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 ...

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 ...

Financial Data and Key Metrics Changes - Grupo Aval reported its best quarterly results ever with attributable net income of approximately COP 950 billion, a 19.9% increase from the previous quarter and 2.9 times higher than a year earlier [25][18] - The return on average equity for the quarter was 18.2% and 16.7% year-to-date [18][46] - Total assets grew by 2.2% quarter-on-quarter and 3.4% year-on-year, with Colombian assets increasing by 2.3% and Central American assets by 0.1% in dollar terms [29] Business Line Data and Key Metrics Changes - Total loans grew by 2.1% over the quarter and 2.2% year-on-year, with Colombian gross loan portfolio increasing by 1% during the quarter [30] - Consumer loans in Colombia saw a 1.7% increase during the quarter and 11.3% year-on-year, while payroll lending grew by 3.1% over the quarter and 21.3% year-on-year [31] - In Central America, the gross loan portfolio increased by 2% over the quarter and 3.6% year-on-year, driven by a 2.9% growth in consumer loans [32] Market Data and Key Metrics Changes - The unemployment rate in Colombia fell to 14.4% in June, with an average rate of 15% during the second quarter, down from 20.3% a year earlier [10] - Inflation reached 3.63% year-on-year in June, driven by supply factors and food prices, with expectations for inflation to reach 4% by the end of 2021 [11][12] - The Colombian peso weakened to COP 4,000 per dollar but is expected to stabilize around COP 3,700 with anticipated monetary policy tightening [13] Company Strategy and Development Direction - The company is focused on digital transformation, with 60% of retail product sales in Colombia conducted through digital applications, and aims to increase profitability through digital client acquisition [20][22] - A new tax reform is expected to increase corporate tax rates to 35% starting in 2022, which may impact future profitability [14][15] - The company emphasizes cost containment and operational efficiency as key components of its strategy [26] Management's Comments on Operating Environment and Future Outlook - Management noted that the economic recovery in Colombia is supported by vaccination progress and improved consumer confidence, with GDP growth forecasted at approximately 7% for 2021 [9][10] - The company expects loan growth to be in the 9% to 10% range, with consumer loans projected to grow by 12% to 14% and commercial loans by 6% to 7% [46][53] - Management expressed cautious optimism regarding future ROE, influenced by operational improvements and potential impacts from tax reform [51][52] Other Important Information - The company has active loan reliefs representing approximately 11.5% of its total consolidated loan portfolio, with a low percentage of loans past due [18][34] - The digital client base increased by approximately 31% year-on-year, totaling 5.2 million active digital clients [22] - The company is experiencing a strong recovery in its non-financial sector, particularly in infrastructure and energy, contributing significantly to income [43] Q&A Session All Questions and Answers Question: Sustainability of ROE and Competition in Digital Platforms - Management discussed the sustainability of ROE and the challenges of monetizing digital clients in Colombia due to strict usury regulations, emphasizing the need for profitable client acquisition strategies [47][48][50] Question: Fee Income Growth Outlook - Management indicated that fee income growth is expected to lag behind loan growth, with economic activity and increased consumer product offerings driving future growth [54][57] Question: Cost of Risk Guidance - The company lowered its cost of risk guidance to 2.1% to 2.2%, citing improved loan portfolio performance and economic conditions [58][59] Question: 2022 Guidance and ROE Expectations - Management refrained from providing specific guidance for 2022 but expressed optimism about operational improvements and economic performance impacting future ROE [60][61] Question: Funding and NIM Outlook - Management expects to sustain deposit growth while noting that excess liquidity has been a burden on net interest margins, with potential benefits from rising interest rates [62][63]

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 ...

Financial Performance - Grupo Aval's consolidated assets grew by 22% year-over-year to COP 334 trillion[7] - Attributable net income for the quarter was COP 691 billion, with a year-to-date net income of COP 171 trillion[7] - Return on Average Assets (ROAA) was 15% and Return on Average Equity (ROAE) was 136% for the quarter[7] Loan Portfolio - Consolidated gross loans increased by 17% year-over-year to COP 210 trillion[7] - Consolidated deposits grew by approximately 25% year-over-year to COP 217 trillion[7] - The 90 days past due loans to gross loans ratio was 32% in 3Q20, compared to 33% in 3Q19 and 30% in 2Q20[6] Regional Performance - In Colombia, gross loans reached COP 1318 trillion, a 79% increase compared to 3Q19[10] - Deposits in Colombia amounted to COP 1326 trillion, up 127% from 3Q19[10] - Central America saw gross loans of COP 783 trillion, a 370% increase compared to 3Q19[10] - Deposits in Central America reached COP 845 trillion, a 500% increase from 3Q19[10] Key Ratios - The efficiency ratio improved to 440% in 3Q20, compared to 479% in 3Q19[6] - Net Interest Margin (NIM) was 51% in 3Q20, a decrease from 57% in 3Q19[6] - Deposits to Net Loans ratio stood at 107x[6]