Financial Data and Key Metrics Changes - Grupo Aval achieved the highest net income in its history for 2021, with a net income of COP3.3 billion, which is 40.4% higher than in 2020 and 9% higher than in 2019 [33] - Return on average equity was 15.3% and return on average assets was 1.65% for the year [33] - Consolidated assets grew by 13.6% year-on-year, while consolidated gross loans grew by 13.2% [34] Business Line Data and Key Metrics Changes - In Colombia, the gross loan portfolio grew by 6.6% over the year, with consumer loans showing strong demand, growing 11.5% for the full year [36][37] - Corporate lending growth in Colombia was weak, with a commercial loan portfolio growth of only 2.9% for the year [38] - In Central America, the gross loans portfolio increased by 8.3% in dollar terms year-on-year, with consumer loans growing by 3.9% and commercial loans by 3.7% [39] Market Data and Key Metrics Changes - The Colombian economy grew by 10.6% in 2021, the highest rate in its history, driven by a rebound in private consumption [11] - Inflation in Colombia closed the year at 5.62%, significantly up from 1.61% in 2020, with food prices increasing by a record high of 23.3% [15] - The current account deficit widened to 5.7% of GDP in 2021, primarily due to a trade balance deficit of $20.5 billion [18] Company Strategy and Development Direction - Grupo Aval plans to execute a spin-off of 75% of Back Holding International Corp, which owns its Central American banking group, to simplify corporate structure and enhance strategic focus on Colombia [28][29] - The company aims to improve its regulatory capital position and capture future growth opportunities through this spin-off [30] - The company is committed to ESG initiatives, including launching green products and participating in sustainability indices [25][27] Management's Comments on Operating Environment and Future Outlook - Management expects Colombia's GDP growth in 2022 to be in the range of 4% to 4.5%, despite challenges from the election year and inflationary pressures [14] - The company anticipates a strong growth rate in commercial loans supported by improving business confidence and economic activity [38] - Management highlighted the importance of maintaining a healthy loan portfolio quality, with expectations for cost of risk to remain stable [44] Other Important Information - The company reported a significant increase in digital clients, with active digital clients in Colombia totaling 3.8 million, a 44% increase year-on-year [23] - The company has implemented a hybrid work scheme post-pandemic, which is expected to enhance employee satisfaction and operational efficiency [9] Q&A Session Summary Question: Potential capital rise and dividend payment - Management indicated that not distributing dividends serves as a proxy for raising capital, and the spin-off will raise Banco de Bogota's capital ratios by about 130 basis points, reducing the need for additional capital raises for now [62] Question: Asset quality and reliefs - Management acknowledged improvements in asset quality, with 9.5% of total loans still under reliefs, and provided insights into the stability of the relief book and the quality of loans under reliefs [64]

Grupo Aval Acciones y Valores S.A (NYSE:AVAL) Q3 2021 Earnings Call November 18, 2021 ET Company Participants Luis Carlos Sarmiento Gutierrez - CEO & President Diego Solano Saravia - CFO Conference Call Participants Jason Mollin - Scotiabank Yuri Fernandes - JPMorgan Chase & Co. Julian Ausique - Davivienda Andres Soto - Santander Carlos Gomez-Lopez - HSBC Operator Welcome to Grupo Aval Third Quarter 2021 Consolidated Results Conference Call. My name is Hilda and I will be your operator for today’s call. Gru ...

Grupo Aval Acciones y Valores S.A. (NYSE:AVAL) Q2 2021 Earnings Conference Call August 12, 2021 10:30 AM ET Company Participants Luis Carlos Sarmiento Gutierrez - CEO & President Diego Solano Saravia - CFO Conference Call Participants Sebastián Gallego - CrediCorp Capital Adriana De Lozada - Scotiabank Brian Flores - ASA Investments Yuri Fernandes - JPMorgan Chase & Co. Julian Ausique - Davivienda Andres Soto - Santander Operator Welcome to Grupo Aval's Second Quarter 2021 Consolidated Results Conference Ca ...

Financial Data and Key Metrics Changes - The company's total assets grew by 4.3% quarter-on-quarter and 5.1% year-on-year, with Colombian assets increasing by 2.7% quarterly and 0.3% annually [24][25] - The gross loan portfolio increased by 3.8% over the quarter and 4.4% year-on-year, with Colombian loans growing by 1.7% during the quarter [26][27] - Attributable net income for Q1 2021 was 792 billion pesos, representing a 24.7% increase year-on-year [42] Business Line Data and Key Metrics Changes - Retail lending products showed substantial performance, with consumer loans in Colombia increasing by 2.7% in the quarter and 8.1% year-on-year [26][27] - Payroll lending, which constitutes 60% of the Colombian consumer portfolio, grew by 5.7% over the quarter [27] - The corporate loan portfolio in Colombia grew by 1% during the quarter, recovering from previous contractions [27] Market Data and Key Metrics Changes - The Colombian economy grew by 2% in Q1 2021, surprising market expectations of contraction [10] - The Central Bank raised its GDP growth forecast for Colombia to 6% from 5.2% [12] - Inflation in Colombia reached 1.95% in April, up from 1.51% the previous month, with expectations of reaching around 3% by year-end [13] Company Strategy and Development Direction - The company is focused on digitalization, with active digital clients growing by almost 30% year-on-year [19] - There is a strong emphasis on cost containment and efficiency improvements through digital initiatives [21] - The company anticipates further improvement in economic activity supported by stronger business sentiment and increased consumer spending [11] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the economic recovery, noting that tailwinds such as an improving economy and resilient loan portfolio may outweigh headwinds like social unrest [20][22] - The company is closely monitoring social unrest and its potential impact on operations, while also being vigilant about the ongoing pandemic [22] - Future guidance includes loan growth expectations of 9% to 10% and a cost of risk between 2.3% and 2.4% [42] Other Important Information - The company reported a significant increase in digital transactions, with nearly 70% of monetary transactions conducted through digital channels [19] - The cost of risk improved to 2.2%, down from 3.5% in the previous quarter [33] Q&A Session Summary Question: Inquiry about double leverage at the group level - Management explained that they have maintained debt levels and have strategies in place to ensure liquidity for bond payments, with a focus on lending to subsidiaries at favorable rates [44][45][46] Question: Asset quality and cost of risk guidance - Management confirmed that the cost of risk guidance has been revised to 2.3% to 2.4%, citing improved asset quality despite ongoing uncertainties [53][54] Question: Charge-offs and specific segments - Management acknowledged an increase in charge-offs but noted that they are still within historical averages, with specific segments being more affected than others [56][57] Question: Tax reform prospects - Management discussed the uncertainty surrounding tax rates and potential reforms, indicating that the most likely scenario is maintaining current tax levels [60][62] Question: Impact of social unrest on operations - Management confirmed that they are monitoring the situation closely, particularly regarding its impact on Banco de Occidente and overall operations [64][65]

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, 2020 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 ...

Grupo Aval Acciones y Valores S.A. (NYSE:AVAL) Q3 2020 Earnings Conference Call November 19, 2020 9:00 AM ET Company Participants Luis Carlos Sarmiento Gutiérrez - President and CEO Diego Fernando Solano Saravia - CFO Conference Call Participants Jason Mollin - Scotiabank Gabriel Nobrega - Citigroup Yuri Fernandes - J.P. Morgan Andres Soto - Santander Nicolas Riva - Bank of America Merrill Lynch Sebastian Gallego - Credicorp Capital Carlos Gomez - HSBC Piedad Alessandri - CrediCorp Capital Julián Ausique - ...

Grupo Aval Acciones y Valores S.A. (NYSE:AVAL) Q2 2020 Earnings Conference Call August 28, 2020 10:00 AM ET Company Participants Luis Carlos Sarmiento Gutiérrez - Chief Executive Officer Diego Fernando Solano Saravia - Chief Financial Officer Conference Call Participants Gabriel Nóbrega - Citi Group Sebastián Gallego - CrediCorp Capital Yuri Fernandes - JPMorgan Andres Soto - Santander Carlos Gomez - HSBC Nicolas Riva - Bank of America. Julián Ausique - Davivienda Corredores Alonso Aramburu - BTG Pactual Op ...