,542.0 billion,(ii)
a 38.7% year over year growth for investment securities equivalents to Ps 36,061.8 billion and (iii) a 13.0% yearly growth in
cash and cash equivalents to Ps 34,025.5 billion. When excluding FX movement in our Central American operation (“excluding
FX”), asset growth would have been 14.2% versus December 31st, 2019 and 0.8% versus
September 30th, 2020; for total loans, net growth would have been 10.8% versus December 31st,
2019 and 0.8% versus September 30th, 2020; for investment securities growth would have been
36.9% versus December 31st, 2019 and 5.9% versus September 30th,
2020; and for cash and cash equivalents 10.9% versus December 31st, 2019 and -8.0% versus
September 30th, 2020.
Multi
Financial Group contributed with Ps. 16.5 trillion in assets (USD 4.8 billion).
1.1
Loan portfolio
Gross
loans (excluding interbank and overnight funds) increased by 12.5% between December 31st,
2019 and December 31st, 2020 to Ps 201,753.5 billion (10.8% excluding FX) mainly driven by
(i) a 12.2% increase in Commercial loans to Ps 110,986.9 billion (10.9% excluding FX), (ii) a 10.0% increase in Consumer loans
to Ps 65,835.5 billion (8.3% excluding FX), (iii) a 21.4% increase in Mortgages loans to Ps 24,558.8 billion (18.4% excluding
FX).
Multi
Financial Group contributed with Ps. 11.6 trillion in gross loans (USD 3.4 billion). Ps. 6.7 trillion in commercial loans (USD
1.9 billion), Ps. 2.6 trillion in consumer loans (USD 0.8 billion) and Ps. 2.4 trillion in mortgages loans (USD 0.7 billion).
Interbank
& overnight funds increased by 72.6% to Ps 4,693.7 billion (68.3% excluding FX) during the last twelve months.
Loss
allowance was Ps 10,905.2 billion as of December 31st, 2020 taking net loans to Ps 195,542.0
billion.
Total loans, net
|
|
4Q19
|
|
3Q20
|
|
4Q20
|
|
D
|
|
|
|
|
4Q20 vs. 3Q20
|
4Q20 vs. 4Q19
|
Gross loans
|
|
|
|
|
|
|
|
|
|
Commercial loans
|
|
98,936.7
|
|
117,186.3
|
|
110,986.9
|
|
-5.3%
|
12.2%
|
Consumer loans
|
|
59,840.5
|
|
66,513.4
|
|
65,835.5
|
|
-1.0%
|
10.0%
|
Mortgages loans
|
|
20,221.7
|
|
25,954.0
|
|
24,558.8
|
|
-5.4%
|
21.4%
|
Microcredit loans
|
|
410.3
|
|
373.8
|
|
372.3
|
|
-0.4%
|
-9.3%
|
Gross loans
|
|
179,409.2
|
|
210,027.5
|
|
201,753.5
|
|
-3.9%
|
12.5%
|
Interbank & overnight funds
|
|
2,719.0
|
|
2,512.1
|
|
4,693.7
|
|
86.8%
|
72.6%
|
Total gross loans
|
|
182,128.1
|
|
212,539.7
|
|
206,447.2
|
|
-2.9%
|
13.4%
|
Loss allowance
|
|
(8,185.8)
|
|
(9,948.6)
|
|
(10,905.2)
|
|
9.6%
|
33.2%
|
Allowance for impairment of commercial loans
|
|
(4,189.4)
|
|
(4,794.7)
|
|
(5,281.3)
|
|
10.1%
|
26.1%
|
Allowance for impairment of consumer loans
|
|
(3,555.0)
|
|
(4,547.6)
|
|
(4,939.0)
|
|
8.6%
|
38.9%
|
Allowance for impairment of mortgages
|
|
(351.6)
|
|
(494.6)
|
|
(560.9)
|
|
13.4%
|
59.5%
|
Allowance for impairment of microcredit loans
|
|
(89.8)
|
|
(111.7)
|
|
(124.0)
|
|
11.1%
|
38.1%
|
Total loans, net
|
|
173,942.3
|
|
202,591.1
|
|
195,542.0
|
|
-3.5%
|
12.4%
|
5
|
|
|
Report of 4Q2020 and FY 2020 consolidated results
Information reported in Ps billions and under IFRS, except per share information
|
The
following table shows the gross loan composition per product of each of our loan categories.
Gross loans
|
|
4Q19
|
|
3Q20
|
|
4Q20
|
|
D
|
|
|
|
|
4Q20 vs. 3Q20
|
4Q20 vs. 4Q19
|
General purpose
|
|
68,814.0
|
|
82,341.5
|
|
79,451.5
|
|
-3.5%
|
15.5%
|
Working capital
|
|
15,476.3
|
|
18,987.3
|
|
16,164.8
|
|
-14.9%
|
4.4%
|
Financial leases
|
|
10,348.9
|
|
10,930.4
|
|
10,636.6
|
|
-2.7%
|
2.8%
|
Funded by development banks
|
|
3,547.0
|
|
3,932.9
|
|
3,900.2
|
|
-0.8%
|
10.0%
|
Overdrafts
|
|
470.0
|
|
726.7
|
|
562.7
|
|
-22.6%
|
19.7%
|
Credit cards
|
|
280.5
|
|
267.5
|
|
271.1
|
|
1.4%
|
-3.3%
|
Commercial loans
|
|
98,936.7
|
|
117,186.3
|
|
110,986.9
|
|
-5.3%
|
12.2%
|
Payroll loans
|
|
26,325.7
|
|
29,765.7
|
|
30,603.7
|
|
2.8%
|
16.3%
|
Personal loans
|
|
10,673.0
|
|
11,430.0
|
|
11,210.1
|
|
-1.9%
|
5.0%
|
Credit cards
|
|
16,610.8
|
|
17,261.5
|
|
16,336.8
|
|
-5.4%
|
-1.7%
|
Automobile and vehicle
|
|
5,759.6
|
|
7,524.0
|
|
7,116.0
|
|
-5.4%
|
23.6%
|
Financial leases
|
|
252.5
|
|
297.9
|
|
338.8
|
|
13.7%
|
34.2%
|
Overdrafts
|
|
83.7
|
|
84.7
|
|
78.9
|
|
-6.9%
|
-5.8%
|
Other
|
|
135.1
|
|
149.6
|
|
151.2
|
|
1.1%
|
12.0%
|
Consumer loans
|
|
59,840.5
|
|
66,513.4
|
|
65,835.5
|
|
-1.0%
|
10.0%
|
Mortgages
|
|
18,661.4
|
|
24,232.1
|
|
22,757.6
|
|
-6.1%
|
22.0%
|
Housing leases
|
|
1,560.3
|
|
1,722.0
|
|
1,801.1
|
|
4.6%
|
15.4%
|
Mortgages loans
|
|
20,221.7
|
|
25,954.0
|
|
24,558.8
|
|
-5.4%
|
21.4%
|
Microcredit loans
|
|
410.3
|
|
373.8
|
|
372.3
|
|
-0.4%
|
-9.3%
|
Gross loans
|
|
179,409.2
|
|
210,027.5
|
|
201,753.5
|
|
-3.9%
|
12.5%
|
Interbank & overnight funds
|
|
2,719.0
|
|
2,512.1
|
|
4,693.7
|
|
86.8%
|
72.6%
|
Total gross loans
|
|
182,128.1
|
|
212,539.7
|
|
206,447.2
|
|
-2.9%
|
13.4%
|
Over
the last twelve months, guaranteed products such as auto and payroll loans have driven our loan portfolio growth in accordance
with our banks’ strategies.
In
Colombia, gross loans increased by 5.6% during the last twelve months and decreased 0.5% during the quarter. As for Central America,
loans and receivables grew by 27.8% between December 31st, 2019 and December 31st,
2020 and decreased 9.8% in the last quarter; when excluding FX, growth would have been 22.0% and 1.6%, respectively.
Commercial
loans grew by 12.2% over the year and -5.3% in the last quarter. In Colombia, commercial loans increased by 3.8% annually and
decreased 3.3% over the quarter. As for Central America, commercial loans grew by 38.8% over the year and -9.6% in the last quarter;
when excluding FX, growth in Central America would have been 32.5% and 1.7%, respectively.
Consumer
loans growth over the last year and quarter was mainly driven by payrolls loans. In Colombia, Consumer loans grew by 8.0% during
the last twelve months and 4.4% between September 30th, 2020 and December 31st,
2020. Growth of our Central American operations was 14.0% over the year and -9.6% in the last quarter, excluding FX, growth would
have been 8.9% during the last twelve months and 1.8% in the quarter.
6
|
|
|
Report of 4Q2020 and FY 2020 consolidated results
Information reported in Ps billions and under IFRS, except per share information
|
The
following table shows the loans and receivables composition per entity. During the last twelve months, Banco de Occidente showed
the highest growth rate within our banking operation in Colombia, driven by a strong performance in all loan categories (commercial
loans grew 6.3%, consumer loans grew 9.6% and mortgages grew 16.1%) .
Gross loans / Bank ($)
|
|
4Q19
|
|
3Q20
|
|
4Q20
|
|
D
|
|
|
|
|
4Q20 vs. 3Q20
|
4Q20 vs. 4Q19
|
Banco de Bogotá
|
|
116,483.7
|
|
143,624.6
|
|
135,845.5
|
|
-5.4%
|
16.6%
|
Domestic
|
|
61,247.9
|
|
65,374.3
|
|
65,258.7
|
|
-0.2%
|
6.5%
|
Central America
|
|
55,235.8
|
|
78,250.3
|
|
70,586.8
|
|
-9.8%
|
27.8%
|
Banco de Occidente
|
|
30,372.8
|
|
33,191.1
|
|
32,679.9
|
|
-1.5%
|
7.6%
|
Banco Popular
|
|
20,234.2
|
|
21,315.5
|
|
21,484.9
|
|
0.8%
|
6.2%
|
Banco AV Villas
|
|
12,165.1
|
|
11,841.5
|
|
11,885.6
|
|
0.4%
|
-2.3%
|
Corficolombiana
|
|
1,709.2
|
|
1,803.6
|
|
1,633.7
|
|
-9.4%
|
-4.4%
|
Eliminations
|
|
(1,555.8
|
)
|
(1,748.8
|
)
|
(1,776.0
|
)
|
1.6%
|
14.2%
|
Gross loans
|
|
179,409.2
|
|
210,027.5
|
|
201,753.5
|
|
-3.9%
|
12.5%
|
Interbank & overnight funds
|
|
2,719.0
|
|
2,512.1
|
|
4,693.7
|
|
86.8%
|
72.6%
|
Total gross loans
|
|
182,128.1
|
|
212,539.7
|
|
206,447.2
|
|
-2.9%
|
13.4%
|
|
|
|
|
|
|
|
|
|
|
Gross loans / Bank (%)
|
|
4Q19
|
|
3Q20
|
|
4Q20
|
|
|
|
|
|
|
|
|
|
Banco de Bogotá
|
|
64.9%
|
|
68.4%
|
|
67.3%
|
|
|
|
Domestic
|
|
34.1%
|
|
31.1%
|
|
32.3%
|
|
|
|
Central America
|
|
30.8%
|
|
37.3%
|
|
35.0%
|
|
|
|
Banco de Occidente
|
|
16.9%
|
|
15.8%
|
|
16.2%
|
|
|
|
Banco Popular
|
|
11.3%
|
|
10.1%
|
|
10.6%
|
|
|
|
Banco AV Villas
|
|
6.8%
|
|
5.6%
|
|
5.9%
|
|
|
|
Corficolombiana
|
|
1.0%
|
|
0.9%
|
|
0.8%
|
|
|
|
Eliminations
|
|
-0.9%
|
|
-0.8%
|
|
-0.9%
|
|
|
|
Gross loans
|
|
100%
|
|
100%
|
|
100%
|
|
|
|
Of
the total gross loans, 64.8% are domestic and 35.2% are foreign. In terms of gross loans (excluding interbank and overnight funds),
65.0% are domestic and 35.0% are foreign (reflecting the Central American operations).
Gross loans
|
|
4Q19
|
|
3Q20
|
|
4Q20
|
|
D
|
|
|
|
|
4Q20 vs. 3Q20
|
4Q20 vs. 4Q19
|
Domestic
|
|
|
|
|
|
|
|
|
|
Commercial loans
|
|
75,191.5
|
|
80,711.6
|
|
78,031.8
|
|
-3.3%
|
3.8%
|
Consumer loans
|
|
39,463.0
|
|
40,812.4
|
|
42,602.2
|
|
4.4%
|
8.0%
|
Mortgages loans
|
|
9,108.4
|
|
9,879.4
|
|
10,160.4
|
|
2.8%
|
11.5%
|
Microcredit loans
|
|
410.3
|
|
373.8
|
|
372.3
|
|
-0.4%
|
-9.3%
|
Interbank & overnight funds
|
|
1,256.9
|
|
1,222.0
|
|
2,553.1
|
|
108.9%
|
103.1%
|
Total domestic loans
|
|
125,430.2
|
|
132,999.2
|
|
133,719.8
|
|
0.5%
|
6.6%
|
Foreign
|
|
|
|
|
|
|
|
|
|
Commercial loans
|
|
23,745.2
|
|
36,474.7
|
|
32,955.1
|
|
-9.6%
|
38.8%
|
Consumer loans
|
|
20,377.4
|
|
25,701.0
|
|
23,233.3
|
|
-9.6%
|
14.0%
|
Mortgages loans
|
|
11,113.2
|
|
16,074.6
|
|
14,398.4
|
|
-10.4%
|
29.6%
|
Microcredit loans
|
|
-
|
|
-
|
|
-
|
|
-
|
-
|
Interbank & overnight funds
|
|
1,462.1
|
|
1,290.2
|
|
2,140.6
|
|
65.9%
|
46.4%
|
Total foreign loans
|
|
56,697.9
|
|
79,540.5
|
|
72,727.4
|
|
-8.6%
|
28.3%
|
Total gross loans
|
|
182,128.1
|
|
212,539.7
|
|
206,447.2
|
|
-2.9%
|
13.4%
|
7
|
|
|
Report of 4Q2020 and FY 2020 consolidated results
Information reported in Ps billions and under IFRS, except per share information
|
The
quality of our loan portfolio deteriorated during the quarter driven by the end of the credit reliefs mainly in the retail segment.
Our
30 days PDL to total loans closed 4Q20 in 4.9%, compared to 5.2% in 3Q20 and 4.4% in 4Q19. The ratio of 90 days PDL to total loans
was 3.6% for 4Q20, compared to 3.2% for 3Q20 and 3.3% in 4Q19. Finally, the ratio of CDE Loans to gross loans was 8.1% in 4Q20,
7.3% in 3Q20, and 6.7% in 4Q19.
Commercial
loans 30 days PDL ratio was 4.5% for 4Q20, 4.7% for 3Q20 and 3.9% for 4Q19; 90 days PDL ratio was 4.0%, 3.7% and 3.6%, respectively.
Consumer loans 30 days PDL ratio was 5.4% for 4Q20, 5.7% for 3Q20 and 4.8% for 4Q19; 90 days PDL ratio was 3.0%, 2.4%, and 2.8%,
respectively. Mortgages’ 30 days PDL ratio was 5.0% for 4Q20, 5.7% for 3Q20, and 4.8% for 4Q19; 90 days PDL ratio was 2.9%,
2.9% and 3.0%, respectively.
Total gross loans
|
|
4Q19
|
|
3Q20
|
|
4Q20
|
|
D
|
|
|
|
|
4Q20 vs. 3Q20
|
4Q20 vs. 4Q19
|
''A'' normal risk
|
|
162,373.9
|
|
187,840.7
|
|
178,344.7
|
|
-5.1%
|
9.8%
|
''B'' acceptable risk
|
|
4,963.7
|
|
6,934.6
|
|
7,117.3
|
|
2.6%
|
43.4%
|
''C'' appreciable risk
|
|
4,915.6
|
|
7,518.4
|
|
7,112.9
|
|
-5.4%
|
44.7%
|
''D'' significant risk
|
|
3,860.1
|
|
4,616.5
|
|
5,746.5
|
|
24.5%
|
48.9%
|
''E'' unrecoverable
|
|
3,295.8
|
|
3,117.4
|
|
3,432.0
|
|
10.1%
|
4.1%
|
Gross loans
|
|
179,409.2
|
|
210,027.5
|
|
201,753.5
|
|
-3.9%
|
12.5%
|
Interbank and overnight funds
|
|
2,719.0
|
|
2,512.1
|
|
4,693.7
|
|
86.8%
|
72.6%
|
Total gross loans
|
|
182,128.1
|
|
212,539.7
|
|
206,447.2
|
|
-2.9%
|
13.4%
|
CDE loans / gross loans (*)
|
|
6.7%
|
|
7.3%
|
|
8.1%
|
|
Past due loans
|
|
4Q19
|
|
3Q20
|
|
4Q20
|
|
D
|
|
|
|
|
4Q20 vs. 3Q20
|
4Q20 vs. 4Q19
|
Performing
|
|
95,035.0
|
|
111,687.5
|
|
105,939.4
|
|
-5.1%
|
11.5%
|
Between 31 and 90 days past due
|
|
364.3
|
|
1,131.4
|
|
586.5
|
|
-48.2%
|
61.0%
|
+90 days past due
|
|
3,537.4
|
|
4,367.3
|
|
4,461.0
|
|
2.1%
|
26.1%
|
Commercial loans
|
|
98,936.7
|
|
117,186.3
|
|
110,986.9
|
|
-5.3%
|
12.2%
|
Performing
|
|
56,968.0
|
|
62,734.1
|
|
62,309.1
|
|
-0.7%
|
9.4%
|
Between 31 and 90 days past due
|
|
1,223.8
|
|
2,192.3
|
|
1,571.7
|
|
-28.3%
|
28.4%
|
+90 days past due
|
|
1,648.6
|
|
1,587.0
|
|
1,954.7
|
|
23.2%
|
18.6%
|
Consumer loans
|
|
59,840.5
|
|
66,513.4
|
|
65,835.5
|
|
-1.0%
|
10.0%
|
Performing
|
|
19,242.6
|
|
24,480.6
|
|
23,325.5
|
|
-4.7%
|
21.2%
|
Between 31 and 90 days past due
|
|
379.1
|
|
730.6
|
|
511.3
|
|
-30.0%
|
34.9%
|
+90 days past due
|
|
600.0
|
|
742.8
|
|
722.0
|
|
-2.8%
|
20.3%
|
Mortgages loans
|
|
20,221.7
|
|
25,954.0
|
|
24,558.8
|
|
-5.4%
|
21.4%
|
Performing
|
|
336.1
|
|
296.9
|
|
296.6
|
|
-0.1%
|
-11.8%
|
Between 31 and 90 days past due
|
|
18.5
|
|
36.6
|
|
26.0
|
|
-29.1%
|
40.7%
|
+90 days past due
|
|
55.8
|
|
40.3
|
|
49.8
|
|
23.5%
|
-10.7%
|
Microcredit loans
|
|
410.3
|
|
373.8
|
|
372.3
|
|
-0.4%
|
-9.3%
|
Gross loans
|
|
179,409.2
|
|
210,027.5
|
|
201,753.5
|
|
-3.9%
|
12.5%
|
Interbank & overnight funds
|
|
2,719.0
|
|
2,512.1
|
|
4,693.7
|
|
86.8%
|
72.6%
|
Total gross loans
|
|
182,128.1
|
|
212,539.7
|
|
206,447.2
|
|
-2.9%
|
13.4%
|
30 Days PDL / gross loans (*)
|
|
4.4%
|
|
5.2%
|
|
4.9%
|
|
90 Days PDL / gross loans (*)
|
|
3.3%
|
|
3.2%
|
|
3.6%
|
|
Loans by stages (%)
|
|
4Q19
|
|
3Q20
|
|
4Q20
|
|
|
|
|
|
Loans classified as Stage 2 / gross loans
|
|
4.5%
|
|
9.4%
|
|
13.2%
|
|
Loans classified as Stage 3 / gross loans
|
|
5.5%
|
|
5.6%
|
|
6.1%
|
|
Loans classified as Stage 2 and 3 / gross loans
|
|
10.0%
|
|
15.0%
|
|
19.3%
|
|
Allowance for Stage 1 loans / Stage 1 loans
|
|
1.1%
|
|
1.1%
|
|
1.1%
|
|
Allowance for Stage 2 loans / Stage 2 loans
|
|
14.4%
|
|
13.0%
|
|
11.4%
|
|
Allowance for Stage 3 loans / Stage 3 loans
|
|
52.4%
|
|
46.6%
|
|
49.4%
|
|
Allowance for Stage 2 y 3 loans / Stage 2 y 3 loans
|
|
35.5%
|
|
25.5%
|
|
23.5%
|
|
(*)
Gross loans exclude interbank and overnight funds. 30 days past due and 90 days past due are calculated on a capital plus interest
accounts receivable basis.
8
|
|
|
Report of 4Q2020 and FY 2020 consolidated results
Information reported in Ps billions and under IFRS, except per share information
|
Grupo
Aval’s coverage over its 90 days PDL was 1.5x for 4Q20 and 3Q20, and 1.4x for 4Q19. Allowance to CDE Loans was 0.7x for
4Q20, 3Q20 and 4Q19, and allowance to 30 days PDL was 1.1x for 4Q20, 0.9x for 3Q20 and 1.0x for 4Q19. Impairment loss, net of
recoveries of charged off assets to average gross loans was 3.5% in 4Q20, 2.9% in 3Q20 and 2.1% in 4Q19. Charge-offs to average
gross loans was 1.5% in 4Q20, 2.7% in 3Q20, and 4.1% in 4Q19.
Total gross loans
|
|
4Q19
|
|
3Q20
|
|
4Q20
|
|
|
|
Allowance for impairment / CDE loans
|
|
0.7
|
|
0.7
|
|
0.7
|
Allowance for impairment / 30 days PDL
|
|
1.0
|
|
0.9
|
|
1.1
|
Allowance for impairment / 90 days PDL
|
|
1.4
|
|
1.5
|
|
1.5
|
Allowance for impairment / gross loans (*)
|
|
4.6%
|
|
4.7%
|
|
5.4%
|
|
|
|
|
|
|
|
Impairment loss / CDE loans
|
|
0.3
|
|
0.4
|
|
0.5
|
Impairment loss / 30 days PDL
|
|
0.5
|
|
0.6
|
|
0.8
|
Impairment loss / 90 days PDL
|
|
0.7
|
|
1.0
|
|
1.1
|
Impairment loss / average gross loans (*)
|
|
2.3%
|
|
3.1%
|
|
3.7%
|
Impairment loss, net of recoveries of charged-off assets / average gross loans (*)
|
|
2.1%
|
|
2.9%
|
|
3.5%
|
|
|
|
|
|
|
|
Charge-offs / average gross loans (*)
|
|
4.1%
|
|
2.7%
|
|
1.5%
|
(*)
Gross loans exclude interbank and overnight funds. 30 days past due and 90 days past due are calculated on a capital plus interest
accounts receivable basis.
1.2
Investment securities and trading assets
Total
investment securities and trading assets increased 34.1% to Ps 47,100.6 billion between December 31st,
2019 and December 31st , 2020 and 1.8% versus September 30th,
2020. Ps 39,327.7 billion of our total portfolio is invested in debt securities, which increased by 34.0% between December 31st,
2019 and December 31st , 2020 and by 0.6% since September 30th,
2020. Ps 6,639.0 billion of our total investment securities is invested in equity securities, which increased by 36.9% between
December 31st, 2019 and December 31st , 2020 and by
11.3% versus September 30th, 2020.
Multi
Financial Group contributed with Ps. 3.7 trillion of investment and trading assets (USD 1.1 billion).
Investment and trading assets
|
|
4Q19
|
|
3Q20
|
|
4Q20
|
|
D
|
|
|
|
|
4Q20 vs. 3Q20
|
4Q20 vs. 4Q19
|
Debt securities
|
|
4,673.1
|
|
4,793.5
|
|
4,781.0
|
|
-0.3%
|
2.3%
|
Equity securities
|
|
3,523.1
|
|
4,565.8
|
|
5,123.9
|
|
12.2%
|
45.4%
|
Derivative assets
|
|
917.4
|
|
1,185.3
|
|
1,133.9
|
|
-4.3%
|
23.6%
|
Trading assets
|
|
9,113.7
|
|
10,544.5
|
|
11,038.9
|
|
4.7%
|
21.1%
|
Investments in debt securities at FVTPL (non compliant with SPPI test)
|
|
10.1
|
|
8.1
|
|
7.4
|
|
-9.0%
|
-26.9%
|
Debt securities at FVOCI
|
|
21,609.0
|
|
28,879.6
|
|
28,966.4
|
|
0.3%
|
34.0%
|
Equity securities at FVOCI
|
|
1,328.1
|
|
1,396.9
|
|
1,515.1
|
|
8.5%
|
14.1%
|
Investments in securities at FVOCI
|
|
22,937.1
|
|
30,276.5
|
|
30,481.4
|
|
0.7%
|
32.9%
|
Investments in debt securities at AC
|
|
3,053.1
|
|
5,425.8
|
|
5,572.9
|
|
2.7%
|
82.5%
|
Investment and trading assets
|
|
35,114.0
|
|
46,255.0
|
|
47,100.6
|
|
1.8%
|
34.1%
|
9
|
|
|
Report of 4Q2020 and FY 2020 consolidated results
Information reported in Ps billions and under IFRS, except per share information
|
The
average yield on our debt and equity investment securities (trading assets, investments in debt securities at FVTPL, investments
in securities at FVOCI and investments in debt securities at AC) was 5.6% for 4Q20, 4.8% for 3Q20 and 4.7% in 4Q19.
1.3
Cash and Cash Equivalents
As
of December 31st, 2020 cash and cash equivalents had a balance of Ps 34,025.5 billion showing
an increase of 13.0% versus December 31st, 2019 and decreasing 12.8% versus September 30th
, 2020 (10.9% and -8.0% excluding FX).
The
ratio of cash and cash equivalents to customer deposits was 16.1% at December 31st, 2020,
18.0% at September 30th, 2020, and 17.2% at December 31st,
2019.
1.4
Goodwill and Other Intangibles
Goodwill
and other intangibles as of December 31st, 2020 reached Ps 18,525.1 billion, increasing by
15.2% versus December 31st, 2019 and 0.7% versus September 30th,
2020.
Goodwill
as of December 31st, 2020 was Ps 7,713.8 billion, increasing by 5.0% versus December 31st,
2019 and decreasing 8.2% versus September 30th,
2020, explained by fluctuations in the exchange rate.
Other
intangibles, which include “concession arrangement rights” and other intangibles, mainly reflect the value of road
concessions recorded for the most part at Corficolombiana. Other intangibles as of December 31st,
2020 reached Ps 10,811.2 billion and grew by 23.9% versus of December 31st, 2019 and 8.2%
versus September 30th, 2020.
2.
Liabilities
As
of December 31st, 2020 funding represented 94.1% of total liabilities and other liabilities
represented 5.9%.
2.1
Funding
Total
Funding (Total financial liabilities at amortized cost) which includes (i) Customer deposits, (ii) Interbank borrowings and overnight
funds, (iii) Borrowings from banks and others, (iv) Bonds issued, and (v) Borrowing from development entities had a balance of
Ps 270,466.4 billion as of December 31st, 2020 showing an increase of 17.4% versus December
31st, 2019 and a decrease of 4.3% versus September 30th,
2020 (15.8% and -0.2% excluding FX). Total customer deposits represented 78.3% of total funding as of the end of 4Q20, 76.8% for
3Q20 and 76.2% for 4Q19.
Multi
Financial Group contributed with Ps. 14.6 trillion in total funding (USD 4.3 billion). Average cost of funds was 2.6% for 4Q20,
2.9% for 3Q20 and 3.8% for 4Q19.
10
|
|
|
Report of 4Q2020 and FY 2020 consolidated results
Information reported in Ps billions and under IFRS, except per share information
|
2.1.1
Customer deposits
Customer deposits
|
|
4Q19
|
|
3Q20
|
|
4Q20
|
|
D
|
|
|
|
|
4Q20 vs. 3Q20
|
4Q20 vs. 4Q19
|
Checking accounts
|
|
16,812.8
|
|
24,378.5
|
|
20,928.6
|
|
-14.2%
|
24.5%
|
Other deposits
|
|
463.8
|
|
534.2
|
|
532.7
|
|
-0.3%
|
14.9%
|
Non-interest bearing
|
|
17,276.6
|
|
24,912.8
|
|
21,461.2
|
|
-13.9%
|
24.2%
|
Checking accounts
|
|
25,636.9
|
|
28,088.8
|
|
30,269.7
|
|
7.8%
|
18.1%
|
Time deposits
|
|
73,225.2
|
|
88,167.3
|
|
83,559.2
|
|
-5.2%
|
14.1%
|
Savings deposits
|
|
59,352.8
|
|
75,949.0
|
|
76,551.5
|
|
0.8%
|
29.0%
|
Interest bearing
|
|
158,214.8
|
|
192,205.1
|
|
190,380.4
|
|
-0.9%
|
20.3%
|
Customer deposits
|
|
175,491.4
|
|
217,117.8
|
|
211,841.6
|
|
-2.4%
|
20.7%
|
Of
our total customer deposits as of December 31st, 2020 checking accounts represented 24.2%,
time deposits 39.4%, savings accounts 36.1%, and other deposits 0.3%.
Multi
Financial Group contributed with Ps. 10.1 trillion in deposits (USD 2.9 billion).
The
following table shows the customer deposits composition by bank. During the last twelve months, Banco Popular showed the highest
growth rate in customer deposits within our banking operation in Colombia.
|
|
|
|
|
|
|
|
|
|
Deposits / Bank ($)
|
|
4Q19
|
|
3Q20
|
|
4Q20
|
|
D
|
|
|
|
|
4Q20 vs. 3Q20
|
4Q20 vs. 4Q19
|
Banco de Bogotá
|
|
117,795.0
|
|
151,864.1
|
|
147,287.5
|
|
-3.0%
|
25.0%
|
Domestic
|
|
61,515.3
|
|
67,321.6
|
|
67,488.1
|
|
0.2%
|
9.7%
|
Central America
|
|
56,279.7
|
|
84,542.5
|
|
79,799.4
|
|
-5.6%
|
41.8%
|
Banco de Occidente
|
|
28,726.4
|
|
33,009.3
|
|
30,970.7
|
|
-6.2%
|
7.8%
|
Banco Popular
|
|
16,988.9
|
|
20,190.4
|
|
20,611.8
|
|
2.1%
|
21.3%
|
Banco AV Villas
|
|
11,851.4
|
|
12,988.9
|
|
13,966.8
|
|
7.5%
|
17.8%
|
Corficolombiana
|
|
4,067.5
|
|
4,834.0
|
|
4,926.7
|
|
1.9%
|
21.1%
|
Eliminations
|
|
(3,937.8
|
)
|
(5,768.8
|
)
|
(5,921.9
|
)
|
2.7%
|
50.4%
|
Total
Grupo Aval
|
|
175,491.4
|
|
217,117.8
|
|
211,841.6
|
|
-2.4%
|
20.7%
|
|
|
|
|
|
|
|
|
|
|
Deposits
/ Bank (%)
|
|
4Q19
|
|
3Q20
|
|
4Q20
|
|
|
|
Banco
de Bogotá
|
|
67.1%
|
|
69.9%
|
|
69.5%
|
|
|
|
Domestic
|
|
35.1%
|
|
31.0%
|
|
31.9%
|
|
|
|
Central
America
|
|
32.1%
|
|
38.9%
|
|
37.7%
|
|
|
|
Banco
de Occidente
|
|
16.4%
|
|
15.2%
|
|
14.6%
|
|
|
|
Banco
Popular
|
|
9.7%
|
|
9.3%
|
|
9.7%
|
|
|
|
Banco
AV Villas
|
|
6.8%
|
|
6.0%
|
|
6.6%
|
|
|
|
Corficolombiana
|
|
2.3%
|
|
2.2%
|
|
2.3%
|
|
|
|
Eliminations
|
|
-2.2%
|
|
-2.7%
|
|
-2.8%
|
|
|
|
Total
Grupo Aval
|
|
100.0%
|
|
100.0%
|
|
100.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11
|
|
|
Report of 4Q2020 and FY 2020 consolidated results
Information reported in Ps billions and under IFRS, except per share information
|
2.1.2
Borrowings from Banks and Other (includes borrowings from development entities)
As
of December 31st, 2020 borrowings from banks and other totaled Ps 23,684.3 billion, remained flat annually and decreased 14.0%
versus September 30th, 2020. Excluding FX, borrowings from banks and other decreased 1.7% versus December 31st, 2019 and decreased
9.6% versus September 30th, 2020.
2.1.3
Bonds issued
Total
bonds issued as of December 31st, 2020 totaled Ps 27,760.8 billion and increased 26.7% versus December 31st, 2019 and decreased
5.9% versus September 30th, 2020. Excluding FX, bonds increased 26.4% versus December 31st, 2019 and decreased 4.1% versus September
30th, 2020.
3.
Non-controlling Interest
Non-controlling
Interest in Grupo Aval reflects: (i) the minority stakes that third party shareholders hold in each of its direct consolidated
subsidiaries (Banco de Bogotá, Banco de Occidente, Banco Popular, Banco AV Villas and Corficolombiana), and (ii) the minority
stakes that third party shareholders hold in the consolidated subsidiaries at the bank level (mainly Porvenir). As of December
31st, 2020 non-controlling interest was Ps 14,782.3 billion which increased by 9.5% versus December 31st, 2019 and 1.2% versus
September 30th, 2020. Total non-controlling interest represents 41.7% of total equity as of 4Q20, compared to 41.2% in 3Q20 and
40.5% in 4Q19. Total non-controlling interest derives from the sum of the combined minority interests of our banks and of Grupo
Aval, applying eliminations associated with the consolidation process of Grupo Aval.
Percentage
consolidated by Aval
|
|
4Q19
|
|
3Q20
|
|
4Q20
|
|
D
|
|
|
|
|
4Q20
vs. 3Q20
|
4Q20
vs. 4Q19
|
Banco
de Bogotá
|
|
68.7%
|
|
68.7%
|
|
68.7%
|
|
-
|
-
|
Banco
de Occidente
|
|
72.3%
|
|
72.3%
|
|
72.3%
|
|
-
|
-
|
Banco
Popular
|
|
93.7%
|
|
93.7%
|
|
93.7%
|
|
-
|
-
|
Banco
AV Villas
|
|
79.9%
|
|
79.9%
|
|
79.9%
|
|
-
|
-
|
BAC
Credomatic (1)
|
|
68.7%
|
|
68.7%
|
|
68.7%
|
|
-
|
-
|
Porvenir
(2)
|
|
75.7%
|
|
75.7%
|
|
75.7%
|
|
-
|
0
|
Corficolombiana
|
|
38.6%
|
|
39.6%
|
|
39.6%
|
|
-
|
95
|
(1)
BAC Credomatic is fully owned by Banco de Bogotá; (2) Grupo Aval indirectly owns a 100% of Porvenir as follows: 20.0% in
Grupo Aval, 46.9% in Banco de Bogotá and 33.1% in Banco de Occidente. Porvenir's results consolidate into Banco de Bogotá.
4.
Attributable Shareholders’ Equity
Attributable
shareholders’ equity as of December 31st, 2020 was Ps 20,657.3 billion, showing an increase of 4.1% versus December 31st,
2019 and a decrease of 0.7% versus September 30th, 2020.
12
|
|
|
Report of 4Q2020 and FY 2020 consolidated results
Information reported in Ps billions and under IFRS, except per share information
|
Income
Statement Analysis
Our
net income attributable to the owners of the parent company for 4Q20 of Ps 635.1 billion showed a 11.2% decrease versus 4Q19 and
a 8.1% decrease versus 3Q20.
Consolidated
Statement of Income
|
|
4Q19
|
|
3Q20
|
|
4Q20
|
|
D
|
|
|
|
|
4Q20
vs. 3Q20
|
4Q20
vs. 4Q19
|
Interest
income
|
|
5,055.7
|
|
5,108.8
|
|
4,816.6
|
|
-5.7%
|
-4.7%
|
Interest
expense
|
|
2,160.3
|
|
2,079.5
|
|
1,764.4
|
|
-15.2%
|
-18.3%
|
Net
interest income
|
|
2,895.4
|
|
3,029.3
|
|
3,052.1
|
|
0.8%
|
5.4%
|
Loans
and other accounts receivable
|
|
1,030.6
|
|
1,615.3
|
|
1,908.5
|
|
18.2%
|
85.2%
|
Other
financial assets
|
|
(5.3
|
)
|
12.8
|
|
3.6
|
|
-72.0%
|
-168.1%
|
Recovery
of charged-off financial assets
|
|
(103.3
|
)
|
(89.4
|
)
|
(103.0
|
)
|
15.2%
|
-0.2%
|
Net
impairment loss on financial assets
|
|
922.1
|
|
1,538.7
|
|
1,809.1
|
|
17.6%
|
96.2%
|
Net
income from commissions and fees
|
|
1,494.0
|
|
1,267.3
|
|
1,385.8
|
|
9.4%
|
-7.2%
|
Gross
profit from sales of goods and services
|
|
539.0
|
|
734.2
|
|
1,016.0
|
|
38.4%
|
88.5%
|
Net
trading income
|
|
(36.2)
|
|
201.3
|
|
86.5
|
|
-57.0%
|
N.A
|
Net
income from other financial instruments mandatory at FVTPL
|
|
55.2
|
|
59.7
|
|
59.7
|
|
0.0%
|
8.1%
|
Total
other income
|
|
526.2
|
|
679.5
|
|
988.5
|
|
45.5%
|
87.9%
|
Total
other expenses
|
|
2,849.7
|
|
2,625.4
|
|
2,829.4
|
|
7.8%
|
-0.7%
|
Net
income before income tax expense
|
|
1,701.9
|
|
1,807.2
|
|
1,950.2
|
|
7.9%
|
14.6%
|
Income
tax expense
|
|
418.8
|
|
565.5
|
|
547.1
|
|
-3.3%
|
30.6%
|
Net
income for the period
|
|
1,283.1
|
|
1,241.7
|
|
1,403.1
|
|
13.0%
|
9.4%
|
Non-controlling interest
|
|
568.0
|
|
550.8
|
|
768.0
|
|
39.4%
|
35.2%
|
Net
income attributable to owners of the parent
|
|
715.1
|
|
690.9
|
|
635.1
|
|
-8.1%
|
-11.2%
|
1.
Net Interest Income
Net
interest income
|
|
4Q19
|
|
3Q20
|
|
4Q20
|
|
D
|
|
|
|
|
4Q20
vs. 3Q20
|
4Q20
vs. 4Q19
|
Interest
income
|
|
|
|
|
|
|
|
|
|
Commercial
|
|
1,875.1
|
|
1,895.0
|
|
1,695.2
|
|
-10.5%
|
-9.6%
|
Interbank
and overnight funds
|
|
156.4
|
|
61.2
|
|
40.5
|
|
-33.9%
|
-74.1%
|
Consumer
|
|
2,303.4
|
|
2,352.6
|
|
2,269.5
|
|
-3.5%
|
-1.5%
|
Mortgages
and housing leases
|
|
446.8
|
|
472.5
|
|
468.2
|
|
-0.9%
|
4.8%
|
Microcredit
|
|
26.5
|
|
24.1
|
|
23.4
|
|
-2.9%
|
-11.7%
|
Loan
portfolio
|
|
4,808.3
|
|
4,805.4
|
|
4,496.8
|
|
-6.4%
|
-6.5%
|
Interests
on investments in debt securities
|
|
247.4
|
|
303.4
|
|
319.7
|
|
5.4%
|
29.2%
|
Total
interest income
|
|
5,055.7
|
|
5,108.8
|
|
4,816.6
|
|
-5.7%
|
-4.7%
|
Interest
expense
|
|
|
|
|
|
|
|
|
|
Checking
accounts
|
|
98.7
|
|
81.2
|
|
71.6
|
|
-11.8%
|
-27.5%
|
Time
deposits
|
|
937.2
|
|
944.0
|
|
802.1
|
|
-15.0%
|
-14.4%
|
Savings
deposits
|
|
392.5
|
|
351.6
|
|
266.5
|
|
-24.2%
|
-32.1%
|
Total
interest expenses on deposits
|
|
1,428.4
|
|
1,376.7
|
|
1,140.2
|
|
-17.2%
|
-20.2%
|
Interbank
borrowings and overnight funds
|
|
123.1
|
|
64.3
|
|
37.5
|
|
-41.6%
|
-69.5%
|
Borrowings
from banks and others
|
|
238.9
|
|
222.2
|
|
175.7
|
|
-20.9%
|
-26.5%
|
Bonds
issued
|
|
332.8
|
|
387.1
|
|
387.4
|
|
0.1%
|
16.4%
|
Borrowings
from development entities
|
|
37.1
|
|
29.3
|
|
23.7
|
|
-19.2%
|
-36.2%
|
Total
interest expenses on financial obligations
|
|
731.9
|
|
702.8
|
|
624.2
|
|
-11.2%
|
-14.7%
|
Total
interest expense
|
|
2,160.3
|
|
2,079.5
|
|
1,764.4
|
|
-15.2%
|
-18.3%
|
Net
interest income
|
|
2,895.4
|
|
3,029.3
|
|
3,052.1
|
|
0.8%
|
5.4%
|
13
|
|
|
Report of 4Q2020 and FY 2020 consolidated results
Information reported in Ps billions and under IFRS, except per share information
|
Our
net interest income increased by 5.4% to Ps 3,052.1 billion for 4Q20 versus 4Q19 and increased 0.8% versus 3Q20. The increase
versus 4Q19 was derived from a 18.3% decrease in total interest expense.
Our
Net Interest Margin(1) was 5.3% for 4Q20, 5.1% in 3Q20 and 5.6% in 4Q19. Net Interest Margin on Loans was 5.9% for 4Q20, 5.8%
in 3Q20, and 6.4% in 4Q19. On the other hand, our Net Investments Margin was 2.8% in 4Q20, 1.8% in 3Q20 and 2.0% in 4Q19.
In
our Colombian operations, our Net Interest Margin was 5.3% for 4Q20 and 5.0% for 3Q20 and 4Q19. Net Interest Margin on Loans was
5.8% for 4Q20, 5.6% in 3Q20 and 5.7% in 4Q19. On the other hand, our Net Investments Margin was 3.6% in 4Q20 versus 2.3% in 3Q20
and 1.6% in 4Q19.
In
our Central American operations, our Net Interest Margin was 5.2% for 4Q20, 5.3% in 3Q20 and 7.1% in 4Q19. Net Interest Margin
on Loans was 6.1% for 4Q20 and in 3Q20, and 7.8% in 4Q19. On the other hand, our Net Investments Margin was 1.2% for 4Q20, 0.8%
in 3Q20 versus 2.7% in 4Q19.
Net
Interest Margin (1) was 5.2% for full year 2020 and 5.7% for full year 2019. Net Interest Margin on Loans was 6.0% for full year
2020 and 6.4% for full year 2019. Net Investments Margin was 1.5% for full year 2020 and 2.3% for full year 2019.
2.
Impairment loss on financial assets, net
Our
impairment loss on financial assets, net increased by 96.2% to Ps 1,809.1 billion for 4Q20 versus 4Q19 and 17.6% versus 3Q20.
Net
impairment loss on financial assets
|
|
4Q19
|
|
3Q20
|
|
4Q20
|
|
D
|
|
|
|
|
4Q20
vs. 3Q20
|
4Q20
vs. 4Q19
|
Loans
and other accounts receivable
|
|
1,030.6
|
|
1,615.3
|
|
1,908.5
|
|
18.2%
|
85.2%
|
Other
financial assets
|
|
(5.3
|
)
|
12.8
|
|
3.6
|
|
-72.0%
|
-168.1%
|
Recovery
of charged-off financial assets
|
|
(103.3
|
)
|
(89.4
|
)
|
(103.0
|
)
|
15.2%
|
-0.2%
|
Net
impairment loss on financial assets
|
|
922.1
|
|
1,538.7
|
|
1,809.1
|
|
17.6%
|
96.2%
|
Our
annualized gross cost of risk was 3.7% for 4Q20, 3.1% for 3Q20 and 2.3% for 4Q19. Net of recoveries of charged-off assets our
ratio was 3.5% for 4Q20, 2.9% for 3Q20 and 2.1% for 4Q19.
For
the full year, gross cost of risk was 3.1% for FY20 and 2.4% for FY19. Net of recoveries of charged-off assets, cost of risk was
3.0% for FY20 and 2.2% for FY19.
|
(1)
|
Grupo Aval’s
NIM without income from trading securities and investment in debt securities designated
at fair value through profit and loss (non compliant with SPPI test) was 5.0% for 4Q20,
4.9% for 3Q20, 5.6% for 4Q19, 5.1% for FY20 and 5.6% for FY19.
|
14
|
|
|
Report of 4Q2020 and FY 2020 consolidated results
Information reported in Ps billions and under IFRS, except per share information
|
3.
Non-interest income
Total
non-interest income
|
|
4Q19
|
|
3Q20
|
|
4Q20
|
|
D
|
|
|
|
|
4Q20
vs. 3Q20
|
4Q20
vs. 4Q19
|
Income
from commissions and fees
|
|
|
|
|
|
|
|
|
|
Banking
fees1
|
|
1,242.0
|
|
1,029.2
|
|
1,147.1
|
|
11.5%
|
-7.6%
|
Trust
activities
|
|
82.7
|
|
91.2
|
|
91.8
|
|
0.7%
|
11.0%
|
Pension
and severance fund management
|
|
293.2
|
|
287.8
|
|
302.1
|
|
5.0%
|
3.1%
|
Bonded
warehouse services
|
|
40.4
|
|
37.8
|
|
45.8
|
|
21.4%
|
13.5%
|
Total
income from commissions and fees
|
|
1,658.3
|
|
1,445.9
|
|
1,586.9
|
|
9.7%
|
-4.3%
|
Expenses
from commissions and fees
|
|
164.4
|
|
178.6
|
|
201.1
|
|
12.6%
|
22.3%
|
Net
income from commissions and fees
|
|
1,494.0
|
|
1,267.3
|
|
1,385.8
|
|
9.4%
|
-7.2%
|
|
|
|
|
|
|
|
|
|
|
Income
from sales of goods and services
|
|
2,774.3
|
|
2,268.0
|
|
2,884.9
|
|
27.2%
|
4.0%
|
Costs
and expenses from sales of goods and services
|
|
2,235.2
|
|
1,533.8
|
|
1,868.9
|
|
21.8%
|
-16.4%
|
Gross
profit from sales of goods and services
|
|
539.0
|
|
734.2
|
|
1,016.0
|
|
38.4%
|
88.5%
|
|
|
|
|
|
|
|
|
|
|
Net
trading income
|
|
(36.2
|
)
|
201.3
|
|
86.5
|
|
-57.0%
|
N.A
|
Net
income from other financial instruments mandatory at FVTPL
|
|
55.2
|
|
59.7
|
|
59.7
|
|
0.0%
|
8.1%
|
|
|
|
|
|
|
|
|
|
|
Other
income
|
|
|
|
|
|
|
|
|
|
Foreign
exchange gains (losses), net
|
|
337.4
|
|
221.8
|
|
731.3
|
|
229.7%
|
116.7%
|
Net
gain on sale of investments and OCI realization
|
|
8.6
|
|
312.7
|
|
100.0
|
|
-68.0%
|
N.A.
|
Gain
on the sale of non-current assets held for sale
|
|
5.2
|
|
8.8
|
|
68.0
|
|
N.A.
|
N.A.
|
Income
from non-consolidated investments2
|
|
56.9
|
|
55.3
|
|
64.9
|
|
17.4%
|
14.1%
|
Net
gains on asset valuations
|
|
12.2
|
|
(4.4
|
)
|
(47.5
|
)
|
N.A.
|
N.A
|
Other
income from operations
|
|
105.9
|
|
85.3
|
|
71.7
|
|
-16.0%
|
-32.3%
|
Total
other income
|
|
526.2
|
|
679.5
|
|
988.5
|
|
45.5%
|
87.9%
|
|
|
|
|
|
|
|
|
|
|
Total
non-interest income
|
|
2,578.3
|
|
2,942.0
|
|
3,536.6
|
|
20.2%
|
37.2%
|
(1)
Includes commissions on banking services, office network services, credit and debit card fees, fees on drafts, checks and checkbooks
and other fees
(2)
Includes share of profit of equity accounted investees, net of tax, and dividend income.
3.1
Net income from commissions and fees
Net
income from commissions and fees decreased by 7.2% to Ps 1,385.8 billion for 4Q20 versus 4Q19 but increased 9.4% in the quarter.
Income from commissions and fees decreased by 4.3% to Ps 1,586.9 billion in 4Q20 versus 4Q19 but increased 9.7% in the quarter.
Excluding FX, net income from commissions decreased 10.3% and increased 10.5%, respectively. In Colombia, net income from commissions
and fees decreased by 5.0% over the last year but increased 8.4% over the quarter. In Central America, net income from commissions
and fees decreased by 9.8% over the last year and increased 10.6% over the quarter; excluding FX, net income decreased by 15.8%
over the last year and increased 13.0% during the quarter.
3.2
Gross profit from sales of goods and services
Gross
profit from sales of goods and services (non-financial sector) increased by 88.5% to Ps 1,016.0 billion for 4Q20 versus 4Q19 and
38.4% versus 3Q20 due to the recovery of energy & gas and infrastructure sectors.
15
|
|
|
Report of 4Q2020 and FY 2020 consolidated results
Information reported in Ps billions and under IFRS, except per share information
|
3.3
Net trading income
Net
trading income
|
|
4Q19
|
|
3Q20
|
|
4Q20
|
|
D
|
|
|
|
|
4Q20
vs. 3Q20
|
4Q20
vs. 4Q19
|
Trading
investment income
|
|
131.3
|
|
211.4
|
|
302.1
|
|
42.9%
|
130.1%
|
Net
income (loss) on financial derivatives
|
|
(179.3
|
)
|
(49.6
|
)
|
(216.5
|
)
|
N.A.
|
20.7%
|
Other
trading income on derivatives
|
|
11.9
|
|
39.5
|
|
0.9
|
|
-97.8%
|
-92.6%
|
Net
trading income
|
|
(36.2)
|
|
201.3
|
|
86.5
|
|
-57.0%
|
N.A
|
3.4
Other income
Total
other income for 4Q20 totaled Ps 988.5 billion mainly driven by foreign exchange gains, net.
4.
Other expenses
Total
other expenses for 4Q20 totaled Ps 2,829.4 billion and decreased 0.7% annually and increased 7.8% quarterly (-3.3% and 8.9% excluding
FX). Our efficiency ratio measured as total other expenses to total income was 42.9% in 4Q20, 44.0% in 3Q20 and 52.1% in 4Q19.
The ratio of annualized total other expenses as a percentage of average total assets was 3.4% in 4Q20, 3.1% in 3Q20 and 4.1% in
4Q19.
In
Colombia, our efficiency ratio measured as total other expenses to total income, was 35.8% in 4Q20, 37.7% in 3Q20 and 49.5% in
4Q19. The ratio of annualized total other expenses as a percentage of average total assets was 3.1% in 4Q20, 2.7% in 3Q20 and
3.6% in 4Q19.
In
Central America, our efficiency ratio measured as total other expenses to total income, was 58.5% in 4Q20, 55.2% in 3Q20 and 56.6%
in 4Q19. The ratio of annualized total other expenses as a percentage of average total assets was 4.1% in 4Q20, 3.9% in 3Q20 and
5.3% in 4Q19.
For
full year, our efficiency ratio measured as operating expenses to total income was 46.0% for FY20 and 47.6% for FY19. The ratio
of operating expenses as a percentage of average total assets was 3.4% for FY20 and 3.8% for FY19.
5.
Non-controlling Interest
Non-controlling
interest in Grupo Aval reflects: (i) the minority stakes that third party shareholders hold in each of its direct consolidated
subsidiaries (Banco de Bogotá, Banco de Occidente, Banco Popular, Banco AV Villas and Corficolombiana), and (ii) the minority
stakes that third party shareholders hold in the consolidated subsidiaries at the bank level (mainly Porvenir). For 4Q20, non-controlling
interest in the income statement was Ps 768.0 billion, showing an 35.2% increase versus 4Q19 and an 39.4% increase versus 3Q20.
The ratio of non-controlling interest to income before non-controlling interest was 54.7% in 4Q20, 44.4% in 3Q20 and 44.3% in
4Q19.
16
|
|
|
Report of 4Q2020 and FY 2020 consolidated results
Information reported in Ps billions and under IFRS, except per share information
|
Information
related to Grupo Aval’s consolidated financial statements by geography
Grupo
Aval Acciones y Valores S.A. - Colombian Operation
Financial
Statements Under Full IFRS
Information
in Ps. Billions
|
|
|
4Q19
|
|
3Q20
|
|
4Q20
|
|
D
|
|
|
|
|
|
4Q20
vs. 3Q20
|
4Q20
vs. 4Q19
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
loans and receivables
|
|
124,173.3
|
|
131,777.2
|
|
131,166.7
|
|
-0.5%
|
5.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
195,940.5
|
|
212,516.0
|
|
210,669.6
|
|
-0.9%
|
7.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer
deposits
|
|
119,211.7
|
|
132,575.3
|
|
132,042.2
|
|
-0.4%
|
10.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities
|
|
177,203.4
|
|
193,772.0
|
|
190,049.8
|
|
-1.9%
|
7.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income for the period
|
|
873.5
|
|
968.5
|
|
1,190.1
|
|
22.9%
|
36.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income attributable to owners of the parent
|
|
433.6
|
|
503.1
|
|
488.7
|
|
-2.9%
|
12.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YTD
2019
|
|
YTD
2020
|
|
D
|
|
|
|
|
|
|
|
2020
vs. 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income for the period
|
|
|
|
4,020.1
|
|
3,462.1
|
|
-13.9%
|
|
|
|
|
|
|
|
|
|
|
|
A
|
Net
income attributable to owners of the parent
|
|
|
|
2,109.7
|
|
1,545.8
|
|
-26.7%
|
Leasing
Bogotá Panamá S.A. (1)
Financial
Statements Under IFRS
Information
in Ps. Billions
|
|
|
4Q19
|
|
3Q20
|
|
4Q20
|
|
D
|
|
|
|
|
|
4Q20
vs. 3Q20
|
4Q20
vs. 4Q19
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
loans and receivables
|
|
55,235.8
|
|
78,250.3
|
|
70,586.8
|
|
-9.8%
|
27.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
82,892.1
|
|
121,349.1
|
|
112,226.3
|
|
-7.5%
|
35.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer
deposits
|
|
56,279.7
|
|
84,542.5
|
|
79,799.4
|
|
-5.6%
|
41.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities
|
|
68,281.0
|
|
104,667.8
|
|
97,406.5
|
|
-6.9%
|
42.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income for the period
|
|
409.6
|
|
273.2
|
|
213.1
|
|
-22.0%
|
-48.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income attributable to owners of the parent
|
|
281.6
|
|
187.8
|
|
146.4
|
|
-22.0%
|
-48.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YTD
2019
|
|
YTD
2020
|
|
D
|
|
|
|
|
|
|
|
2020
vs. 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income for the period
|
|
|
|
1,345.4
|
|
1,169.5
|
|
-13.1%
|
|
|
|
|
|
|
|
|
|
|
|
B
|
Net
income attributable to owners of the parent
|
|
|
|
924.7
|
|
803.7
|
|
-13.1%
|
|
|
|
|
|
|
|
|
|
|
|
A+B
|
Net
income attributable to owners of the parent
|
|
|
|
3,034.4
|
|
2,349.5
|
|
-22.6%
|
(1)
Leasing Bogotá Panamá is the holding company that consolidates our Central American operations.
17
|
|
|
Report of 4Q2020 and FY 2020 consolidated results
Information reported in Ps billions and under IFRS, except per share information
|
Information
related to Grupo Aval Acciones y Valores S.A. (Holding Company) and Grupo Aval Limited
The
holding company recorded a total gross indebtedness of Ps 1,659.5 billion (Ps 529.4 billion of bank debt and Ps 1,130.1 billion
of bonds denominated in Colombian pesos) as of December 31st 2020. It also guarantees irrevocably and unconditionally Grupo Aval
Limited’s (144A / Reg S) 2022 (USD 1.0 billion) bonds and Grupo Aval Limited’s (144A / Reg S) 2030 (USD 1.0 billion)
bonds under its respective indentures. As of December 31st, 2020 the total amount outstanding (including interests payable) of
such bonds was USD 2.0 billion, or Ps 6,937.8 billion when translated into pesos.
The
debt at Grupo Aval Limited is serviced with interest income on loans to subsidiaries and cash & cash equivalents. Grupo Aval
Limited has not required, to this date, cash from Grupo Aval Acciones y Valores S.A. to fulfill its obligations. The main sources
of cash to pay the debt and debt service at Grupo Aval Acciones y Valores S.A. have been the dividend income from its subsidiaries
and the returns on its cash & cash equivalents.
When
combined, Grupo Aval Acciones y Valores S.A. and Grupo Aval Ltd. had Ps 3,273.0 billion of total liquid assets, a total gross
indebtedness of Ps 8,597.2 billion and a net indebtedness (including callable senior loans to subsidiaries) of Ps 5,324.2 billion
as of December 31st, 2020. In addition to liquid assets, Grupo Aval Ltd. has Ps 1,505.7 billion in other loans to subsidiaries
and investments in AT1 instruments of Ps 1,784.9 billion.
Total
liquid assets as of December 31, 2020
|
Cash
and cash equivalents
|
2,328.5
|
Fixed
income investments
|
295.8
|
Callable
Senior loans to subsidiaries
|
648.7
|
Total
liquid assets
|
3,273.0
|
As
of December 31st, 2020 our combined double leverage (calculated as investments in subsidiaries at book value, subordinated loans
to subsidiaries and goodwill as a percentage of shareholders' equity) was 1.18x. Finally, we present an evolution of our key ratios
on a combined basis:
Debt
service coverage and leverage ratios
|
|
4Q19
|
|
3Q20
|
|
4Q20
|
|
D
|
|
|
|
|
4Q20
vs. 3Q20
|
4Q20
vs. 4Q19
|
Double
leverage (1)
|
|
1.14x
|
|
1.20x
|
|
1.18x
|
|
-0.01
|
0.05
|
Net
debt / Core earnings (2)(3)
|
|
2.2x
|
|
3.5x
|
|
3.2x
|
|
-0.30
|
0.97
|
Net
debt / Cash dividends (2)(3)
|
|
3.0x
|
|
4.6x
|
|
4.3x
|
|
-0.27
|
1.31
|
Core
Earnings / Interest Expense (2)
|
|
6.1x
|
|
4.1x
|
|
4.3x
|
|
0.28
|
-1.78
|
(1)
Double leverage is calculated as investments in subsidiaries at book value (excluding revaluations), subordinated loans to subsidiaries
and goodwill as a percentage of shareholders' equity; (2) Core earnings are defined as annualized recurring cash flow from dividends,
investments and net operating income; (3) Net debt is calculated as total gross debt minus cash and cash equivalents and fixed
income investments
18
|
|
|
Report of 4Q2020 and FY 2020 consolidated results
Information reported in Ps billions and under IFRS, except per share information
|
ABOUT
GRUPO AVAL
Grupo
Aval is Colombia’s largest banking group, and through our BAC Credomatic and Multi Financial Group operations it is also
the largest and the most profitable banking group in Central America. Grupo Aval currently operates through four commercial banks
in Colombia (Banco de Bogotá, Banco de Occidente, Banco Popular and Banco AV Villas). It manages pension and severance
funds through the largest pension and severance fund manager in Colombia (Porvenir) and owns the largest merchant bank in Colombia
(Corficolombiana), each of which Aval controls and consolidates into its results.
Investor
Relations Contact
Alejo
Sánchez García
Strategic
Planning and Investor Relations Manager Tel: +571 743 32 22 x 23422
E-mail:
asanchez@grupoaval.com
19
|
|
|
Report of 4Q2020 and FY 2020 consolidated results
Information reported in Ps billions and under IFRS, except per share information
|
Grupo
Aval Acciones y Valores S.A.
Consolidated
Financial Statements Under IFRS
Financial
Statements Under IFRS
Information
in Ps. Billions
Consolidated
Statement of Financial Position
|
|
4Q19
|
|
3Q20
|
|
4Q20
|
|
D
|
|
|
|
|
4Q20
vs. 3Q20
|
4Q20
vs. 4Q19
|
|
|
|
|
|
|
|
|
|
|
Cash
and cash equivalents
|
|
30,117.2
|
|
39,012.4
|
|
34,025.5
|
|
-12.8%
|
13.0%
|
|
|
|
|
|
|
|
|
|
|
Investment
and trading assets
|
|
|
|
|
|
|
|
|
|
Debt
securities
|
|
4,673.1
|
|
4,793.5
|
|
4,781.0
|
|
-0.3%
|
2.3%
|
Equity
securities
|
|
3,523.1
|
|
4,565.8
|
|
5,123.9
|
|
12.2%
|
45.4%
|
Derivative
assets
|
|
917.4
|
|
1,185.3
|
|
1,133.9
|
|
-4.3%
|
23.6%
|
Trading
assets
|
|
9,113.7
|
|
10,544.5
|
|
11,038.9
|
|
4.7%
|
21.1%
|
Investments
in debt securities at FVTPL (non compliant with SPPI test)
|
|
10.1
|
|
8.1
|
|
7.4
|
|
-9.0%
|
-26.9%
|
Investments
in securities at FVOCI
|
|
22,937.1
|
|
30,276.5
|
|
30,481.4
|
|
0.7%
|
32.9%
|
Investments
in debt securities at AC
|
|
3,053.1
|
|
5,425.8
|
|
5,572.9
|
|
2.7%
|
82.5%
|
Investment
securities
|
|
26,000.3
|
|
35,710.4
|
|
36,061.8
|
|
1.0%
|
38.7%
|
Hedging
derivatives assets
|
|
166.6
|
|
35.1
|
|
156.2
|
|
N.A.
|
-6.2%
|
|
|
|
|
|
|
|
|
|
|
Gross
loans
|
|
|
|
|
|
|
|
|
|
Commercial
loans
|
|
101,655.7
|
|
119,698.4
|
|
115,680.6
|
|
-3.4%
|
13.8%
|
Commercial
loans
|
|
98,936.7
|
|
117,186.3
|
|
110,986.9
|
|
-5.3%
|
12.2%
|
Interbank
& overnight funds
|
|
2,719.0
|
|
2,512.1
|
|
4,693.7
|
|
86.8%
|
72.6%
|
Consumer
loans
|
|
59,840.5
|
|
66,513.4
|
|
65,835.5
|
|
-1.0%
|
10.0%
|
Mortgages
loans
|
|
20,221.7
|
|
25,954.0
|
|
24,558.8
|
|
-5.4%
|
21.4%
|
Microcredit
loans
|
|
410.3
|
|
373.8
|
|
372.3
|
|
-0.4%
|
-9.3%
|
Total
gross loans
|
|
182,128.1
|
|
212,539.7
|
|
206,447.2
|
|
-2.9%
|
13.4%
|
Loss
allowance
|
|
(8,185.8)
|
|
(9,948.6)
|
|
(10,905.2)
|
|
9.6%
|
33.2%
|
Total
loans, net
|
|
173,942.3
|
|
202,591.1
|
|
195,542.0
|
|
-3.5%
|
12.4%
|
|
|
|
|
|
|
|
|
|
|
Other
accounts receivable, net
|
|
11,702.3
|
|
14,235.4
|
|
14,996.3
|
|
5.3%
|
28.1%
|
Non-current
assets held for sale
|
|
206.2
|
|
416.3
|
|
240.4
|
|
-42.3%
|
16.6%
|
Investments
in associates and joint ventures
|
|
988.0
|
|
1,026.8
|
|
1,029.3
|
|
0.2%
|
4.2%
|
|
|
|
|
|
|
|
|
|
|
Own-use
property, plant and equipment for own-use and given in operating lease, net
|
|
5,783.2
|
|
6,110.2
|
|
5,998.3
|
|
-1.8%
|
3.7%
|
Right-of-use
assets
|
|
2,125.6
|
|
2,233.4
|
|
2,035.5
|
|
-8.9%
|
-4.2%
|
Investment
properties
|
|
936.8
|
|
934.5
|
|
817.5
|
|
-12.5%
|
-12.7%
|
Biological
assets
|
|
104.9
|
|
117.1
|
|
122.7
|
|
4.8%
|
17.0%
|
Tangible
assets
|
|
8,950.4
|
|
9,395.2
|
|
8,974.0
|
|
-4.5%
|
0.3%
|
|
|
|
|
|
|
|
|
|
|
Goodwill
|
|
7,348.6
|
|
8,405.5
|
|
7,713.8
|
|
-8.2%
|
5.0%
|
Concession
arrangement rights
|
|
7,521.5
|
|
8,451.5
|
|
9,187.6
|
|
8.7%
|
22.2%
|
Other
intangible assets
|
|
1,206.5
|
|
1,538.3
|
|
1,623.7
|
|
5.6%
|
34.6%
|
Intangible
assets
|
|
16,076.6
|
|
18,395.3
|
|
18,525.1
|
|
0.7%
|
15.2%
|
|
|
|
|
|
|
|
|
|
|
Current
|
|
895.2
|
|
782.1
|
|
936.2
|
|
19.7%
|
4.6%
|
Deferred
|
|
246.6
|
|
1,168.1
|
|
861.7
|
|
-26.2%
|
N.A.
|
Income
tax assets
|
|
1,141.8
|
|
1,950.2
|
|
1,797.9
|
|
-7.8%
|
57.5%
|
|
|
|
|
|
|
|
|
|
|
Other
assets
|
|
427.2
|
|
552.3
|
|
508.5
|
|
-7.9%
|
19.0%
|
Total
assets
|
|
278,832.6
|
|
333,865.1
|
|
322,895.9
|
|
-3.3%
|
15.8%
|
|
|
|
|
|
|
|
|
|
|
Trading
liabilities
|
|
962.4
|
|
1,381.2
|
|
1,452.6
|
|
5.2%
|
50.9%
|
Hedging
derivatives liabilities
|
|
94.3
|
|
191.6
|
|
56.6
|
|
-70.4%
|
-39.9%
|
|
|
|
|
|
|
|
|
|
|
Customer
deposits
|
|
175,491.4
|
|
217,117.8
|
|
211,841.6
|
|
-2.4%
|
20.7%
|
Checking
accounts
|
|
42,449.7
|
|
52,467.3
|
|
51,198.3
|
|
-2.4%
|
20.6%
|
Time
deposits
|
|
73,225.2
|
|
88,167.3
|
|
83,559.2
|
|
-5.2%
|
14.1%
|
Savings
deposits
|
|
59,352.8
|
|
75,949.0
|
|
76,551.5
|
|
0.8%
|
29.0%
|
Other
deposits
|
|
463.8
|
|
534.2
|
|
532.7
|
|
-0.3%
|
14.9%
|
Financial
obligations
|
|
54,844.6
|
|
65,411.8
|
|
58,624.8
|
|
-10.4%
|
6.9%
|
Interbank
borrowings and overnight funds
|
|
9,240.5
|
|
8,364.4
|
|
7,179.6
|
|
-14.2%
|
-22.3%
|
Borrowings
from banks and others
|
|
19,803.3
|
|
23,546.5
|
|
19,654.5
|
|
-16.5%
|
-0.8%
|
Bonds
issued
|
|
21,918.3
|
|
29,510.9
|
|
27,760.8
|
|
-5.9%
|
26.7%
|
Borrowings
from development entities
|
|
3,882.5
|
|
3,990.0
|
|
4,029.8
|
|
1.0%
|
3.8%
|
Total
financial liabilities at amortized cost
|
|
230,336.0
|
|
282,529.6
|
|
270,466.4
|
|
-4.3%
|
17.4%
|
|
|
|
|
|
|
|
|
|
|
Legal
related
|
|
194.7
|
|
199.6
|
|
241.8
|
|
21.1%
|
24.2%
|
Other
provisions
|
|
674.0
|
|
675.0
|
|
671.1
|
|
-0.6%
|
-0.4%
|
Provisions
|
|
868.6
|
|
874.6
|
|
912.9
|
|
4.4%
|
5.1%
|
|
|
|
|
|
|
|
|
|
|
Current
|
|
387.3
|
|
383.3
|
|
406.2
|
|
6.0%
|
4.9%
|
Deferred
|
|
2,871.3
|
|
2,910.7
|
|
3,182.0
|
|
9.3%
|
10.8%
|
Income
tax liabilities
|
|
3,258.6
|
|
3,293.9
|
|
3,588.2
|
|
8.9%
|
10.1%
|
Employee
benefits
|
|
1,235.0
|
|
1,390.9
|
|
1,201.9
|
|
-13.6%
|
-2.7%
|
Other
liabilities
|
|
8,729.4
|
|
8,777.9
|
|
9,777.9
|
|
11.4%
|
12.0%
|
Total
liabilities
|
|
245,484.3
|
|
298,439.8
|
|
287,456.3
|
|
-3.7%
|
17.1%
|
|
|
|
|
|
|
|
|
|
|
Equity
attributable to owners of the parent
|
|
19,850.6
|
|
20,812.7
|
|
20,657.3
|
|
-0.7%
|
4.1%
|
Non-controlling
interest
|
|
13,497.7
|
|
14,612.6
|
|
14,782.3
|
|
1.2%
|
9.5%
|
Total
equity
|
|
33,348.3
|
|
35,425.3
|
|
35,439.6
|
|
0.0%
|
6.3%
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities and equity
|
|
278,832.6
|
|
333,865.1
|
|
322,895.9
|
|
-3.3%
|
15.8%
|
20
|
|
|
Report of 4Q2020 and FY 2020 consolidated results
Information reported in Ps billions and under IFRS, except per share information
|
Grupo
Aval Acciones y Valores S.A.
Consolidated
Financial Statements Under Full IFRS
Financial
Statements Under IFRS
Information
in Ps. Billions
Consolidated
Statement of income
|
|
YTD
2019
|
|
YTD
2020
|
|
D
|
|
4Q19
|
|
3Q20
|
|
4Q20
|
|
D
|
|
|
|
2020
vs. 2019
|
|
|
|
|
4Q20
vs. 3Q20
|
4Q20
vs. 4Q19
|
Interest
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan
portfolio
|
|
18,491.2
|
|
18,947.0
|
|
2.5%
|
|
4,808.3
|
|
4,805.4
|
|
4,496.8
|
|
-6.4%
|
-6.5%
|
Interests
on investments in debt securities
|
|
1,061.6
|
|
1,275.8
|
|
20.2%
|
|
247.4
|
|
303.4
|
|
319.7
|
|
5.4%
|
29.2%
|
Total
interest income
|
|
19,552.7
|
|
20,222.8
|
|
3.4%
|
|
5,055.7
|
|
5,108.8
|
|
4,816.6
|
|
-5.7%
|
-4.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Checking
accounts
|
|
413.9
|
|
328.1
|
|
-20.7%
|
|
98.7
|
|
81.2
|
|
71.6
|
|
-11.8%
|
-27.5%
|
Time
deposits
|
|
3,595.6
|
|
3,663.4
|
|
1.9%
|
|
937.2
|
|
944.0
|
|
802.1
|
|
-15.0%
|
-14.4%
|
Savings
deposits
|
|
1,503.3
|
|
1,467.6
|
|
-2.4%
|
|
392.5
|
|
351.6
|
|
266.5
|
|
-24.2%
|
-32.1%
|
Total
interest expenses on deposits
|
|
5,512.8
|
|
5,459.1
|
|
-1.0%
|
|
1,428.4
|
|
1,376.7
|
|
1,140.2
|
|
-17.2%
|
-20.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interbank
borrowings and overnight funds
|
|
380.9
|
|
284.0
|
|
-25.4%
|
|
123.1
|
|
64.3
|
|
37.5
|
|
-41.6%
|
-69.5%
|
Borrowings
from banks and others
|
|
1,014.3
|
|
860.5
|
|
-15.2%
|
|
238.9
|
|
222.2
|
|
175.7
|
|
-20.9%
|
-26.5%
|
Bonds
issued
|
|
1,220.4
|
|
1,531.6
|
|
25.5%
|
|
332.8
|
|
387.1
|
|
387.4
|
|
0.1%
|
16.4%
|
Borrowings
from development entities
|
|
138.8
|
|
127.1
|
|
-8.4%
|
|
37.1
|
|
29.3
|
|
23.7
|
|
-19.2%
|
-36.2%
|
Total
interest expenses on financial obligations
|
|
2,754.4
|
|
2,803.1
|
|
1.8%
|
|
731.9
|
|
702.8
|
|
624.2
|
|
-11.2%
|
-14.7%
|
Total
interest expense
|
|
8,267.2
|
|
8,262.3
|
|
-0.1%
|
|
2,160.3
|
|
2,079.5
|
|
1,764.4
|
|
-15.2%
|
-18.3%
|
Net
interest income
|
|
11,285.5
|
|
11,960.5
|
|
6.0%
|
|
2,895.4
|
|
3,029.3
|
|
3,052.1
|
|
0.8%
|
5.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairment
losses (recoveries) on financial assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
and other accounts receivable
|
|
4,194.0
|
|
6,267.2
|
|
49.4%
|
|
1,030.6
|
|
1,615.3
|
|
1,908.5
|
|
18.2%
|
85.2%
|
Other
financial assets
|
|
(60.0
|
)
|
74.8
|
|
N.A
|
|
(5.3
|
)
|
12.8
|
|
3.6
|
|
-72.0%
|
-168.1%
|
Recovery
of charged-off financial assets
|
|
(378.9
|
)
|
(328.1
|
)
|
-13.4%
|
|
(103.3
|
)
|
(89.4
|
)
|
(103.0
|
)
|
15.2%
|
-0.2%
|
Net
impairment loss on financial assets
|
|
3,755.1
|
|
6,013.9
|
|
60.2%
|
|
922.1
|
|
1,538.7
|
|
1,809.1
|
|
17.6%
|
96.2%
|
Net
interest income, after impairment losses
|
|
7,530.4
|
|
5,946.6
|
|
-21.0%
|
|
1,973.3
|
|
1,490.7
|
|
1,243.0
|
|
-16.6%
|
-37.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
from commissions and fees
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banking
fees1
|
|
4,457.7
|
|
4,178.9
|
|
-6.3%
|
|
1,242.0
|
|
1,029.2
|
|
1,147.1
|
|
11.5%
|
-7.6%
|
Trust
activities
|
|
334.9
|
|
343.3
|
|
2.5%
|
|
82.7
|
|
91.2
|
|
91.8
|
|
0.7%
|
11.0%
|
Pension
and severance fund management
|
|
1,129.4
|
|
1,158.5
|
|
2.6%
|
|
293.2
|
|
287.8
|
|
302.1
|
|
5.0%
|
3.1%
|
Bonded
warehouse services
|
|
161.3
|
|
155.3
|
|
-3.7%
|
|
40.4
|
|
37.8
|
|
45.8
|
|
21.4%
|
13.5%
|
Total
income from commissions and fees
|
|
6,083.3
|
|
5,835.9
|
|
-4.1%
|
|
1,658.3
|
|
1,445.9
|
|
1,586.9
|
|
9.7%
|
-4.3%
|
Expenses
from commissions and fees
|
|
628.0
|
|
742.5
|
|
18.2%
|
|
164.4
|
|
178.6
|
|
201.1
|
|
12.6%
|
22.3%
|
Net
income from commissions and fees
|
|
5,455.3
|
|
5,093.4
|
|
-6.6%
|
|
1,494.0
|
|
1,267.3
|
|
1,385.8
|
|
9.4%
|
-7.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
from sales of goods and services
|
|
9,156.6
|
|
9,144.8
|
|
-0.1%
|
|
2,774.3
|
|
2,268.0
|
|
2,884.9
|
|
27.2%
|
4.0%
|
Costs
and expenses from sales of goods and services
|
|
6,781.8
|
|
6,321.5
|
|
-6.8%
|
|
2,235.2
|
|
1,533.8
|
|
1,868.9
|
|
21.8%
|
-16.4%
|
Gross
profit from sales of goods and services
|
|
2,374.8
|
|
2,823.3
|
|
18.9%
|
|
539.0
|
|
734.2
|
|
1,016.0
|
|
38.4%
|
88.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
trading income
|
|
761.9
|
|
1,295.4
|
|
70.0%
|
|
(36.2)
|
|
201.3
|
|
86.5
|
|
-57.0%
|
N.A
|
Net
income from other financial instruments mandatory at FVTPL
|
|
217.6
|
|
252.4
|
|
16.0%
|
|
55.2
|
|
59.7
|
|
59.7
|
|
0.0%
|
8.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign
exchange gains (losses), net
|
|
312.3
|
|
363.0
|
|
16.3%
|
|
337.4
|
|
221.8
|
|
731.3
|
|
N.A.
|
116.7%
|
Net
gain on sale of investments and OCI realization
|
|
198.6
|
|
613.2
|
|
N.A.
|
|
8.6
|
|
312.7
|
|
100.0
|
|
-68.0%
|
N.A.
|
Gain
on the sale of non-current assets held for sale
|
|
23.4
|
|
112.0
|
|
N.A.
|
|
5.2
|
|
8.8
|
|
68.0
|
|
N.A.
|
N.A.
|
Income
from non-consolidated investments2
|
|
314.3
|
|
311.7
|
|
-0.8%
|
|
56.9
|
|
55.3
|
|
64.9
|
|
17.4%
|
14.1%
|
Net
gains on asset valuations
|
|
14.2
|
|
(50.3
|
)
|
N.A
|
|
12.2
|
|
(4.4
|
)
|
(47.5
|
)
|
N.A.
|
N.A
|
Other
income from operations
|
|
420.3
|
|
367.2
|
|
-12.6%
|
|
105.9
|
|
85.3
|
|
71.7
|
|
-16.0%
|
-32.3%
|
Total
other income
|
|
1,283.0
|
|
1,716.9
|
|
33.8%
|
|
526.2
|
|
679.5
|
|
988.5
|
|
45.5%
|
87.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss
on the sale of non-current assets held for sale
|
|
4.4
|
|
3.4
|
|
-22.1%
|
|
0.8
|
|
0.3
|
|
0.8
|
|
149.4%
|
-0.7%
|
Personnel
expenses
|
|
4,085.4
|
|
4,400.5
|
|
7.7%
|
|
1,061.5
|
|
1,137.3
|
|
1,087.7
|
|
-4.4%
|
2.5%
|
General
and administrative expenses
|
|
4,954.3
|
|
4,966.4
|
|
0.2%
|
|
1,424.6
|
|
1,206.1
|
|
1,366.0
|
|
13.3%
|
-4.1%
|
Depreciation
and amortization
|
|
901.5
|
|
1,015.4
|
|
12.6%
|
|
229.8
|
|
262.6
|
|
268.3
|
|
2.2%
|
16.8%
|
Impairment
loss on other assets
|
|
20.8
|
|
7.1
|
|
-66.0%
|
|
1.2
|
|
1.2
|
|
1.8
|
|
47.0%
|
45.1%
|
Other
operating expenses
|
|
205.0
|
|
260.0
|
|
26.8%
|
|
131.8
|
|
17.9
|
|
104.8
|
|
N.A.
|
-20.5%
|
Total
other expenses
|
|
10,171.3
|
|
10,652.7
|
|
4.7%
|
|
2,849.7
|
|
2,625.4
|
|
2,829.4
|
|
7.8%
|
-0.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income before income tax expense
|
|
7,451.7
|
|
6,475.3
|
|
-13.1%
|
|
1,701.9
|
|
1,807.2
|
|
1,950.2
|
|
7.9%
|
14.6%
|
Income
tax expense
|
|
2,086.3
|
|
1,843.7
|
|
-11.6%
|
|
418.8
|
|
565.5
|
|
547.1
|
|
-3.3%
|
30.6%
|
Net
income for the period
|
|
5,365.5
|
|
4,631.6
|
|
-13.7%
|
|
1,283.1
|
|
1,241.7
|
|
1,403.1
|
|
13.0%
|
9.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income for the period attibutable to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlling
interest
|
|
2,331.0
|
|
2,282.1
|
|
-2.1%
|
|
568.0
|
|
550.8
|
|
768.0
|
|
39.4%
|
35.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income attributable to owners of the parent
|
|
3,034.4
|
|
2,349.5
|
|
-22.6%
|
|
715.1
|
|
690.9
|
|
635.1
|
|
-8.1%
|
-11.2%
|
(1)
Includes commissions on banking services, office network services, credit and debit card fees, fees on drafts, checks and checkbooks
and other fees
(2)
Includes share of profit of equity accounted investees, net of tax, and dividend income.
21
|
|
Item 2
1 4Q20 and FY2020 Consolidated
Earnings Results IFRS
2 Disclaimer Grupo Aval
Acciones y Valores S . A . (“Grupo Aval”) is an issuer of securities in Colombia and in the United States .. As such,
it is subject to compliance with securities regulation in Colombia and applicable U . S . securities regulation . Grupo Aval is
also subject to the inspection and supervision of the Superintendency of Finance as holding company of the Aval financial conglomerate
. The consolidated financial information included in this document is presented in accordance with IFRS as currently issued by
the IASB . Details of the calculations of non - GAAP measures such as ROAA and ROAE, among others, are explained when required
in this report . This report includes forward - looking statements . In some cases, you can identify these forward - looking statements
by words such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,”
“believes,” “estimates,” “predicts,” “potential,” or “continue,” or
the negative of these and other comparable words . Actual results and events may differ materially from those anticipated herein
as a consequence of changes in general, economic and business conditions, changes in interest and currency rates and other risk
described from time to time in our filings with the Registro Nacional de Valores y Emisores and the SEC . Recipients of this document
are responsible for the assessment and use of the information provided herein . Matters described in this presentation and our
knowledge of them may change extensively and materially over time but we expressly disclaim any obligation to review, update or
correct the information provided in this report, including any forward looking statements, and do not intend to provide any update
for such material developments prior to our next earnings report . The content of this document and the figures included herein
are intended to provide a summary of the subjects discussed rather than a comprehensive description . When applicable, in this
document we refer to billions as thousands of millions .
3 Consolidated key results
for the year Gross loans e xcludes interbank and overnight funds. PDLs 90+ defined as loans more than 90 days past due. Cost of
Risk c alculated as Impairment loss on loans and other accounts receivable net of recoveries of charged - off assets divided by
average gross loans. Net Interest Margin includes net interest income plus net trading income from debt and equity investments
at FVTPL divided by total average interest - earning assets. Fee income ratio is calculated as net income from commissions and
fees divided by net interest income plus net income from commissions and fees, gross profit from sales of goods and services,
net trading income, net income from other financial inst rum ents mandatory at FVTPL and total other income . Efficiency Ratio
is calculated as total other expenses divided by net interest income plus net income from commissions and fees, gross profit fro
m sales of goods and services, net trading income, net income from other financial instruments mandatory at FVTPL and total other
income. ROAA is calculated as annualized Net Income divided by average of total assets. ROA E is calculated as Net Income attributable
to Aval's shareholders divided by average attributable shareholders' equity. NS refers to non - significant figures. COP $tn 2019
2020 20 vs 19 Gross Loans $ 179.4 $ 201.8 12.5% Deposits $ 175.5 $ 211.8 20.7% Deposits/Net Loans 1.01 x 1.08 x 0.07 x 90 days
PDLs / Gross Loans 3.3% 3.6% 31 bps Allowance/90 days PDLs 1.40 x 1.52 x 0.12 x Cost of risk 2.2% 3.0% 77 bps Net interest margin
5.7% 5.2% (53) bps Fee income Ratio 25.5% 22.0% (351) bps Efficiency Ratio 47.6% 46.0% (155) bps Attributable net income $ 3.03
$ 2.35 (22.6%) ROAA 2.0% 1.5% (55) bps ROAE 16.4% 11.7% (472) bps Balance Sheet Loan Quality Profitability
4 COP $tn 2019 2020 20 vs
19 2019 2020 20 vs 19 Gross Loans $ 124.2 $ 131.2 5.6% $ 55.2 $ 70.6 27.8% Deposits $ 119.2 $ 132.0 10.8% $ 56.3 $ 79.8 41.8%
Deposits/Net Loans 1.00 x 1.05 x 0.05 x 1.02 x 1.13 x 0.11 x 90 days PDLs / Gross Loans 4.0% 4.5% 52 bps 1.6% 1.8% 19 bps Allowance/90
days PDLs 1.31 x 1.44 x 0.10 x 1.90 x 1.89 x 0.00 x Cost of risk 2.1% 3.2% 104 bps 2.3% 2.6% 24 bps Net interest margin 5.3% 4.8%
(42) bps 6.8% 5.8% (95) bps Fee income Ratio 20.9% 18.5% (242) bps 34.9% 28.5% (636) bps Efficiency Ratio 43.3% 40.3% (292) bps
56.3% 56.5% 20 bps Attributable net income $ 2.11 $ 1.55 (26.7%) $ 0.92 $ 0.80 (13.1%) ROAA 2.2% 1.7% (50) bps 1.7% 1.1% (59)
bps ROAE 23.3% 17.2% (602) bps 9.8% 7.2% (260) bps Balance Sheet Loan Quality Profitability Key results per region for the year
( 1 ) Central America refers to Leasing Bogotá Panamá (LBP) operation expressed in Colombian Pesos, at the exchange
rate of each period . ( 2 ) Attributable net income for Grupo Aval of Ps 2 , 349 . 5 bn for FY 20 corresponds to the Ps 1 , 545
. 8 bn of our Colombian operation plus Ps 1 , 169 . 2 bn of our Central American operation multiplied by 68 . 7 % , our stake
in Banco de Bogotá . Gross loans e xcludes interbank and overnight funds . PDLs 90 + defined as loans more than 90 days past
due . Cost of Risk c alculated as Impairment loss on loans and other accounts receivable net of recoveries of charged - off assets
divided by average gross loans . Net Interest Margin includes net interest income plus net trading income from investment securities
held for trading through profit or loss divided by total average interest - earning assets . Fee income ratio is calculated as
net income from commissions and fees divided by net interest income plus net income from commissions and fees, gross profit from
sales of goods and services, net trading income, net income from other financial instruments mandatory at FVTPL and total other
income . Efficiency Ratio is calculated as total other expenses divided by net interest income plus net income from commissions
and fees, gross profit from sales of goods and services, net trading income, net income from other financial instruments mandatory
at FVTPL and total other income . ROAA is calculated as annualized Net Income divided by average of total assets . ROA E is calculated
as Net Income attributable to Aval's shareholders divided by average attributable shareholders' equity . NS refers to non - significant
figures . Equity for Central America is calculated as LBP multiplied by our 68 . 7 % stake in the company . Equity for Colombia
is calculated as the difference between our consolidated attributable equity and the equity in Central America . Colombia Central
America (1) (2) 65.2% of Assets 34.8% of Assets
5 Macroeconomic context
- Colombia ( 1 | 2 ) (4.2%) (4.1%) (8%) (6%) (4%) (2%) 0% 2% Trade balance Current Account Deficit 3.3 3.2 3.6 1.8 2.2 2.1 1.5
2.6 1.3 1.5 1.2 1.3 2.2 2.2 2.9 3.0 3.1 3.5 3.2 3.3 0.1 - 15.6 - 8.3 - 3.5 I II III IV I II III IV I II III IV I II III IV I II
III IV I II III IV 2015 2016 2017 2018 2019 2020 3.0 2.1 1.4 2.6 3.3 -6.8 -17% -13% -9% -5% -1% 3% 7% Dec-15 Dec-16 Dec-17 Dec-18
Dec-19 Dec-20 Real GDP growth Inflation Colombian Central Bank's Interest rate 1.75% 1.61% - 3.51% Source: Banco de la República
de Colombia and DANE. Source: DANE. Seasonally adjusted, constant prices o f 2015 GDP Oil Exports/Total Exports 2015: 40.4% 2016:
34.0% 2017: 35.0% 2018: 40.2% Source : Banco de la República de Colombia and DANE. 2019: 40.4% Source: Banco de la República
de Colombia and DANE. GDP Seasonally - adjusted, constant prices (2015 basis) FY GDP 3.0% 2.1% 1.4% 2.5% 3.3% - 6.8% Inflation
(%) Central Bank’s Monetary Policy GDP Growth (%) Current Account ( % GDP, quarterly) 1.61% 0% 2% 4% 6% 8% 10% Dec-15 Dec-16
Dec-17 Dec-18 Dec-19 Dec-20 12-Month inflation Lower target range Upper target range 1.56% Feb - 21: 2019 2020 2019 2020(3.3%)
(3.7%) (4.4%) (3.3%) 2020: 28.2%
6 Macroeconomic context
- Colombia ( 2 | 2 ) Source: Ministry of Finance. Projections start in 2021. Real and Projected Fiscal Deficit Fiscal Rule (%
of GDP) Colombian Peso Exchange Rate Source: Banco de la República de Colombia. 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17
1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 End of Period 3,149.5 3,000.6 2,919.0 2,880.1 3,000.7 2,885.6 3,050.4
2,936.7 2,984.0 2,780.5 2,930.8 2,972.2 3,249.8 3,174.8 3,205.7 3,477.5 3,277.1 4,054.5 3,756.3 3,865.5 3,432.5 Quarter Average
3,061.7 3,263.5 2,993.0 2,949.0 3,016.1 2,924.3 2,920.3 2,974.6 2,985.9 2,860.3 2,839.0 2,961.0 3,161.0 3,134.6 3,242.4 3,336.9
3,411.1 3,533.9 3,850.0 3,730.2 3,660.1 YTD Average 2,746.5 2,500 2,700 2,900 3,100 3,300 3,500 3,700 3,900 4,100 3,053.42 2,951.15
2,956.55 3,282.39 3,691.27 (2.4) (3.0) (4.0) (3.6) (3.1) (2.5) (7.8) (8.6) (2.5) (1.8) (1.2) (1.1) (1.1) (1.1) 2014 2015 2016
2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 Real fiscal deficit Projected fiscal deficit (Jun - 2020) 2021 Financial
Plan (Mar - 2021) 8.9% 9.2% 9.4% 9.7% 10.5% 16.1% 9.8% 10.0% 10.6% 10.8% 11.2% 18.4% 2015 2016 2017 2018 2019 2020 LTM average
national unemployment LTM average urban unemployment Jan - 20 Jan - 21 Urban 12.9% 19.5% National 13.0% 17.3% Unemployment (%)
Source: Banco de la República de Colombia. Urban unemployment defined as unemployment of 13 cities and their metropolitan
areas.
7 (3%) (1%) 1% 3% 5% 7%
Dec-18 Jun-19 Dec-19 Jun-20 Dec-20 CR ES GU HO NI PA Cenam 3.2% 4.2% 5.2% 3.2% 1.0% 0.3% (1.6%) Macroeconomic context –
Central America 3.2% 3.0% 2.1% 3.8% 2.7% 2.4% - 3.9% - 5.9% - 9.0% - 5.5% - 2.0% - 6.6% - 9.0% - 5.5% 3.6% 4.0% 2.3% 4.0% 4.9%
4.0% - 0.5% 2019 2020E 2021E Panamá Nicaragua Costa Rica Honduras Guatemala El Salvador Central America ( 1) Source: IMF
(WEO October 2020); (1) Aggregate growth of all the Central American countries. Source: SECMCA. CR: Costa Rica, ES: El Salvador,
GU: Guatemala, HO: Honduras, NI: Nicaragua, PA: Panamá, Cenam : Central America. Panamá as of December 2020. Source:
SECMCA. Source: Bloomberg Regional Exchange Rates (100=12/31/2018) Central Bank’s Interest Rates Growth Outlook –
Real GDP Inflation per Country % of total gross portfolio 35.0 % 12.3 % 5.8 % 3.9 % 8.2 % 3.4 % 1.5 % 0% 1% 2% 3% 4% 5% 6% 7%
Dec-18 Jun-19 Dec-19 Jun-20 Dec-20 Costa Rica Guatemala Honduras 3.00% 0.75% 1.75% 90 100 110 120 130 Dec-18 Jun-19 Dec-19 Jun-20
Dec-20 Colón Quetzal Lempira Córdoba TRM 105.3 99.1 107.4 100.8 101.1
8 Digital strategy 1.5 1.8
2.1 3.2 0.9 1.2 1.4 1.6 2.4 3.0 3.5 4.8 2017 2018 2019 2020 1 10 14 21 4 5 8 16 5 15 22 37 2017 2018 2019 2020 164 672 956 122
176 269 621 122 340 941 1,578 2017 2018 2019 2020 + 66 cases Clients Sales (000) Products Advanced analytics Fraud Churn Origination
Scoring Pricing Marketing + 40 Colombia + 26 Central america 164 672 956 Central America Colombia Million Digitalization
9 ESG Highlights 28.5% of
our principal board members are women. ESRA implementation in some of our subsidiaries. Corporate Governance & Risk Management
Issued a Ps 300 billion … Green Bond adhesion to included in Economic Impact 58% of loans disbursed were granted to women
Environmental initiatives such as: Corporate Efficiencies Social & Environmental Human Capital Strengthening our Corporate
Procurement Policy to include ESG Standards. First Financial Group in Colombia and Latin America to obtain the Friendly Biz Certification.
Amazon Reforestation Bogotá River Decontamination Use of renewable energies 55% consolidated workforce is comprised by women.
are Great Place to Work certified.
10 Net loans and leases
Fixed income investments Unconsolidated equity investments Other 60.7 11.7 2.1 25.5 3Q20 60.6 12.2 2.4 24.9 4Q20 62.4 10.5 2.1
25.0 4Q19 Assets Assets Breakdown (%) Total Assets Exc. FX = Growth excluding FX movement of Central American Operations (1) Includes
Ps.16.5 trillion of assets of Multi Financial Group. Growth excluding FX and the acquisition would have been 8.4% vs. 4Q19 (2)
Net loans and leases include interbank and overnight funds (3) Foreign operations reflect Central American operations (2) (1)
Colombian operation (%) Foreign (3) (%) 278.8 333.9 322.9 4Q19 3Q20 4Q20 Y/Y% = 15.8%; (Exc. Fx = 14.2%) Q/Q% = - 3.3%; (Exc.
Fx = 0.8%) 70.3 29.7 63.7 36.3 34.8 65.2 Figures in Ps. Trillions
11 Loans and receivables
Gross loans Gross loans Breakdown % Growth excluding FX movement of Central American Operations (1) Exc. FX = Growth excluding
FX movement of Central American Operations (1) Includes Ps. 11.6 trillion of gross loans of Multi Financial Group. Ps. 6.7 trillion
of commercial loans, Ps. 2.6 trillion of co nsumer loans and Ps. 2.4 trillion of mortgages loans. Gross loans growth excluding
FX and the acquisition would have been 4.4% vs. 4Q19 179.4 210.0 201.8 4Q19 3Q20 4Q20 12.2 10.0 10.9 8.3 - 5.3 - 1.0 - 1.9 3.5
21.4 - 9.3 18.4 - 9.3 - 5.4 - 0.4 1.7 - 0.4 55.1% 55.8% 55.0% 33.4% 31.7% 32.6% 11.3% 12.4% 12.2% 0.2% 0.2% 0.2% Y/Y% Q/Q% Commercial
Consumer Mortgages Microcredit 179.4 210.0 201.8 4Q19 3Q20 4Q20 Y/Y% = 12.5%; (Exc. Fx = 10.8%) Q/Q% = - 3.9%; (Exc. Fx = 0.2%)
Figures in Ps. Trillions – Excluding interbank and overnight funds
12 Loan portfolio quality
Charge offs / Average 90+ PDLs Cost of Risk Quality Coverage 4.36% 5.16% 4.90% 3.26% 3.21% 3.56% 30 days PDLs / Gross loans 90
days PDLs / Gross loans 2.30% 3.08% 3.71% 2.07% 2.91% 3.51% Impairment loss / Average gross loans Impairment loss, net / Average
gross loans 1.40x 1.48x 1.52x 1.05x 0.92x 1.10x 4.56% 4.74% 5.41% Allowance / Gross loans Allowance / 90+ PDLs Allowance / 30+
PDLs 1.25x 0.86x 0.44x 4Q19 3Q20 4Q20 FY19 FY20 2.4% 3.1% 2.2% 3.0% FY19 FY20 0.9x 0.6x
13 Loan portfolio quality
30 days past due formation 90 days past due formation (1) (2) 30 days past due loans 90 days past due loans Loans by Stages (%)
(1) Past Due Loans + 30 / Total Loans including interest accounts receivable (2) Past Due Loans + 90 / Total Loans including interest
accounts receivable. PDLs 90+ defined as loans more than 90 days pas t d ue. Figures in Ps. Billions 90.0% 85.0% 80.7% 4.5% 9.4%
13.2% 5.5% 5.6% 6.1% 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1 4Q19 3Q20 4Q20 Stage 3 Stage 2 Stage 1 Coverage by Stages (%) 1.1% 1.1%
1.1% 14.4% 13.0% 11.4% 52.4% 46.6% 49.4% 4Q19 3Q20 4Q20 Stage 3 Stage 2 Stage 1 4Q19 1Q20 2Q20 3Q20 4Q20 FY19 FY20 Initial +90
PDLs 5,846 5,842 6,305 6,271 6,737 5,188 5,842 New +90 PDLs 1,826 1,371 893 1,870 1,208 5,370 5,343 Charge-offs (1,829) (907)
(927) (1,404) (758) (4,717)(3,997) Final +90 PDLs 5,842 6,305 6,271 6,737 7,187 5,842 7,187 4Q19 1Q20 2Q20 3Q20 4Q20 FY19 FY20
Initial +30 PDLs 8,155 7,827 8,353 8,483 10,829 7,195 7,827 New +30 PDLs 1,502 1,433 1,058 3,749 (187) 5,349 6,053 Charge-offs
(1,829) (907) (927) (1,404) (758) (4,717)(3,997) Final +30 PDLs 7,827 8,353 8,483 10,829 9,883 7,827 9,883 4Q19 3Q20 4Q20 4Q19
3Q20 4Q20 Commercial 3.94% 4.69% 4.55% 3.58% 3.73% 4.02% Consumer 4.80% 5.68% 5.36% 2.76% 2.39% 2.97% Mortgages 4.84% 5.68% 5.02%
2.97% 2.86% 2.94% Microcredit 18.09% 20.58% 20.35% 13.60% 10.78% 13.37% Total loans 4.36% 5.16% 4.90% 3.26% 3.21% 3.56% (1) (2)
14 230.3 282.5 270.5 4Q19
3Q20 4Q20 Deposits Banks and others Bonds issued Interbank borrowings Funding composition (%) 4Q19 3Q20 4Q20 8.8 78.3 9.7 76.8
10.3 76.2 2.7 10.3 3.0 10.4 4.0 9.5 Q/Q% = - 4.3%; Y/Y% = 17.4%; (Exc. Fx = 15.8%) (Exc. Fx = - 0.2%) 17.2% 18.0% 16.1% 4Q19 3Q20
4Q20 1.01x 1.07x 1.08x 4Q19 3Q20 4Q20 Funding Cash / Deposits (%) (1) Deposits / Net loans (%) * Deposit composition (%) Exc.
FX = Growth excluding FX movement of Central American Operations (1) Includes Ps. 14.6 trillion of funding of Multi Financial
Group. Growth excluding FX and the acquisition would have been 9.6% vs. 4Q19 (2) Includes Ps. 10.1 trillion of deposits of Multi
Financial Group. Growth excluding FX and the acquisition would have been 13.2 % v s. 4Q19 (*) Net Loans equals gross loans plus
interbank and overnight funds net of allowance for impairment of loans and receivables 175.5 217.1 211.8 4Q19 3Q20 4Q20 Savings
accounts Checking accounts Time deposits Others 0.3 24.2 36.1 39.4 Deposit composition (%) 4Q19 3Q20 4Q20 0.2 24.2 35.0 40.6 0.3
24.2 33.8 41.7 Y/Y% = 20.7%; (Exc. Fx = 18.9%) Q/Q% = - 2.4%; (Exc. Fx = 2.0%) (2) Total deposits Total funding Figures in Ps.
Trillions
15 4Q19 3Q20 4Q20 4Q19 3Q20
4Q20 4Q19 3Q20 4Q20 4Q19 3Q20 4Q20 Primary capital (Tier 1) 9.1 9.7 8.9 9.6 8.4 8.7 8.5 8.8 8.7 9.7 11.0 10.7 Solvency Ratio 12.8
12.7 12.1 11.8 10.5 10.6 10.6 10.4 10.5 10.7 12.3 12.0 19.9 20.8 20.7 13.5 14.6 14.8 33.3 35.4 35.4 4Q19 3Q20 4Q20 Attributable
equity Minority interest Q/Q% = 0.0% Y/Y% = 6.3% 19.9 20.8 20.7 4Q19 3Q20 4Q20 Q/Q% = - 0.7% Y/Y% = 4.1% Total equity / Assets
8.3% 9.2% 11.0% 10.6% 12.0% 7.9% Tangible equity ratio (1) Attributable Shareholders Equity Attributable Equity + Minority Interest
Figures in Ps. Trillions Consolidated Capital Adequacy of our Banks (%) (2) Capital (1) Tangible Equity Ratio is calculated as
Total Equity minus Goodwill and other Intangibles divided by Total Assets minus Goodwi ll and other Intangibles (2) For 3Q20 Total
Tier 1: CET1 :8.5% and AT1: 1.2% and for 4Q20 Total Tier 1: CET1 :7.8% and AT1: 1.1% (2)
16 4Q19 3Q20 4Q20 4Q20 /
4Q19 4Q20 / 3Q20 3.0 3.2 3.4 10.8% 3.5% 5.63% 5.08% 5.29% 4Q19 3Q20 4Q20 2.56% 2.95% 3.78% Cost of funds NIM – Net Interest
Margin Net Interest Margin (1) Loans Interest Margin (2) Net Investments Margin (3) Net Interest Income (1) (Trillions) (1) Net
Interest Income and Net Interest Margin: Includes net interest income plus net trading income from investment securities hel d
for trading through profit or loss divided by total average interest - earning assets. NIM without income from investment securities
held for trading through profit or loss was 5.0% for 4Q20 , 4.9% for 3Q20 and 5.6% for 4Q19. (2) Loans Interest Margin: Net Interest
Income on Loans to Average loans and financial leases. (3) Net Investments Margin: Net Interest income on fixed income securities,
net trading income from equity and fixed income inves tme nt securities held for trading through profit and on interbank and overnight
funds to Average securities and Interbank and overnight funds. 6.36% 5.79% 5.87% 4Q19 3Q20 4Q20 Avg. Yield on loans 10.38% 9.05%
8.66% 1.96% 1.78% 2.77% 4Q19 3Q20 4Q20 Avg. Yield on fixed income and interbank & overnight funds 5.56% 5.04% 5.98% FY19 FY20
5.70% 5.17% 3.74% 3.10% FY19 FY20 6.40% 5.95% 10.36% 9.35% FY19 FY20 2.28% 1.54% 6.24% 4.93%
17 4Q19 3Q20 4Q20 Energy
& gas 143 194 594 Infrastructure 478 637 500 Hotels 9 -16 13 Agribusiness 14 5 11 Other -105 -86 -102 Total 539 734 1,016
Fees and other operating income Gross fee income Other operating income Non - financial sector (1) (1) Net income from sales of
goods and services (2) Reflects net NFS from Nexa BPO, Megalinea and Aportes en L ínea call - centers and other subsidiaries
(2) (2) Exc. FX = Growth excluding FX movement of Central American Operations (1) Includes income from trading and hedging derivatives
reflected as part of the net trading income on the Statement of Profit or L oss. (2) Includes share of profit of equity accounted
investees, net of tax, and dividend income. 4Q19 3Q20 4Q20 Foreign exchange gains (losses), net 337 222 731 Net income (loss)
on financial derivatives -179 -50 -216 Other trading income on derivatives 12 39 1 Derivatives and foreign exchange gains (losses),
net (1) 170 212 516 Gains on valuation of assets 12 -4 -47 Net income from other financial instruments mandatory at FVTPL 55 60
60 Net gain on sale of investments and OCI realization 9 313 100 Gain on the sale of non-current assets held for sale 5 9 68 Income
from non-consolidated investments 57 55 65 Other income from operations 106 85 72 Total other income from operations 414 729 833
1,658.3 1,445.9 1,586.9 4Q19 3Q20 4Q20 Banking fees Trust activities Pension fees Other 74.9% 71.2% 72.3% 17.7% 19.9% 19.0% 5.0%
6.3% 5.8% 2.4% 2.6% 2.9% Y/Y% Q/Q% - 7.6 11.0 3.1 13.5 11.5 0.7 5.0 21.4 12.9 0.7 5.1 21.4 - 11.3 11.0 2.8 13.5 Y/Y% = - 4.3%
; (Exc. Fx = - 7.2%) Q/Q% = 9.7%; (Exc. Fx = 10.7%) % Growth excluding FX movement of Central American Operations Figures in Ps.
Billions FY19 FY20 312 363 20 531 122 139 454 1,032 14 -50 218 252 199 613 23 112 314 312 420 367 1,643 2,639
18 4.1% 3.1% 3.4% 4Q19 3Q20
4Q20 FY19 3.8% FY20 3.4% Efficiency ratios Cost to income efficiency ratio is calculated as total other expenses divided by net
interest income plus net income from commissions and fees, net income from sales of goods and services, net trading income, net
income from other financial instruments mandatory at FVTPL and total other income . Cost to income Cost to assets Cost to assets
efficiency ratio is calculated as annualized total other expenses divided by average total assets . 52.1% 44.0% 42.9% 4Q19 3Q20
4Q20 FY19 47.6% FY 20 46.0%
19 Profitability Figures
in Ps. Billions Net income attributable to controlling interest ROAA (1) ROAE (2) (1) ROAA for each quarter is calculated as annualized
Net Income divided by average of total assets. (2) ROAE for each quarter is calculated as annualized Net Income attributable to
Aval's shareholders divided by average attributa ble shareholders' equity 715.1 690.9 635.1 4Q19 3Q20 4Q20 EPS $28.5 $31.0 $32.1
1.9% 1.5% 1.7% 4Q19 3Q20 4Q20 14.6% 13.6% 12.3% 4Q19 3Q20 4Q20 FY19 FY20 2.0% 1.5% FY19 FY20 16.4% 11.7% FY19 FY20 3,034.4 2,349.5
$ 136.2 $ 105.4
20
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
Date: March
12, 2021
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GRUPO AVAL ACCIONES Y VALORES S.A.
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By:
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/s/ Jorge Adrián
Rincón Plata
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Name:
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Jorge Adrián Rincón Plata
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Title:
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Chief Legal Counsel
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