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Luis Carlos Sarmiento Angulo smiles again.
Luis Carlos Sarmiento Angulo, one of Colombia’s richest businessmen, celebrates an impressive rebound in the profits of his financial conglomerate, Grupo Aval.
In the third quarter of 2024, the group reported net profits of $415 billion pesos, which represents an increase of 541.5% compared to the first quarter of the year.
According to the president of Grupo Aval, María Lorena Gutiérrez, the return on average capital reached 9.7%, recovering levels comparable to the third quarter of 2022.
Luis Carlos Sarmiento Angulo smiles again.
Innovations and sustained growth
A notable milestone of the quarter was the launch of ‘TAC Aval’, an interoperability tool that simplifies instant payments between accounts of the group’s entities without the need to share personal information. This innovation reinforces the technological leadership of the conglomerate.
The group’s total assets reached $321 billion pesoswith a growth of 1.3% quarterly and 7.3% annually. Gross loans, which totaled $195 billion pesos, also showed solid progress:
– Commercial loans: +5% year-on-year, +0.1% quarter-on-quarter.
– Consumer loans: +0.8% year-on-year, +0.9% quarter-on-quarter.
– Payroll loans: +1.4% quarterly.
– Mortgages: +4.8% quarterly, +13.7% year-on-year.
Financial strength
The group’s total capital experienced growth of 3.5% quarterly and 6.6% annually, while attributable capital increased 4% quarterly and 6.1% annually.
These results consolidate Grupo Aval as one of the main forces in the financial sector in Colombia.
Finally, María Lorena referred to the good moment of recovery that Colombia is going through.
“We are already seeing a rebound in consumption growth. There are many reasons for this from the supply and demand side. On the demand side, rates have fallen substantially and we are looking at a reaction of over 300 basis points next year. So, from the demand side, you do see that. Furthermore, unemployment has not deteriorated, which makes a difference: the labor market remains healthy.”
With these results, Luis Carlos Sarmiento Angulo reaffirms his leadership in the financial marketdemonstrating that Grupo Aval continues to be a fundamental pillar of the Colombian economy.
Read more: Luis Carlos Sarmiento Angulo will deliver the most important business city in Colombia.
What are the key strategies that Grupo Aval has implemented to achieve its impressive profit rebound, and how significant is the role of ‘TAC Aval’ in these strategies?
1. Can you tell me about the reasons behind the impressive rebound in profits of Grupo Aval? How does the launch of ‘TAC Aval’ contribute to this success?
2. What impact do you think the technological leadership demonstrated by Grupo Aval has on the financial sector of Colombia?
3. How does the growth rate of total assets and attributable capital ensure the financial strength of the group? What are the challenges faced by the group in maintaining this strength?
4. Can you elaborate on the factors that have contributed to the increase in consumption growth in Colombia? Do you foresee any potential obstacles in the future?
5. In your opinion, what sets Grupo Aval apart from its competitors in the Colombian financial market, and how does this reaffirm Luis Carlos Sarmiento Angulo’s leadership in the industry?
6. With the rise in consumption and economic growth, how do you plan to maintain the momentum and continue to contribute to the country’s development?
7. In light of the recent geopolitical tensions and global economic uncertainty, how has Grupo Aval adapted its strategies to ensure stability and long-term sustainability?
