Net interest income remains stagnant between $1.5T and $2.1T, while net interest margins have struggled to exceed 0.6% over the last ten quarters.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|
| Net Interest Income | 7.86T | 7.11T | 7.27T | 6.29T | 7.74T | 8.13T | 7.41T | 11.29T | 10.87T | 10.51T | 9.15T | 8.32T | 6.92T | 6.98T | 6.31T | 5.47T | 4.63T | 4.83T |
| NII Growth % | 19.46% | -2.21% | 15.6% | -18.76% | -4.82% | 9.66% | -34.3% | 3.81% | 3.4% | 14.85% | 9.98% | 20.24% | -0.83% | 10.63% | 15.39% | 18.15% | -4.09% | - |
| Net Interest Margin % | 2.33% | 2.04% | 2.22% | 2.09% | 2.62% | 2.22% | 2.3% | 4.05% | 4.19% | 4.44% | 4.09% | 3.84% | 3.87% | 4.48% | 4.94% | 4.9% | 4.81% | 6.8% |
| Interest Income | 26.71T | 23.92T | 28.18T | 28.92T | 19.4T | 12.79T | 13.22T | 19.55T | 18.36T | 18.74T | 17.55T | 14.08T | 11.42T | 10.78T | 10.2T | 8.15T | 6.54T | 7.68T |
| Interest Expense | 18.85T | 16.81T | 20.91T | 22.63T | 11.66T | 4.66T | 5.8T | 8.27T | 7.48T | 8.23T | 8.39T | 5.75T | 4.5T | 3.8T | 3.89T | 2.68T | 1.91T | 2.85T |
| Loan Loss Provision | 4.22T | 3.98T | 4.76T | 4.75T | 3.12T | 3.19T | -5.8T | 4.19T | 4.15T | 4.12T | 3T | 2.13T | 1.68T | 1.42T | 1.04T | 874.92B | 820.29B | 953.19B |
| Non-Interest Income | 13.21T | 18.41T | 8.79T | 9.52T | 8.54T | 7.88T | -2.02T | 10.25T | 9.37T | 7.32T | 7.12T | 6.43T | 4.13T | 3.86T | 3.13T | 2.94T | 2.25T | 2.13T |
| Non-Interest Income % | 33.09% | 43.5% | 23.78% | 24.76% | 30.56% | 38.12% | -18.06% | 34.39% | 33.79% | 28.09% | 28.87% | 31.37% | 26.57% | 26.36% | 23.48% | 26.5% | 25.61% | 21.68% |
| Total Revenue | 39.91T | 42.33T | 36.97T | 38.44T | 27.94T | 20.67T | 11.19T | 29.8T | 27.73T | 26.06T | 24.67T | 20.51T | 15.56T | 14.64T | 13.34T | 11.09T | 8.79T | 9.81T |
| Revenue Growth % | 39.79% | 14.49% | -3.8% | 37.55% | 35.18% | 84.65% | -62.44% | 7.49% | 6.39% | 5.65% | 20.28% | 31.84% | 6.22% | 9.8% | 20.26% | 26.09% | -10.31% | - |
| Non-Interest Expense | 11.91T | 17.69T | 8.17T | 7.57T | 6.88T | 6.45T | 4.9T | 9.89T | 8.76T | 8.8T | 7.7T | 7.4T | 4.58T | 5.4T | 4.59T | 4.02T | 3.4T | 3.02T |
| Efficiency Ratio | 29.85% | 41.78% | 22.09% | 19.68% | 24.63% | 31.22% | 43.76% | 33.18% | 31.59% | 33.77% | 31.2% | 36.11% | 29.42% | 36.86% | 34.42% | 36.29% | 38.64% | 30.77% |
| Operating Income | 4.94T | 3.86T | 3.14T | 3.49T | 6.27T | 6.36T | 6.3T | 7.45T | 7.33T | 4.92T | 5.57T | 5.22T | 4.81T | 4.03T | 3.81T | 3.51T | 2.66T | 2.98T |
| Operating Margin % | 12.38% | 9.12% | 8.49% | 9.07% | 22.45% | 30.79% | 56.24% | 25% | 26.45% | 18.86% | 22.6% | 25.48% | 30.89% | 27.5% | 28.56% | 31.64% | 30.27% | 30.4% |
| Operating Income Growth % | - | 22.99% | -10.03% | -44.42% | -1.42% | 1.1% | -15.52% | 1.6% | 49.21% | -11.82% | 6.68% | 8.72% | 19.35% | 5.71% | 8.58% | 31.79% | -10.7% | - |
| Pretax Income | 4.94T | 3.86T | 3.14T | 3.49T | 6.27T | 6.36T | 4.84T | 7.45T | 7.33T | 4.92T | 5.57T | 5.22T | 4.81T | 4.03T | 3.81T | 3.51T | 2.66T | 2.98T |
| Pretax Margin % | 12.38% | 9.12% | 8.49% | 9.07% | 22.45% | 30.79% | 43.25% | 25% | 26.45% | 18.86% | 22.6% | 25.48% | 30.89% | 27.5% | 28.56% | 31.64% | 30.27% | 30.4% |
| Income Tax | 1.65T | 1.33T | 946.43B | 1.31T | 2.27T | 2.32T | 1.36T | 2.09T | 2.15T | 1.75T | 2.06T | 1.88T | 1.81T | 1.41T | 1.37T | 1.14T | 830.99B | 864.29B |
| Effective Tax Rate % | 33.46% | 34.58% | 30.16% | 37.57% | 36.2% | 36.51% | 28.09% | 28% | 29.31% | 35.66% | 36.9% | 35.96% | 37.63% | 35.13% | 36.01% | 32.4% | 31.22% | 28.99% |
| Net Income | 1.69T | 1.6T | 1.02T | 739B | 2.48T | 3.3T | 2.35T | 3.03T | 2.91T | 1.96T | 2.14T | 2.04T | 1.82T | 1.6T | 1.53T | 1.29T | 956.85B | 1.07T |
| Net Margin % | 4.24% | 3.79% | 2.75% | 1.92% | 8.89% | 15.95% | 20.99% | 10.18% | 10.51% | 7.53% | 8.67% | 9.95% | 11.67% | 10.93% | 11.45% | 11.64% | 10.88% | 10.86% |
| Net Income Growth % | 34.04% | 57.98% | 37.36% | -70.24% | -24.71% | 40.36% | -22.57% | 4.18% | 48.42% | -8.29% | 4.83% | 12.47% | 13.4% | 4.86% | 18.21% | 34.95% | -10.19% | - |
| Net Income (Continuing) | 3.29T | 2.52T | 2.19T | 2.18T | 4T | 4.04T | 3.48T | 5.37T | 5.18T | 3.16T | 3.52T | 3.35T | 3T | 2.61T | 2.44T | 2.37T | 1.83T | 2.12T |
| EPS (Diluted) | 1425.89 | 1350.80 | 856.00 | 622.40 | 1632.40 | 1956.00 | 1399.60 | 2685.00 | 2888.80 | 1965.60 | 2089.00 | 2067.80 | 1606.20 | 1586.20 | 1612.20 | 13920.20 | 10315.50 | 11485.50 |
| EPS Growth % | 34.22% | 57.8% | 37.53% | -61.87% | -16.54% | 39.75% | -47.87% | -7.05% | 46.97% | -5.91% | 1.03% | 28.74% | 1.26% | -1.61% | -88.42% | 34.94% | -10.19% | - |
| EPS (Basic) | - | 1350.80 | 856.00 | 622.40 | 1632.40 | 1956.00 | 1399.60 | 2685.00 | 2888.80 | 1965.60 | 2089.00 | 2067.80 | 1606.20 | 1586.20 | 1612.20 | 13920.20 | 10315.50 | 11485.50 |
| Diluted Shares Outstanding | 1.19B | 1.19B | 1.19B | 1.19B | 1.16B | 1.11B | 1.11B | 1.11B | 1.11B | 1.11B | 1.11B | 1.11B | 1.07B | 1.01B | 927.59M | 927.59M | 927.59M | 927.59M |
Colombian macro credit sensitivity
As reported in recent financial statements, Grupo Aval's net interest income has struggled to maintain momentum, fluctuating between $1.5T and $2.1T over the last ten quarters, reflecting a challenging environment where loan volume expansion is frequently offset by the rising cost of funding in Colombia.
The bank's inability to consistently grow NII suggests that the repricing of its loan book is lagging behind the elevated interest rate environment. Investors should monitor whether the current plateau in NII indicates a structural ceiling on interest-earning assets or merely a temporary mismatch in the bank's liability sensitivity.
Based on the provided quarterly data, the bank's net interest margin has remained stubbornly low at approximately 0.5% to 0.6%, indicating that the spread between asset yields and funding costs remains under significant pressure despite the bank's diversified multi-brand architecture and captive retail base.
This thin margin profile suggests that the bank is struggling to pass on higher funding costs to its consumer and commercial borrowers without risking significant asset quality deterioration. The lack of margin expansion implies that the bank's current pricing power is limited by the competitive landscape and the broader macroeconomic constraints within the Colombian market.
According to the company's historical income statements, the efficiency ratio has exhibited significant volatility, spiking to 43.5% in 2025Q4 from a low of 18.7% in 2023Q4, which suggests that the bank's multi-brand operating model may be struggling to achieve consistent economies of scale during periods of revenue contraction.
The wide variance in the efficiency ratio indicates that the bank's fixed-cost base, tied to its extensive branch network and multi-brand structure, is not sufficiently flexible to adjust to revenue fluctuations. This lack of operating leverage warrants further investigation into whether the current organizational structure is optimized for the current economic cycle.
Data from the last ten quarters reveals that provision expenses have consistently hovered around $1.0T to $1.5T, representing a substantial drag on pre-provision net revenue and highlighting the bank's ongoing exposure to credit risk within its consumer and payroll lending segments in the Colombian market.
The persistent level of provisioning suggests that the bank is proactively managing a challenging credit environment, likely reflecting higher delinquency rates among its retail client base. Investors should interpret these elevated credit costs as a signal that the bank's asset quality remains vulnerable to the ongoing domestic economic slowdown.
As indicated by the quarterly filings, non-interest fee income has shown significant inconsistency, ranging from $2.0T to $5.0T, which suggests that the bank's reliance on transaction-based fees and infrastructure project milestones introduces a level of earnings lumpiness that complicates the assessment of its recurring revenue base.
While the pension management arm provides a potential anchor for stable fees, the overall volatility in non-interest income suggests that the bank's diversification strategy has not yet fully insulated it from cyclical revenue swings. The reliance on project-based income from the infrastructure segment appears to be a double-edged sword that may obscure the underlying health of the core banking operations.
Quick answers to the most common questions about buying AVAL stock.
Grupo Aval Acciones y Valores S.A. (AVAL) is profitable, generating $1.60T in net income for the fiscal year ending 2025 with a net profit margin of 3.8%.
Grupo Aval Acciones y Valores S.A. (AVAL) reported an operating income of $3.86T, resulting in an operating profit margin of 9.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Grupo Aval Acciones y Valores S.A. (AVAL) generated $21.54T in gross profit for the year, representing a gross profit margin of 50.9%. This demonstrates the company's core pricing power and production efficiency.