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Grupo Aval 2Q14 Results: Profits in line as negative surprise in revenue was offset by positive results on expenses

Quarterly Results: Grupo Aval - HOLD
Price: COP 1,440; Target Price: COP 1,500

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August 29, 2014 (www.investorideas.com newswire) Grupo Aval recorded a sound 42% y/y increase in profits (+29% y/y EPS growth, considering the capital increase that ended in Jan-14). Profits came in line with our estimates, as a slight negative surprise in operating revenues was offset by better-than-expected results in both provision expenses and opex.

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Results are positive in terms of momentum and show the strong focus on efficiency of Grupo Aval, which has managed to consolidate BAC de Panamá and Grupo Reformador with marginal effects on opex. However, the attention now will be on the capital injection in the U.S. We maintain our HOLD.

Regards,
Credicorp Capital

La información contenida en este mensaje es confidencial y para conocimiento exclusivo del destinatario. La información y opiniones contenidas en este mensaje pertenecen únicamente al remitente, excepto cuando en el cuerpo del mensaje se establezca lo contrario y el remitente esté autorizado para enviar dicha información con carácter definitivo y oficial de Credicorp Capital. La información relacionada con su cuenta, los extractos, informes financieros y de productos, sólo será vinculante en la medida en que sea remitida por los canales y en los formatos que Credicorp Capital determine. Las opiniones, conclusiones o cualquier otra clase de información contenida en este correo no relacionadas con los fines del negocio de Credicorp Capital, deben entenderse como personales y bajo ninguna circunstancia son avaladas por Credicorp Capital. Si usted ha recibido este mensaje por error por favor proceda a eliminarlo, y notificar al remitente. De cualquier manera, usted no debe usar, divulgar, revelar, distribuir, imprimir, copiar o adulterar en forma parcial o total este mensaje. Credicorp Capital no se hace responsable por la eventual transmisión de virus o programas dañinos por este medio. Credicorp Capital, no se responsabiliza por eventuales daños o alteraciones como consecuencia de la recepción o uso del presente mensaje.

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