UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K Report Of Foreign Private Issuer Pursuant To Rule 13a-16 Or 15d-16 Of The Securities Exchange Act Of 1934 For the month of March 2023 Commission File Number: 000-54290 Grupo Aval Acciones y Valores S.A. (Exact name of registrant as specified in its charter) Carrera 13 No. 26A - 47 Bogotá D.C., Colombia (Address of principal executive office) Indicate by check mark whether the registrant files or will file annual reports under c ...

Financial Data and Key Metrics Changes - Grupo Aval's total attributable net income for 2022 was Ps. 2.5 trillion, a decrease of 27.5% compared to 2021, with net income from continuing operations at Ps. 1.889 trillion, down 24.7% year-on-year [17][44] - The company reported a return on average assets of 1.6% and a return on average equity of 14% for the year [26][45] - The net interest margin (NIM) on loans contracted 41 basis points to 5.29% in 2022, while the overall NIM on loans decreased 67 basis points to 3.68% [36][45] Business Line Data and Key Metrics Changes - Loans grew 18.1% year-on-year, with commercial loans increasing by 18.3% and consumer loans by 17% [28][29] - Personal loans saw a significant increase of 33.7%, while automobile loans and credit cards grew by 18.9% and 17.8%, respectively [28] - The quality of loan portfolios improved, with Stage 1 loans representing 87.2% of gross loans, up from 81.7% a year earlier [30] Market Data and Key Metrics Changes - Colombia's GDP grew by 7.5% in 2022, driven by strong private consumption and investment dynamics [11][12] - Inflation reached 13.1% in December 2022, the highest since 1999, with food prices contributing significantly to the increase [13] - The Central Bank's repo rate increased to 12.75%, with expectations of further hikes due to persistent inflation [14] Company Strategy and Development Direction - Grupo Aval is focusing on digital transformation, with a significant increase in digital product sales and transactions, which represented almost 70% of total transactions [18][19] - The company aims to strengthen its ESG efforts, having joined the United Nations global pact and received certifications for sustainability [20][21] - The strategy includes careful capital allocation and maintaining cost control amid a challenging economic environment [27] Management's Comments on Operating Environment and Future Outlook - Management noted that the economic environment in Colombia has become challenging, with high inflation and increased cost of funds impacting consumer lending [7][10] - The company anticipates slower loan growth in 2023, with expectations of nominal growth around 10% and real growth close to 0% [27] - Future guidance includes loan growth expectations of 9% to 11% and a cost of risk net of recoveries in the range of 1.5% to 1.6% [45] Other Important Information - The sale of a 20.89% stake in BAC Holding International Corp. resulted in a one-time loss of Ps. 678 billion, impacting the fourth quarter results [9][22] - The company has implemented cost containment initiatives, with total operating expenses growing 9.1% in 2022, below the inflation rate [42][43] Q&A Session Summary Question: Rationale for the sale of BHI - Management explained that the sale was driven by the need to simplify capital allocation and unlock value, as BHI had grown to be the same size as its parent company, Banco de Bogotá [50][52] Question: Impact of lower rates on margins - Management indicated that while higher rates initially compressed margins, they expect improvements as the market adjusts to the net stable funding ratio and as fixed loans reprice [53][56] Question: Dividend payout expectations - Management noted that retail banks need to be cautious with dividend payouts, while corporate banks have more room for dividends, maintaining a payout policy of 40% to 50% [62]

Financial Data and Key Metrics Changes - The company reported a 3.5% growth in assets during the quarter and a 14.6% year-on-year increase [23] - Attributable net income for the quarter was Ps. 480 billion, translating to Ps. 17.2 per share, with a return on average assets of 1.3% and return on average equity of 9.8% [33] Business Line Data and Key Metrics Changes - Gross loans grew by 5.1% for the quarter and 16.5% year-on-year, with commercial loans increasing by 4.5% quarterly and 15.4% annually [24] - Consumer loans rose by 5.8% over the quarter and 17.3% year-on-year, while personal loans grew by 10.9% quarterly and 29.2% annually [24] - Mortgages expanded by 6.8% over the quarter and 21.4% year-on-year [25] Market Data and Key Metrics Changes - Colombia's GDP grew by 7.1% in Q3 2022 compared to the same quarter last year, with private consumption increasing by 7.8% [11] - The unemployment rate in Colombia reached 10.7% in September, showing improvement from 12.6% a year earlier [12] Company Strategy and Development Direction - The company is focusing on digital transformation, with digital customers reaching nearly 5 million and digital transactions accounting for almost 70% of total transactions [17][18] - The company plans to navigate through a challenging environment by deploying cost control initiatives and investing in advanced analytics and digital strategies [23] Management's Comments on Operating Environment and Future Outlook - Management highlighted the impact of resilient inflation and monetary policy contraction on the economy, with expectations of slower growth in 2023 [9][10] - The company anticipates loan growth to moderate in 2023 due to lower inflation and GDP growth, alongside higher interest rates [24][35] Other Important Information - The effective income tax rate during the quarter was nearly 30% higher than the previous quarter, primarily due to the sources of pre-tax income [23] - The company expects a full-year NIM in the 3.75% to 4% range for 2023, with a return on average equity projected between 13% and 14% [35] Q&A Session Summary Question: Tax reform impact on income tax rate - Management confirmed a 5 percentage point surcharge for banks, with a marginal change of 2 percentage points affecting only the banking business [37][39] Question: Pension reform implications - Management indicated that the pension reform could significantly reduce monthly revenue for Porvenir, but the overall impact on profitability may be limited [41][46] Question: Funding needs for the Holdco - Management stated that there are no immediate funding needs for the Holdco after the recent bond payment, with the next maturity not due until 2030 [39] Question: FX losses explanation - Management explained that FX losses were due to higher costs associated with derivatives and depreciation, which may not be recurring [47][48] Question: NIM strategy going forward - Management indicated that they expect NIM to improve in the second half of 2023, with strategies to enhance loan mix and margins [66]

Grupo Aval Acciones y Valores S.A. (NYSE:AVAL) Q2 2022 Earnings Conference Call August 11, 2022 10:00 AM ET Company Participants Luis Carlos Sarmiento Gutierrez - Chief Executive Officer Diego Fernando Solano Saravia - Chief Financial Officer Operator Welcome to Grupo Aval Second Quarter 2022 Consolidated Results Conference Call. My name is Hilda and I will be your operator for today's call. Grupo Aval Acciones y Valores S.A., Grupo Aval is an issuer of securities in Colombia and in the United States SEC. A ...

Financial Data and Key Metrics Changes - The attributable net income for Q1 2022 was approximately 1.73 trillion pesos, which includes an extraordinary gain of 720 billion pesos from the realization of certain OCI accounts due to the spin-off [21][40] - The pro forma attributable net income, excluding extraordinary gains and BHI's net income, is similar to the best historical results achieved in previous years [22] - The total equity decreased by 9.66 trillion pesos due to the spin-off, with only 3.56 trillion pesos being tangible equity [16][34] Business Line Data and Key Metrics Changes - Gross loans grew by 8.5% year-on-year and 2.6% quarter-on-quarter, with commercial loans accounting for 57.5% of gross loans [27] - Consumer loans saw a 2.4% growth during the quarter and 11.6% year-on-year, driven by payroll loans [28] - The quality of the loan portfolio remained stable, with 90-day past due loans (PDLs) improving to 3.53% [30] Market Data and Key Metrics Changes - The Colombian economy grew by 8.5% in Q1 2022, with significant contributions from commercial activities and manufacturing [9] - Inflation reached 9.2% in April 2022, the highest since 2000, driven by supply factors [12] - The unemployment rate fell to 12.1% in March 2022, down from 14.7% a year earlier [11] Company Strategy and Development Direction - The spin-off of BHI was executed to strengthen the strategic positions of Banco de Bogota and Grupo Aval, allowing for independent trading and better adaptation to local market dynamics [15] - The company aims to focus on digital transformation, with a 45% increase in active digital clients and a target of 65% digital adoption by year-end [19] - The guidance for 2022 includes loan growth expectations of around 13%, with commercial loans growing at 12% and retail loans at 14% [42] Management's Comments on Operating Environment and Future Outlook - The management expressed concerns about inflation and its potential impact on GDP growth and loan quality, while remaining optimistic about the Colombian economy's recovery [22][23] - The upcoming elections in Colombia may introduce temporary uncertainties, but management believes in the country's ability to progress [23] - The Central Bank's monetary policy normalization is expected to continue, with potential rate hikes impacting loan growth [13][56] Other Important Information - The company reported a significant increase in non-financial sector contributions, particularly from toll roads benefiting from inflation [62] - The funding structure remains stable, with deposits accounting for 71% of funding, and a deposit to net loans ratio of 100% [33] Q&A Session Summary Question: Confirmation on $1 billion bond maturity payment - Management confirmed that the $1 billion bond maturity in September will be paid with existing resources and no new debt will be raised [44][46] Question: Capitalization needs post-spin-off - Management stated there is currently no need for equity injection at Banco de Bogota or Grupo Aval, attributing stability to recent decisions regarding dividends [45][46] Question: Pro forma return on assets and equity - Management explained that pro forma numbers for return on assets and equity were not provided due to the complexity of assumptions involved [48][50] Question: Political and regulatory outlook - Management indicated uncertainty regarding potential regulatory changes but does not foresee negative impacts on the financial system [49][51] Question: Net stable funding ratio and liquidity - Management noted that liquidity ratios are under pressure but recent bond issuance by Banco Popular has improved their position [54][56] Question: Impact of rising interest rates on loan growth - Management acknowledged that while higher rates could slow economic growth, they believe the Central Bank's actions are appropriate given inflation concerns [56][57] Question: Fee income and non-financial sector guidance - Management explained that lower fee income was due to the spin-off and lower pension fund returns, while guidance for the non-financial sector has improved due to strong performance in toll roads [59][62]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the fiscal year ended December 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________________ to ________________ OR ☐ SHELL COMPANY ...