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First Insight | Grupo Aval 1Q14 Earnings Results

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May 21, 2014 (www.investorideas.com newswire) Grupo Aval's 1Q14 financial results

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  • 1Q14's net total loans were COP 96.7 trillion, +23.5% YoY and +3.6% QoQ, The annual growth was explained by acquisitions in Central America (Grupo Reformador and BBVA Panama, now known as Banco BAC de Panama) by Banco de Bogotá.
  • Net interest income in the same period was COP 1,86 trillion, -0.6% YoY. 1Q14's NIM was 5.9%, 120 bp and 10pbs below 1Q13's and 4T13's.
  • Total loans' quality indicator was 2.7% at the end of 1Q14, higher than 1Q13's (2.6%). 1Q14's provisions expenses were COP 347 billion, -0.1% YoY and -5.8% QoQ.
  • 1Q14's operating expenses totaled COP 1.59 trillion, decreasing 0.7% with respect to 4Q13 and increasing 15.6% with respect to 1Q13, due to the closure of recent acquisitions. 1Q14's efficiency indicator (ex-goodwill) was 50.5% 320bp below 4Q13's and 670bp below 1Q13's.
  • 1Q14's Net income decreased 30.7%YoY to COP 505 billion, which was affected by a non-recurrent foreign exchange loss of COP 84 billion in 1Q14, a lower contribution of non-financial subsidiaries and a relevant increase in income tax expense. The annualized Return on Equity (ROAE) was 11.0% for 1Q14, well below the 22.0% of 1Q13 and the 14.8%of 4T13.

Overall, we consider 1Q14's results as weak, given the impact of lower investment's income and low growth in net interest income due to lower loan's interest rates. 1Q14's ROAE is the lowest since 2Q08. Financial results in the remainder of the year could improve amid the closure of recent acquisitions.

Today the company will host its conference call at 9AM Colombian Time

Corredores Asociados S.A. Comisionista de Bolsa no se hace responsable por la toma de decisiones de inversión que se deriven de la información y de los análisis presentados en este documento, dichas decisiones, sus efectos y consecuencias serán de exclusiva responsabilidad del inversionista. Los datos publicados son informativos y han sido tomados de fuentes confiables, pero Corredores Asociados S.A. no garantiza que los mismos estén libres de errores. No se permite la reproducción total o parcial de este documento sin la autorización previa y expresa de Corredores Asociados S.A.

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