Grupo Aval Acciones Y Valores S.A. (AVAL)

Price$5.36Cached quoteAs of 2026-09-15 13:11 UTC

AI: Fair-priced

Price checkThe shares look fairly priced because improving profitability is balanced by modest returns and country-specific risk.

Each U.S.-listed share represents 20 Colombian preferred shares. At the observed valuation, Grupo Aval trades at roughly 11–12 times recent attributable earnings and about 1.1 times June book value. Management still guides to about a 9.25% return on shareholder equity for 2026, which makes that book-value multiple reasonable rather than obviously cheap. The price appears to require continued loan growth, stable credit losses, and returns near 10%, while leaving limited room for a material Colombian peso or banking-cycle setback.

Big pictureEarnings are recovering and credit quality is improving, but recent profit growth includes some unusually strong investment gains.

The supplied history shows attributable-style net income of about COP 1.72 trillion in 2025 versus COP 2.19 trillion in 2024, while reported operating cash flow swung from COP 0.78 trillion to COP 7.38 trillion. For a bank, operating cash flow is noisy because deposits and lending movements flow through it, so earnings, credit quality, and capital are more useful. First-half 2026 attributable profit reached COP 914 billion, up about 7% year over year, with second-quarter profit accelerating sharply.

Business strengthStrong deposits, stable shares, and improving loan quality help, while holding-company leverage remains meaningful.

June net loans were COP 189.8 trillion against COP 221.5 trillion of customer deposits, giving a solid deposit funding cushion. Loans more than 90 days past due were 3.1% of gross loans, down from 3.6% a year earlier, with provisions covering those troubled loans about 1.37 times. Shares outstanding have stayed at roughly 23.74 billion since 2022, limiting dilution. The approved annual dividend totals COP 31.80 per share, roughly a 4% pre-tax yield, while holding-company double leverage remained 1.19 times.

What could change the storyRetail expansion could lift returns, but weaker margins, credit costs, or currency moves would quickly reduce upside.

The bull case is stronger retail banking after Banco de Bogotá absorbed Itaú Colombia's transferred retail business, adding more than 250,000 customers and supporting management's roughly 14% retail-loan growth expectation. The main valuation risk is normalization: second-quarter total interest margin jumped to 5.51% partly because investment income was unusually strong, while management's full-year expectation remains closer to 4.2%. If shareholder returns stay above 12%, the current book multiple could prove attractive; a return toward 9%, rising credit losses, or peso weakness would make it less compelling.

AI: News

Profitability jumpedSecond-quarter profit and shareholder returns improved sharply, though unusually strong investment income boosted the quarter.

Grupo Aval reported on August 14 that second-quarter attributable net income reached COP 577.5 billion, up 16.7% year over year and 71.6% from the first quarter. Return on shareholder equity reached 12.7%, its highest quarterly level in four years, while loans grew 7.6% annually. The U.S.-listed shares gained about 0.9% on August 13 but fell about 1.9% the next session, making the immediate market reaction mixed rather than clearly attributable to earnings.

Itaú retail transferBanco de Bogotá completed a major retail portfolio transfer that expands Grupo Aval's consumer banking reach.

On July 31, Banco de Bogotá completed the transfer of part of Itaú's Colombian retail banking business after regulatory approval. Grupo Aval later said the transaction brought more than 250,000 retail customers and should strengthen its affluent and personal-banking franchise. Itaú disclosed that the Colombia and Panama portfolio disposal totaled approximately R$2.5 billion. Grupo Aval's U.S.-listed shares rose about 2.5% that day, although Colombian equities broadly advanced too, so direct attribution is uncertain.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Revenue	$17.37T	$46.49T	$47.66T	$37.27T	$39.06T	$38.47T	$37.06T	$34.08T	$31.66T	$31.66T	$21.15T
Gross profit	—	$2.48T	$3.22T	$4.55T	$3.10T	$2.82T	$2.37T	$2.64T	$757.02B	$27.38T	—
Gross margin	—	5.33%	6.75%	12.19%	7.93%	7.34%	6.41%	7.76%	2.39%	86.47%	—
Net income	$1.72T	$2.19T	$2.18T	$4.87T	$5.67T	$4.63T	$5.37T	$5.18T	$3.16T	$3.52T	$3.35T
Net profit margin	9.91%	4.71%	4.57%	13.06%	14.51%	12.04%	14.48%	15.21%	9.99%	11.11%	15.82%
Basic EPSper basic share	COP 1,450.40	COP 42.75	COP 31.12	COP 107.29	COP 148.01	COP 105.45	COP 136.19	COP 130.73	COP 88.08	COP 96.04	COP 91.62
Diluted EPSper diluted share	COP 1,450.40	COP 42.75	COP 31.12	COP 107.29	COP 148.01	COP 105.45	COP 136.19	—	—	—	—

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Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of AVAL
Holder	Shares held
Truffle Hound Capital, LLC	1M
RENAISSANCE TECHNOLOGIES LLC	865.17K
Pekin Hardy Strauss, Inc.	517.05K
Banco BTG Pactual S.A.	226.56K
Stokes Family Office, LLC	210.12K
JANE STREET GROUP, LLC	188.64K
UBS Group AG	146.32K
O'Brien Greene & Co. Inc	125K
MILLENNIUM MANAGEMENT LLC	118.86K
DIMENSIONAL FUND ADVISORS LP	117.79K
CITADEL ADVISORS LLC	102.78K
AQR CAPITAL MANAGEMENT LLC	81.19K
BlackRock, Inc.	78.92K
Kerrisdale Advisers, LLC	75K
Thompson David Blair	69K
Sage Investment Counsel LLC	60.96K
XTX Topco Ltd	59.82K
HRT FINANCIAL LP	55.6K
GSA CAPITAL PARTNERS LLP	47.04K
BTG Pactual Asset Management US LLC	35.72K

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)0$0.00 disclosed value

No insider transactions transactions were reported in the stored SEC coverage.

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Grupo Aval Acciones Y Valores S.A. (AVAL)

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