Grupo Aval Acciones y Valores SA Pfd (AVAL) Q2 2026 Earnings Report

The call highlighted a strong operational quarter with record quarterly net income, expanded margins (driven largely by investment/trading income), loan and deposit growth, solid capital ratios, stable asset quality and clear progress on digital and technology transformation. However, management remains cautious because a sizable portion of the quarter's performance was driven by non-recurring market income that is partly offset by derivatives, and the outlook faces material macro and structural headwinds — higher inflation and interest rates, fiscal uncertainty, potential local tax increases, energy/El Niño risks, and cost pressures. Guidance was conservative for the second half and full year ROAE, reflecting these uncertainties.

Grupo Aval's 2026 guidance targets consolidated loan growth of about 10.5% (with commercial loans ~8% and retail loans ~14%, including the Itaú retail contribution); a consolidated NIM around 4.2% with NIM on loans ~4.4%; banking‑segment NIM ~4.9% with NIM on loans ~5.2%; net cost of risk (net of recoveries) ~1.9%; cost to assets ~2.9%; income from the non‑financial sector about 1.3x 2025; an income ratio in the ~22% area; and a full‑year ROAE target of roughly 9.25%.