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Colombia's Grupo Aval says first quarter net profit up 7.85%

Colombia's Grupo Aval says first quarter net profit up 7.85%
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Colombia's Grupo Aval says first quarter net profit up 7.85%

Colombia's Grupo Aval says first quarter net profit up 7.85%
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Colombia's Grupo Aval 2020 net profit falls 13.7%

By Reuters Staff
2 Min Read
BOGOTA, March 12 (Reuters) - Grupo Aval, Colombia’s largest financial conglomerate, on Friday reported a 13.7% fall in 2020 net profit, which it attributed to a deterioration of its loan portfolio due to the effects of the coronavirus pandemic, and increased costs.
Grupo Aval’s net profit came in at 4.63 trillion pesos ($1.3 billion) last year, down from the record 5.36 trillion pesos it reported for 2019. Fourth-quarter net profit rose 9.4% year-on-year to 1.4 trillion pesos.
Net interest income rose 6% during 2020 to 11.9 trillion pesos, the company said in a statement released late on Thursday. Outstanding debt rose 49.4% to 6.26 trillion pesos, it added.

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