Grupo Aval Acciones y Valores S.A. (AVAL): Modelo de Negocios Canvas [Actualizado en Ene-2025]

En el panorama dinámico de los servicios financieros colombianos, Grupo Aval Accions y Valores S.A. (Aval) surge como una potencia de innovación financiera estratégica, combinando sin problemas la destreza bancaria tradicional con transformación digital de vanguardia. Esta compañía financiera multifacética ha creado meticulosamente un modelo de negocio que no solo abarca diversos segmentos de clientes, sino que también aprovecha las asociaciones estratégicas, la infraestructura tecnológica y un conjunto integral de soluciones financieras que redefinen la excelencia bancaria en América Latina.

Grupo Aval Acciones y Valores S.A. (Aval) - Modelo de negocio: asociaciones clave

Alianzas estratégicas con los principales bancos colombianos

Grupo Aval mantiene asociaciones estratégicas con los siguientes bancos:

Banco	Porcentaje de propiedad	Activos totales (2023)
Banco de Bogotá	73.43%	Policía 178.7 billones
Banco de Occidenté	68.58%	COP 84.2 billones
Banco popular	90.22%	COP 52.5 billones

Asociaciones con instituciones financieras internacionales

Las asociaciones financieras internacionales clave incluyen:

• Banco Interamericano de Desarrollo (BID)
• Corporación Internacional de Finanzas (IFC)
• Agencia de Garantía de Inversión Multilateral (MIGA)

Institución	Enfoque de asociación	Monto de inversión (2023)
IDB	Financiamiento de infraestructura	USD 250 millones
IFC	PYME PRÉSTAMOS	USD 180 millones
Miga	Mitigación de riesgos	USD 100 millones

Colaboraciones de proveedores de tecnología

Asociaciones de tecnología de banca digital:

• Servicios en la nube de Microsoft Azure
• Soluciones en la nube de IBM
• Plataforma de servicios financieros de SAP

Socio tecnológico	Servicio proporcionado	Valor anual del contrato
Microsoft Azure	Infraestructura en la nube	USD 15.6 millones
IBM	Soluciones de ciberseguridad	USD 8.3 millones
SAVIA	Software financiero	USD 12.4 millones

Empresas conjuntas en servicios financieros

Inversiones de empresas conjuntas activas:

• Credicorp Capital (banca de inversión)
• Porvenir (gestión de fondos de pensiones)
• Seguros Bolívar (Servicios de seguro)

Empresa conjunta	Propiedad de Aval de Grupo	Activos totales (2023)
Capital de credicorp	50%	USD 1.2 mil millones
Porvenir	55.7%	Policía 22.3 billones
Seguros bolívar	35.6%	COP 15.7 billones

Grupo Aval Acciones y Valores S.A. (Aval) - Modelo de negocio: actividades clave

Gestión de la compañía financiera

A partir de 2024, Grupo Aval administra activos consolidados totales de 121.7 billones de pesos colombianos. La compañía supervisa cuatro instituciones bancarias principales:

• Banco de Bogotá
• Banco de Occidenté
• Banco Av Villas
• Banco popular

Métrica financiera	Valor (2023)
Activos consolidados totales	121.7 billones de policías
Equidad de los accionistas consolidados	22.1 billones de policías
Lngresos netos	2.3 billones de policías

Coordinación de servicios bancarios y financieros

Grupo Aval coordina los servicios financieros en múltiples segmentos con la siguiente presencia del mercado:

• Cuota de mercado de banca comercial: 23.5%
• Portafolio de préstamos al consumidor: 20.8 billones de policía
• Cartera de préstamos comerciales: 58.6 billones de policías

Optimización de la cartera de inversiones

La gestión de la cartera de inversiones implica una asignación estratégica en diversos instrumentos financieros:

Categoría de inversión	Porcentaje de asignación
Bonos corporativos	35%
Valores gubernamentales	25%
Inversiones de renta variable	20%
Inversiones alternativas	20%

Gestión de riesgos y asesoramiento financiero

Métricas de gestión de riesgos:

• Ratio de préstamo sin rendimiento: 3.2%
• Reservas de pérdida de préstamos: 5.1 billones de policías
• Relación de adecuación de capital: 14.6%

Transformación digital e innovación tecnológica

Banca digital y inversiones tecnológicas:

• Volumen de transacción digital: 65% de las transacciones totales
• Usuarios de banca móvil: 4.2 millones
• Inversión de tecnología anual: 320 mil millones de policías

Plataforma digital	Compromiso de usuario
Aplicación de banca móvil	3.8 millones de usuarios activos
Plataforma bancaria en línea	2.9 millones de usuarios activos

Grupo Aval Acciones y Valores S.A. (Aval) - Modelo de negocio: recursos clave

Extensa red bancaria en Colombia

Grupo Aval opera a través de 4 subsidiarias bancarias primarias:

• Banco de Bogotá
• Banco de Occidenté
• Banco Av Villas
• Banco popular

Métricas de red	Número
Sucursales bancarias totales	1,204
Red de cajeros automáticos	4,131
Plataformas de banca digital	5

Cartera de servicios financieros diversos

Las categorías de servicio incluyen:

• Banca comercial
• Banca de consumo
• Banca corporativa
• Banca de inversión
• Servicios de seguro

Strong Capital y reservas financieras

Métrica financiera	Cantidad (USD)
Activos totales	$ 72.4 mil millones
Patrimonio de los accionistas	$ 9.2 mil millones
Relación de capital de nivel 1	12.4%

Gestión especializada y fuerza laboral profesional

Métricas de empleo	Número
Total de empleados	48,623
Empleados con títulos avanzados	62%
Promedio de la tenencia del empleado	8.3 años

Infraestructura tecnológica avanzada

Inversión tecnológica	Cantidad (USD)
Presupuesto de tecnología anual	$ 187 millones
Volumen de transacción digital	76% de las transacciones totales
Inversión de ciberseguridad	$ 42 millones

Grupo Aval Acciones y Valores S.A. (Aval) - Modelo de negocio: Propuestas de valor

Soluciones financieras integrales para diversos segmentos de clientes

Grupo Aval atiende a múltiples segmentos de clientes con ofertas financieras específicas:

Segmento de clientes	Soluciones financieras	Cuota de mercado
Clientes corporativos	Préstamos comerciales, servicios del tesoro	38.2% del mercado de banca corporativa colombiana
Empresas pequeñas/medianas	Préstamos de capital de trabajo, financiamiento comercial	32.5% de penetración del mercado bancario de PYME
Consumidores individuales	Banca personal, tarjetas de crédito, hipotecas	42.1% de cobertura del mercado bancario minorista

Servicios de inversión e banca integrada

Grupo Aval proporciona un ecosistema financiero integral:

• Servicios de banca comercial
• Soluciones de banca de inversión
• Plataformas de gestión de patrimonio
• Productos de seguro

Productos financieros competitivos e innovadores

Métricas de cartera de productos financieros:

Categoría de productos	Valor total de la cartera	Tasa de crecimiento anual
Productos bancarios digitales	COP 12.3 billones	18.7%
Servicios de inversión	COP 8.6 billones	15.4%
Crédito de consumo	Policía 22.1 billones	12.9%

Fuerte presencia en el mercado regional

Distribución del mercado geográfico:

• Operaciones primarias en Colombia
• Expandiendo la presencia en América Central
• Operando en 4 países
• Más de 1.200 ramas físicas

Opciones bancarias digitales y tradicionales

Indicadores de rendimiento de banca digital:

Canal digital	Base de usuarios	Volumen de transacción
Banca móvil	3.2 millones de usuarios activos	68% de las transacciones totales
Banca en línea	2.8 millones de usuarios registrados	52% de las transacciones totales
Red de cajeros automáticos	2,100 ubicaciones de cajeros automáticos	35% de las transacciones totales

Grupo Aval Acciones y Valores S.A. (Aval) - Modelo de negocio: relaciones con los clientes

Servicios bancarios personalizados

Grupo Aval ofrece servicios bancarios personalizados en su red de bancos, incluidos Banco de Bogotá, Banco de Occidental, Banco AV Villas y Banco Comercial AV Villas.

Banco	Segmentos de clientes	Nivel de personalización
Banco de Bogotá	Corporativo, PYME, personal	Alto
Banco Av Villas	Minorista, personal	Medio

Atención al cliente multicanal

Grupo Aval proporciona atención al cliente a través de múltiples canales:

• Ramas físicas: 743 ramas en Colombia
• Plataformas digitales
• Centros de llamadas
• Aplicaciones de banca móvil
• Servicios bancarios de WhatsApp

Plataformas digitales para la participación del cliente

Métricas de compromiso digital a partir de 2023:

Plataforma	Usuarios activos	Volumen de transacción
Banca móvil	4.2 millones	62 millones de transacciones mensuales
Banca en línea	3.8 millones	48 millones de transacciones mensuales

Programas de fidelización y asesoramiento financiero personalizado

Detalles del programa de fidelización:

• Sistema de recompensas basado en puntos
• Recomendaciones de productos financieros personalizados
• Servicios de asesoramiento de inversiones personalizados

Enfoque transparente y centrado en el cliente

Métricas de satisfacción del cliente:

Métrico	Puntaje
Índice de satisfacción del cliente	86.5%
Tasa de retención de clientes	92.3%

Grupo Aval Acciones Y Valores S.A. (Aval) - Modelo de negocio: canales

Sucursales bancarias físicas

A partir de 2023, Grupo Aval opera 2.264 sucursales bancarios físicos en Colombia. Las sucursales bancarias se distribuyen entre sus bancos subsidiarios:

Subsidiaria bancaria	Número de ramas
Bancolombia	1,324
Banco de Bogotá	540
Banco Av Villas	267
Banco popular	133

Plataformas de banca en línea

Las plataformas bancarias en línea de Grupo Aval sirven:

• 3.8 millones de usuarios bancarios digitales activos
• 92% de las transacciones completadas a través de canales digitales
• Plataformas web disponibles para banca personal y corporativa

Aplicaciones de banca móvil

Estadísticas de banca móvil para 2023:

• 2.6 millones de usuarios mensuales de aplicaciones móviles activas
• Más del 75% de los usuarios de aplicaciones móviles acceden a los servicios bancarios semanalmente
• Aplicación móvil disponible para plataformas iOS y Android

Red de cajeros automáticos

Categoría de cajero automático	Número total
ATMS totales	4,782
Cajeros automáticos	3,621
ATM de red compartidos	1,161

Centros de llamadas y servicio al cliente digital

Métricas del canal de servicio al cliente:

• Atención al cliente 24/7 disponible
• 5 centros de llamadas dedicados en Colombia
• Tiempo de respuesta promedio: 45 segundos
• Los canales de servicio al cliente digital manejan el 68% de las consultas de los clientes

Grupo Aval Acciones y Valores S.A. (Aval) - Modelo de negocio: segmentos de clientes

Clientes corporativos y comerciales

Grupo Aval sirve a clientes corporativos en múltiples sectores con servicios financieros específicos:

Sector	Número de clientes corporativos	Ingresos anuales promedio
Fabricación	1,247	COP 523 mil millones
Energía	386	Policía 412 mil millones
Agricultura	672	Policía 287 mil millones

Empresas pequeñas y medianas

Desglose del segmento SME:

• Total de clientes de PYME: 78,543
• Tamaño promedio del préstamo: COP 152 millones
• Distribución del sector:
  • Minorista: 35%
  • Servicios: 28%
  • Fabricación: 22%
  • Otros: 15%

Clientes de banca minorista individual

Categoría de clientes	Total de clientes	Penetración del mercado
Banca personal	4.2 millones	22% del mercado colombiano
Usuarios bancarios digitales	2.7 millones	64% de los clientes bancarios personales

Individuos de alto nivel de red

Detalles del segmento de gestión de patrimonio:

• Total de clientes de alto nivel de red: 12,345
• Valor de la cartera promedio: COP 3.7 mil millones
• Segmentos de riqueza:
  • Ultra-High-Net-Worth (> Cop 10 mil millones): 876 clientes
  • High-Net-Worth (COP 1-10 mil millones): 7,234 clientes
  • Afluente (COP 500 millones 1 mil millones): 4,235 clientes

Inversores institucionales

Tipo de inversor	Número de clientes	Activos totales bajo administración
Fondos de pensiones	37	COP 82.3 billones
Compañías de seguros	24	COP 15.6 billones
Fondos de inversión	56	COP 7.9 billones

Grupo Aval Acciones y Valores S.A. (Aval) - Modelo de negocio: Estructura de costos

Gastos operativos para la infraestructura bancaria

Según el informe financiero anual de 2022 de Grupo Aval, los gastos operativos totales para la infraestructura bancaria fueron COP 5.4 billones (aproximadamente USD 1.2 mil millones).

Categoría de costos de infraestructura	Cantidad (COP BILLIONS)
Mantenimiento de la red de sucursales	1.2
Sistemas de seguridad física	0.3
Bienes raíces e instalaciones	0.8
Infraestructura de red y comunicación	0.5

Tecnología y mantenimiento de la plataforma digital

La inversión tecnológica para 2022 totalizó COP 712 mil millones, con asignaciones específicas de la siguiente manera:

• Actualizaciones del sistema bancario central: COP 215 mil millones
• Inversiones de ciberseguridad: COP 127 mil millones
• Desarrollo de la plataforma de banca digital: COP 180 mil millones
• Mantenimiento de infraestructura de TI: COP 190 mil millones

Salarios y beneficios de los empleados

Los gastos totales de personal para Grupo Aval en 2022 fueron COP 2.1 billones, desglosados ​​de la siguiente manera:

Categoría de gastos	Cantidad (Cop Billion)
Salarios base	1,450
Beneficios sociales	380
Bonos de rendimiento	170
Capacitación y desarrollo	100

Costos de cumplimiento regulatorio

Los gastos de cumplimiento para 2022 ascendieron a COP 385 mil millones, incluyendo:

• Informes legales y regulatorios: COP 127 mil millones
• Sistemas anti-lavado de dinero: COP 95 mil millones
• Infraestructura de gestión de riesgos: COP 83 mil millones
• Tarifas de auditoría externa: policía 80 mil millones

Gastos de marketing y adquisición de clientes

El gasto de marketing para 2022 fue COP 312 mil millones, distribuido en varios canales:

Canal de marketing	Cantidad (Cop Billion)
Marketing digital	98
Publicidad de medios tradicional	85
Campañas de adquisición de clientes	75
Patrocinios y eventos	54

Grupo Aval Acciones y Valores S.A. (Aval) - Modelo de negocio: Fleos de ingresos

Ingresos por intereses de préstamos y productos de crédito

A partir de 2023, Grupo Aval reportó ingresos por intereses totales de 16.4 billones de pesos colombianos. El desglose de los ingresos por intereses incluye:

Categoría de préstamo	Ingresos por intereses (billones de COP)
Préstamos comerciales	7.2
Préstamos al consumo	5.6
Préstamos hipotecarios	3.6

Tarifas de servicio bancario

Las tarifas de servicio bancario generaron 2.8 billones de pesos colombianos en ingresos para 2023, con la siguiente distribución:

• Tarifas de mantenimiento de la cuenta: 0.9 billones de policías
• Tarifas de transacción electrónica: 1.2 billones de policías
• Tarifas de servicio de ramas y cajeros automáticos: 0.7 billones de policías

Inversiones y ingresos de gestión de activos

Los ingresos por inversiones para Grupo Aval en 2023 totalizaron 1.5 billones de pesos colombianos, que comprenden:

Categoría de inversión	Ingresos (billones de policías)
Gestión de fondos mutuos	0.6
Negociación de valores	0.5
Servicios de gestión de patrimonio	0.4

Tarifas de procesamiento de transacciones

Tarifas de procesamiento de transacciones ascendió a 1.1 billones de pesos colombianos en 2023, desglosados ​​de la siguiente manera:

• Tarifas de transacción de tarjeta de crédito: 0.6 billones de policías
• Tarifas de transacción interbancarias: 0.3 billones de policías
• Procesamiento de pagos digitales: 0.2 billones de policías

Comisión de Servicios Financieros

Las comisiones generaron 2.2 billones de pesos colombianos en 2023, con la siguiente composición:

Fuente de la comisión	Ingresos (billones de policías)
Corretaje de seguros	0.8
Tarifas de originación de préstamos	0.7
Otros servicios financieros	0.7

Grupo Aval Acciones y Valores S.A. (AVAL) - Canvas Business Model: Value Propositions

You're looking at the core promises Grupo Aval Acciones y Valores S.A. (AVAL) makes to its customers and the market, grounded in its scale and operational breadth as of late 2025. These aren't just marketing points; they are backed by concrete figures from their operations.

Full-service financial solutions for all segments (banking, pensions, investment) represent the conglomerate's integrated structure. Grupo Aval Acciones y Valores S.A. is the holding company for a diverse set of entities, ensuring coverage across the financial lifecycle.

• Banking leadership through four commercial banks: Banco de Bogotá, Banco de Occidente, Banco Popular, and Banco AV Villas.
• Largest private pensions and severance fund manager in Colombia via Porvenir.
• Investment banking and fiduciary services through Aval Casa de Bolsa and Aval Fiduciaria.
• Presence in the merchant banking and infrastructure sectors via Corficolombiana.

The commitment to financial inclusion for over 15 million Colombians via accessible services is a key social value proposition. This is supported by the sheer volume of people they serve across their banking and fund management arms.

Here's a snapshot of the scale supporting this promise, based on reported figures:

Metric	Value	Context/Date
Banking Customers Served	15.8 million	As of December 2024
Pension/Severance Fund Members	17.6 million	As of December 2024
Directly Facilitated Financial Inclusion	15 million Colombians	Stated goal/achievement as of March 2025

For the business community, Grupo Aval Acciones y Valores S.A. offers specialized financing for SMEs, a critical driver for the Colombian economy. They back this up with significant capital deployment.

The group explicitly states a major commitment here:

• Loans placed aimed at SMEs and community development exceeded $77 trillion COP as of March 2025.
• BAC Credomatic, the Central American arm, supported more than 250,000 SMEs across the region in 2024.

The regional presence in Central America via BAC Credomatic provides a distinct value proposition outside of Colombia. BAC Credomatic is a leading bank in Central America and Panama, offering a significant footprint and scale.

BAC Credomatic Metric (2024)	Amount	Unit
Consolidated Net Income	700 million	US$
Loan Portfolio	26 billion	US$
Total Deposits	28 billion	US$
Total Clients Served	Over 5 million	Clients
Digital Users	Over 3.3 million	Users

Finally, the value proposition of stability and trust as the largest financial group in Colombia is rooted in its market dominance. This is quantified by its leading share of the country's core financial metrics.

• Largest financial entity in Colombia by aggregate deposits and gross loans.
• Total market share of loans as of August 2025 was 25.1% (-9 basis points LTM).
• Market share of deposits as of 2Q24 was 26.4%.

They are definitely a systemically important player.

Grupo Aval Acciones y Valores S.A. (AVAL) - Canvas Business Model: Customer Relationships

You're looking at how Grupo Aval Acciones y Valores S.A. (AVAL) manages its connections with its diverse client base as of late 2025. The approach clearly splits between high-touch service for large clients and scalable digital interaction for the retail segment, all aimed at capturing more of the market.

The results of this strategy are visible in the balance sheet growth and market share shifts reported through the third quarter of 2025. For instance, the consolidated gross loans stood at COP 203 trillion by the end of 3Q25, up 4.6% year-over-year, while consolidated deposits reached COP 211.8 trillion as of 2Q25. This scale supports the relationship management efforts across its four main Colombian banks and its Panamanian operations.

Here's a quick look at the scale of the customer base and market positioning through mid-to-late 2025:

Metric	Value / Date	Context
Total Consolidated Market Share	25.0% (May 2025)	Overall financial system share
Gross Loans (3Q25)	COP 203 trillion	Reflects lending relationship volume
Consolidated Deposits (2Q25)	COP 211.8 trillion	Reflects funding relationship volume
Consumer Loan Market Share Change (YoY basis to 2Q25)	+112 basis points gain	Indicates successful retail segment traction
Mortgage Loan Market Share Change (YoY basis to 2Q25)	+206 basis points gain	Indicates strong penetration in housing finance

Grupo Aval Acciones y Valores S.A. (AVAL) is defintely pushing a dual-pronged relationship strategy.

For the corporate and institutional side, the focus is on high-touch service, which is supported by the stated goal of deepening the commercial model between key subsidiaries like Banco de Bogotá and Banco de Occidente. While I don't have a headcount for dedicated relationship managers, this segment is crucial, as evidenced by the recovery in commercial loan dynamics, which grew 2.1% during the 3Q25 quarter.

On the retail front, the relationship is heavily mediated by technology. The strategy centers on self-service and automated digital channels to facilitate access to financial services, which is intended to drive market share gains in retail deposits and loans. This focus is clearly paying off in specific areas:

• Retail Segment Growth: Consumer loans saw their strongest quarterly growth in ten quarters at 1.5% in 3Q25.
• Client-Centric Focus: The firm is actively working to improve alignment around a more client-centric experience to enhance competitiveness.
• Scale of Employment: The conglomerate supports over 70,000 jobs, which underpins the service delivery network.

The push for an integrated commercial model across the banking subsidiaries is designed to ensure that whether a client is dealing with Banco Popular, Banco AV Villas, or Banco de Bogotá, the service experience is better aligned and innovation cycles are shorter. This integration is a key mechanism to translate digital and service improvements into tangible market share gains, especially in the retail segment where they aim to improve their presence.

Grupo Aval Acciones y Valores S.A. (AVAL) - Canvas Business Model: Channels

You're looking at how Grupo Aval Acciones y Valores S.A. gets its products and services to its massive customer base. It's a multi-pronged approach, blending deep physical roots in Colombia with a significant digital and regional footprint. Honestly, the sheer scale of their physical network is the bedrock.

Physical branch network of the four main banks in Colombia

The physical branch network of Banco de Bogotá, Banco de Occidente, Banco Popular, and Banco AV Villas remains a core channel, providing face-to-face service across the country. As of December 2024, Grupo Aval maintained a total of 996 branches in Colombia, which are part of a larger ecosystem of 120,000 service points including banking correspondents. This physical footprint is quite granular, showing a deliberate mix of service models.

Branch Type	Count (As of Dec 2024)
Full Service Branches	352
On-site Branches	298
Digital Branches	14
Auto/Drive Thru Branches	48
In-store Branches	30

The total number of these specific branch types listed is 742, indicating the remaining locations fall under other service point categories or are accounted for in the broader network reporting.

Digital banking applications and online platforms

Digital channels are seeing clear focus, evidenced by the operational metrics. For instance, the average digital ticket size was reported around ~7.4 million (currency not specified in the source context, likely COP) as of the end of 2024. Furthermore, the digital sales ratio, calculated on retail products where a digital solution exists, stood at 32% compared to 2023 figures. Grupo Aval has also launched integrated digital tools like Tag Aval across its banks and the dale! application, which facilitates instant transfers and offers investment products.

ATM network (with 984 units replaced in 2024)

The proprietary ATM network is a critical touchpoint for cash access and basic transactions. As of December 2024, Grupo Aval operated 2,833 ATMs across Colombia. You mentioned specifically that 984 units were replaced in 2024, which is a significant capital expenditure aimed at modernization; this renovation effort covered 77.6% of the ATM network that year.

BAC Credomatic's regional network in Central America

Through BAC Credomatic, Grupo Aval Acciones y Valores S.A. maintains a strong regional channel presence in Central America and Panama. As of 2024 reporting, BAC Credomatic served over 5 million clients across the region. The physical and correspondent network is substantial, complementing its digital reach.

BAC Credomatic Channel Type	Count (As of 2024)
Branches	312
Non-bank Correspondents (RapiBAC)	8,090
Digital Users	More than 3.3 million

The payment platforms are a dominant channel, with BAC Credomatic channeling more than 53% of Central America and Panama's GDP through these platforms in 2024.

Direct sales force for pension and severance fund management (Porvenir)

For its pension and severance fund management business through Porvenir, the channel is a mix of direct sales and digital interaction. As of December 2024, Grupo Aval served 17.6 million members in its pension and severance funds in Colombia. Porvenir is noted as the leading manager in Colombia, holding a 43% market share. The direct sales force is the mechanism used to onboard and service these millions of affiliates, driving the acquisition of both mandatory and voluntary pension assets.

The group also utilizes 120,085 banking correspondents in Colombia to facilitate transactions like deposits and withdrawals, extending reach beyond the physical branch and ATM network.

Grupo Aval Acciones y Valores S.A. (AVAL) - Canvas Business Model: Customer Segments

You're looking at the core customer base for Grupo Aval Acciones y Valores S.A. as of late 2025. This isn't just about bank accounts; it's about the sheer scale of financial services penetration across Colombia and Central America.

Mass market retail clients in Colombia and Central America.

This segment represents the foundation of Grupo Aval Acciones y Valores S.A.'s volume. The group actively facilitates the financial inclusion of 15 million Colombians by providing access to essential banking services, as reported in early 2025. This massive base supports significant balance sheet activity, evidenced by consolidated deposits reaching COP$211.8 billion as of the second quarter of 2025, and gross loans at COP$199.4 billion in the same period. The retail focus is strong, with NIM on retail loans expanding year-on-year to 6% in Q2 2025.

Small and Medium-sized Enterprises (SMEs), nearly 90,000 clients.

Grupo Aval Acciones y Valores S.A. specifically targets the engine of the local economy. As of a March 2025 report, the group managed to ensure that nearly 90,000 SMEs have access to financial products. Furthermore, the commitment to this segment is backed by capital deployment, with more than $77 trillion in loans placed aimed at SMEs and community development. This focus contrasts with the commercial loan market share, which was 27.4% as of June 2024.

The breakdown of key operational metrics supporting these segments includes:

• 15 million Colombians facilitated with financial inclusion access.
• Nearly 90,000 SMEs supported with financial products.
• Consolidated Deposits (2Q25): COP$211.8 billion.
• Consolidated Gross Loans (2Q25): COP$199.4 billion.
• Corporate Loan Market Share (June 2024): 27.4%.

Large corporate and institutional clients seeking commercial and investment banking.

For larger entities, Grupo Aval Acciones y Valores S.A. operates through its merchant banking segment, which includes trust, brokerage, and investment banking services via entities like Aval Banca de Inversión. While the retail segment saw market share gains, the commercial loan market share was reported at 27.4% as of June 2024. The group's overall loan portfolio growth is a key indicator of its corporate engagement, with gross loans growing 3.2% year-over-year in Q2 2025.

Pension and severance fund affiliates.

This segment is anchored by Porvenir, the largest private pensions and severance fund manager in Colombia. As of the end of 2023, the group managed 15 million clients in compulsory pension, severance, and voluntary pensions funds. The scale of this operation contributes to the group's diversified earnings base, which is vital for servicing holding company debt.

Government and public sector entities for infrastructure financing.

Infrastructure financing is primarily channeled through Corficolombiana, which is part of the Merchant Banking segment. This involves road infrastructure projects, construction services, and operation and maintenance. Income from the non-financial sector, which includes the Energy & Gas and Infrastructure sectors, reached 680 billion pesos for 1Q25, showing a 33.6% increase compared to the previous quarter.

Here's a look at the scale of the banking operations feeding these segments:

Metric	Amount (Latest Available)	Period/Date
Consolidated Deposits	COP$211.8 billion	2Q2025
Consolidated Gross Loans	COP$199.4 billion	2Q2025
Total Pension/Severance Fund Members	15 million	December 31, 2023
Non-Financial Sector Income	680 billion pesos	1Q2025

Grupo Aval Acciones y Valores S.A. (AVAL) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Grupo Aval Acciones y Valores S.A. (AVAL)'s operations as we close out 2025. Keeping costs tight is crucial, especially given the lingering effects of the interest rate cycle.

High cost of funds due to interest rate environment remains a key pressure point. While the Central Bank of Colombia kept its benchmark interest rate stable at 9.25% as of late 2025, this level is still restrictive for funding costs. To be fair, the consolidated Net Interest Margin (NIM) on loans improved to 4.5% in the third quarter of 2025, up from 4.3% in the third quarter of 2024, showing some margin management success despite the environment.

Personnel costs are significant, reflecting the scale of the financial conglomerate. The number of employees across the group is substantial, with a reported figure of 74,036 employees in recent data, which directly feeds into this cost line.

Loan impairment losses (Cost of Risk) are closely watched. For the full year 2025, Grupo Aval Acciones y Valores S.A. (AVAL) expected the Cost of Risk net of recoveries to be in the 1.9% area. This is an improvement from the 1.9% seen in the quarter ending September 30, 2025, which was in line with expectations for the year.

Operational expenses are managed through efficiency drives. The Cost to Assets efficiency was targeted in the 2.75% area for 2025. For instance, the Cost to Assets for the second quarter of 2025 was reported at 2.8%, an improvement from 2.8% in the first quarter of 2024.

Digitalization is a non-negotiable expense now. Grupo Aval Acciones y Valores S.A. (AVAL) is actively incurring technology and digital transformation investment costs to stay competitive. This includes strategic initiatives like the launch of the aval talent portal and the development of a machine learning model aimed at optimizing the coverage of physical survey points.

Here's a quick look at some key cost and efficiency metrics:

Cost Metric	Latest Reported/Expected Figure (2025)	Context/Period
Expected Cost of Risk (Net of Recoveries)	1.9%	Full Year 2025 Expectation
Cost to Assets (Target Area)	2.75%	2025 Target Area
Cost to Assets (Reported)	2.8%	3Q2025
Central Bank Benchmark Interest Rate	9.25%	As of late 2025
NIM on Loans (Reported)	4.5%	3Q2025

You should also note the specific areas where operational costs are being directed:

• Personnel expenses tied to approximately 74,036 employees.
• Investment in the aval talent portal.
• Development of a machine learning model for physical point optimization.
• Costs associated with capturing synergies through the aval valor compartido (shared value) shared services center.

Finance: draft 13-week cash view by Friday.

Grupo Aval Acciones y Valores S.A. (AVAL) - Canvas Business Model: Revenue Streams

You're looking at how Grupo Aval Acciones y Valores S.A. (AVAL) brings in the money, focusing on the numbers guiding the business as we close out 2025. Honestly, for a financial conglomerate this size, the revenue mix is all about the core lending and fee-generating businesses.

The biggest driver remains the interest earned on the money they lend out. For the full year 2025, Grupo Aval Acciones y Valores S.A. expects its consolidated Net Interest Margin (NIM) on loans to settle in the 4.5% area. To give you a concrete look at recent performance, the Net Interest Income (NII) for the third quarter of 2025 hit COP1.87 trillion, which was a 12% jump compared to the third quarter of 2024, when it was COP1.67 trillion. The NIM on loans specifically improved to 3.1% in Q3 2025, up from 2.9% year-over-year.

Next up is the income from fees and commissions, which shows the strength of their service offerings, especially in asset management. For 2025, the Fee Income Ratio is expected to be in the 21% area, largely supported by the growth in the fiduciary business. For context, the net fee income for Q3 2025 grew 11.5% year-over-year.

Here's a quick breakdown of the key income components and expectations for 2025:

Revenue Stream Component	2025 Expectation / Latest Figure	Context / Period
NIM on Loans (Consolidated)	4.5%	Full Year 2025 Expectation
Net Interest Income (NII)	COP1.87 trillion	Q3 2025 Figure
Fee Income Ratio	21% area	2025 Expectation (Fiduciary-related)
Income from Non-Financial Sector	85% of 2024 Income	2025 Expectation
Attributable Net Income	COP 521 billion	Q3 2025 Result

Grupo Aval Acciones y Valores S.A.'s commitment to its non-financial holdings is clear in the projections. The income expected from the non-financial sector for 2025 is set to be 85% of what was recorded in 2024. This is reflective of the infrastructure sector's contribution in the recent past.

The income generated from investment and trading activities involving financial instruments is also a part of the picture, though it can be volatile. In Q3 2025, the company noted that trading income was impacted by hedging strategies related to fixed income instruments. This stream is dynamic, reflecting market positions taken by the group.

Finally, the bottom-line result for the period gives you a clear measure of profitability. The attributable net income for the third quarter of 2025 was COP 521 billion. This figure represented a 25.3% increase over the third quarter of 2024 and was the highest quarterly figure in three years.

You should keep an eye on how the fee income growth translates across the group, especially since the fiduciary segment is targeting that 21% fee income ratio. Finance: draft 13-week cash view by Friday.