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Grupo Aval's Q4'15 net income jumps 52.8% YOY

Grupo Aval Accionesy Valores SA on April 11 posted net income attributable to owners ofthe parent company of about 693.4 billion Colombian pesos for the fourth quarterof 2015, up 52.8% from 453.9 billion pesos in the year-ago period.

The company's net interest margin for the three-month periodimproved to 5.7% from 5.5% a year earlier.

The results were bolstered by a 25.9% annual increase in netinterest income to about 2.376 trillion pesos. Net fees and other services income,meanwhile, jumped 11.3% to 1.039 trillion pesos.

At the same time, Grupo Aval's income tax expense fell 14.8%to 443.6 billion pesos in the last three months of 2015 from 520.8 billion pesosa year ago. Other expenses ticked 26.7% higher year over year to about 1.990 trillionpesos.

The firm's total loans, leases operations and receivables portfolioreached 145.546 trillion pesos at the end of the fourth quarter, up from 117.559trillion pesos at the end of 2014. This 23.8% increase was driven by growth of 19.5%in the commercial segment, 24.7% in consumer credit, 37.2% in mortgages and 7.3%in microcredit loans.

The company recorded 573.1 billion pesos in provisions for losseson loans and other impairments in the fourth quarter, up 36.6% compared to a yearearlier. Its 30-day nonperforming loan ratio fell to 2.4% from 2.6% a year ago.

Return on average assets improved to 2.2% from 1.6%, while returnon average equity jumped to 19.8% from 13.8%.

The fourth-quarter 2015 results brought the bank's net attributableincome for the full year to 2.041 trillion pesos, or 92 pesos per share, up fromthe 1.812 trillion pesos, or 87 pesos per share, earned in 2014.

As of April 11, US$1 wasequivalent to 3,093.00 Colombian pesos.