COLOMBIA · BANKING
Key Facts
- The company Grupo Aval, a Colombian banking group that owns Banco de Bogotá, trades in New York as AVAL.
- The profit Third-quarter profit fell 29.3% to 368 billion pesos (about US$112 million).
- The reason Aval says the quarter was shaped by absorbing the Colombian retail bank of Itaú, a Brazilian lender.
- The year so far Nine-month profit reached 1.28 trillion pesos (about US$389 million), down 6.9%.
- Power Index Colombia ranks 6th of 14 in The Rio Times Latin America Power Index, with 51.1 points (November 2026 edition).
Grupo Aval, the Colombian group that owns Banco de Bogotá and other banks, said its profit for July to September 2026 fell 29.3% from a year earlier to 368 billion pesos (about US$112 million). The group released the figures on Wednesday 11 November 2026.
For US readers, the result matters because Aval’s shares trade in New York as American depositary receipts (certificates that let US investors hold foreign shares), and because the group is a gauge of Colombia’s credit cycle. Our Colombia coverage follows the economy around it.
What Happened
Grupo Aval earned 368 billion pesos (about US$112 million) in the third quarter, compared with about 521 billion pesos (about US$158 million) in the same quarter of 2025. Over the first nine months of 2026 its profit reached 1.28 trillion pesos (about US$389 million), 6.9% less than a year earlier.
The figures include the Itaú business, which joined Banco de Bogotá in August 2026. María Lorena Gutiérrez, the group’s president, said the quarter showed “healthy loan growth” and “better credit margins.”
What the Balance Sheet Shows
Gross loans reached 207.1 trillion pesos (about US$63 billion), up 10.1% in a year. Mortgages grew fastest at 24.8%, followed by consumer loans at 11.3% and commercial loans at 6.5%.
Total assets stood at 352.3 trillion pesos (about US$107 billion), 2.5% more than a year earlier. Deposits reached 224.3 trillion pesos (about US$68 billion), up 12%.
The Itaú Effect
Aval says the quarter was shaped by the takeover of the Colombian retail banking business of Itaú, a large Brazilian bank. In August 2026 Banco de Bogotá, one of Aval’s banks, took over about 6.3 trillion pesos (about US$1.9 billion) of Itaú loans and 4.3 trillion pesos (about US$1.3 billion) of deposits.
Those transfers lift the loan book, so the 10.1% annual growth includes them. Without the Itaú loans, growth would be roughly 7%, by our calculation from the figures above.
What It Means for You
If you hold Aval through its US-listed receipts, the result shows a bank group growing its loan book while its profit fell 29.3% from a year earlier. The peso trades near 3,290 per US dollar, so every 1,000 pesos are worth about US$0.30.
Colombia’s fiscal adjustment, the government’s plan to cut its deficit, and high interest rates may shape how banks fare in 2027. This article is not investment advice.
What Is Not Known
It is not known how large the Itaú effects were, or how much of the 29.3% fall will repeat in the fourth quarter. Aval has not said whether its profit will recover next quarter.
It is also unclear how long the Itaú integration effects will last. DANE, Colombia’s statistics agency, will later publish third-quarter economic growth, which will show how the wider economy behaved.
More: Colombia news in English, every day from The Rio Times.
Frequently Asked Questions
How Much Did Grupo Aval Earn in the Third Quarter?
Grupo Aval reported a profit of 368 billion pesos (about US$112 million) for July to September 2026. That is 29.3% below the same quarter of 2025.
Why Did Grupo Aval’s Profit Fall?
Aval ties the result to its takeover of the Colombian retail bank of Itaú, a Brazilian lender, completed in August 2026. The full split of causes is not yet public.
Is Grupo Aval Listed in the United States?
Yes. Its American depositary receipts, certificates that let US investors hold the shares, trade on the New York Stock Exchange under the ticker AVAL.
What Is Itaú’s Role?
Itaú is a large Brazilian bank that ran a retail banking business in Colombia. Aval says it moved about 6.3 trillion pesos (about US$1.9 billion) of Itaú loans and 4.3 trillion pesos (about US$1.3 billion) of deposits to Banco de Bogotá in August 2026.
Sources: Grupo Aval Acciones y Valores S.A., third-quarter 2026 results, 11 November 2026; Grupo Aval statements by President María Lorena Gutiérrez, 11 November 2026; U.S. Securities and Exchange Commission, Grupo Aval filings on its EDGAR database; RT, a market-data provider, USD/COP exchange rate, 12 November 2026.
In depth
This article was produced by The Rio Times’ automated AI newsroom. Editorial responsibility: Matthias Camenzind, Publisher and Editor-in-Chief. The Rio Times also runs Ask Rio Times, which answers from 100,000+ of our own articles, the daily Latin America Power Map, and prediction-market odds on elections and markets.. How we use AI · Report an error