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Grupo Aval Acciones y Valores S.A. (NYSE:AVAL) Q3 2023 Earnings Call Transcript

Grupo Aval Acciones y Valores S.A. (NYSE:AVAL) Q3 2023 Earnings Call Transcript November 16, 2023

Operator: Welcome to Grupo Aval's Third Quarter 2023 Consolidated Results Conference call. My name is Krista and I will be your operator for today's call. Grupo Aval Acciones y Valores S.A., Grupo Aval, is an issuer of securities in Colombia and in the United States SEC. As such, it is subject to compliance with securities regulations in Colombia and applicable US securities regulation. Grupo Aval is also subject to the inspection and supervision of Superintendency of Finance as holding company of the Aval financial conglomerate. The consolidated financial information included in this document is presented in accordance with the IFRS as currently issued by the IASB. Details of the calculations of non-IFRS measures such as ROAA and ROAE, among others, are explained when required in this report.

A view of high-rises against an open sky, alluding to the commercial banking products & services offered by the company.


Banco de Bogota executed a spin-off of a 75% equity stake in BAC Holding's International Corp, BHI, to its shareholders and Grupo Aval subsequently spin off its equity interest to its shareholders on March 29th, 2022. On December 19th, 2022, Banco de Bogota sold 20.89% of the outstanding investment of BHI through a tender offer. As of December 31st, 2022, Banco de Bogota held 4.11% of BHI. This investment is reflected as an investment at fair value through other comprehensive income. Following the sale, the equity method recognized under the share of profit of equity accounted investees, net of tax equity method between April and November was reclassified to discontinued operations. For comparability purposes of this presentation, we have reclassified BHI's equity method for the second and third quarter of 2022 to net income from discontinued operations.

Banco de Bogota's remaining 4.11% interest in BHI was disposed of in March 2023. The report includes forward looking statements. In some cases, you can identify these forward-looking statements by words such as may, will, should, expect, plans, anticipates, believes, estimates, predicts, potential or continue or the negative of these words and other comparable words. Actual results and events may differ materially from those anticipated herein as a consequence of change -- changes in general, economic and business conditions, changes in interest and currency rates and other risk factors described from time to time in our filings with the Registro Nacional de Valores y Emisores and the SEC. Recipients of this documents are responsible to 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 its 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. At this time, all participants are in a listen only mode. Later, we will conduct a question-and-answer session. I will now turn the call over to Mr. Luis Carlos Sarmiento Gutierrez, Chief Executive Officer.

Mr. Luis Carlos Sarmiento Gutierrez, you may begin.

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To continue reading the Q&A session, please click here.