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Daily Colombian Equities Bulletin and Fundamentals 05-21-14

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May 22, 2014 ( newswire) The Colcap index closed at 1,673.5 points (+0.66%).Total turnover reached USD 119.6 mn. The best performers were Pacific Rubiales (+6.05%), Canacol (+3.23%) and Odinsa (+3.16%). On the other hand, the worst performers were PfAviancaHoldings (-2.97%), Carvajal Empaques (-2.00%) and Mineros (-0.71%).

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Grupo Aval's 1Q14 financial results

  • 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 350 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.


The Mining and Energy Planning Unit (Upme for its acronym in Spanish) ratified the award of the project of the Second Transmission Line Bolivar - Cartagena of 220 kV which includes the construction of the transmission line with a length of 21 kilometers.

On the other hand, the company announced the resignation of Dr. Ivan Pinzon, Administrative Vicepresident. Dra. Monica Jaramillo Segura was designated as his replacement.

Corredores Asociados S.A. Comisionista de Bolsa is not responsible for investment decisions that may be derived from the information and analyses presented in this document. These decisions, their effects and consequences will be the sole responsibility of the investor. The information published is informative and has been taken from reliable sources, but Corredores Asociados S.A. does not guarantee that they are free of errors. Total or partial reproduction of this document is not allowed without the prior and express authorization of Corredores Asociados S.A.

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