Grupo Aval Acciones y Valores S.A. (NYSE:AVAL) Q2 2023 Earnings Call Transcript August 17, 2023 Operator: Welcome to Grupo Aval’s Second Quarter 2023 Consolidated Results Conference Call. My name is Regina, 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 […]
(Reuters) - Colombian financial conglomerate Grupo Aval reported a 75.4% year-over-year fall in net profit in the second quarter, according to a secur.
(Reuters) - Colombian financial conglomerate Grupo Aval reported a 75.4% year-over-year fall in net profit in the second quarter, according to a secur.
Colombian financial conglomerate Grupo Aval on Thursday cut its 2023 loan growth forecast and hiked its cost of risk estimate, a day after it posted a 75% quarterly profit slump as costs of funds rose for its banking subsidiaries. The South American company, whose portfolio includes Banco de Bogota and Banco Popular, now forecasts loan growth at 4% to 5% over the year, after guiding a 7% to 8% range last quarter. Despite soaring net interest income, Grupo Aval's quarterly earnings suffered from a $80 million settlement involving one of its subsidiaries in a U.S. corruption case, which Chief Executive Luis Sarmiento said was now fully closed both in the United States and Colombia.
By Sarah Morland and Marion Giraldo (Reuters) - Colombian financial conglomerate Grupo Aval on Thursday cut its 2023 loan growth forecast and hiked it.