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Grupo Aval's Q4'18 net income jumps 82.3% as trading, other income soar

Grupo Aval Acciones y Valores SA's net income for the fourth quarter of 2018 soared 82.3% from the year-ago period as net trading income and other income skyrocketed.

The Bogotá-based lender posted net income attributable to owners of the parent of 850.7 billion pesos, or 38.2 pesos per share, for the fourth quarter of 2018, jumping yearly from 466.7 billion pesos, or 20.9 pesos per share.

Net interest income totaled 2.757 trillion pesos, slightly up from 2.752 trillion pesos in the linked quarter and 3.6% higher from 2.662 trillion pesos in the year-ago period. The company's net interest margin was at 5.7% during the quarter, down from 5.9% in the third quarter and 5.8% in the fourth quarter of 2017.

Net trading income contributed 318.9 billion pesos to the result, with a 78.3% annual increase from 178.8 billion pesos. Net income from the sale of goods and services also improved to 1.207 trillion pesos, compared to 297.6 billion pesos a year ago. Fee and commission income rose 11.2% to 1.297 trillion pesos while total other income soared 67.9% to 500.8 billion pesos.

Grupo Aval's impairment loss on financial assets jumped 24.1% to 1.300 trillion pesos from about 1.048 trillion pesos. Total other expenses were up 10.3% year over year to 2.693 trillion pesos.

The company's net total loans and receivables portfolio grew 4.9% to reach 168.686 trillion pesos during the quarter. Grupo Aval's past-due loans that are more than 90 days due stood at 3.1%, slightly down from the 3.2% in the linked quarter but higher than the 2.8% recorded in the year-ago period.

The return on average assets for the fourth quarter of 2018 grew to 2.6%, from 1.3% a year ago. On the other hand, return on average equity rose to 19.6% from 11.6%.

Total net income for full year 2018 reached 2.913 trillion pesos, 48.4% higher compared to 1.962 trillion pesos in 2017.

As of March 14, US$1 was equivalent to 3,137.50 Colombian pesos.