Grupo Aval Acciones y Valores S.A. (AVAL): Business Model Canvas [Dec-2025 Updated]

You're looking to understand the engine room of one of Latin America's biggest financial players, and honestly, mapping out Grupo Aval Acciones y Valores S.A. (AVAL)'s Business Model Canvas reveals a lot about their strategy to hit that 10.5% ROE target by 2025. As someone who's spent two decades in this game, I can tell you this isn't just about branches; it's about leveraging a massive base-think over COP 321 trillion in assets-across banking, pensions (like Porvenir), and infrastructure financing through Corficolombiana, all while managing a cost structure facing high funding costs. We see their focus clearly in the expected 4.5% consolidated NIM on loans for 2025 and the COP 521 billion net income they booked by Q3 2025, showing how they translate scale into results across retail and corporate segments. Dive into the nine blocks below to see exactly how Grupo Aval Acciones y Valores S.A. (AVAL) structures its value creation, from key partnerships to their cost drivers.

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

You're looking at the core relationships that support Grupo Aval Acciones y Valores S.A.'s operations as of late 2025. These partnerships, both internal through subsidiaries and external through strategic alliances, are critical for maintaining market leadership and driving the stated corporate priorities.

Subsidiaries

The primary partnerships are the entities Grupo Aval Acciones y Valores S.A. controls, which form the bulk of its asset base and operational reach. As of September 30, 2025, the total assets of the conglomerate stood at Ps 22,003.0 billion.

Here is a look at the ownership structure and some key metrics related to the core subsidiaries:

Subsidiary	Ownership Stake (as of 3Q2025)	Key Metric Context
Banco de Bogotá	68.9%	Presence in Panama through Multibank operation.
Porvenir (AFP)	20.0%	Largest private pensions and severance fund manager in Colombia.
Corficolombiana	8.7%	Largest merchant bank in Colombia; largest toll road operator in Colombia.
BAC Credomatic	Not explicitly stated as a direct percentage in latest filings, but part of the conglomerate.	Operates in Central America (prior to 2022 spin-off, this was a larger component).
Banco AV Villas	79.9%	One of four commercial banks in Colombia.

The Aval banks collectively saw gross loans reach Ps 199.4 trillion and consolidated deposits reach Ps 211.8 trillion as of the second quarter of 2025.

International financial institutions for funding and risk management

While specific counterparty names for funding and risk management are not detailed in the latest public disclosures, the structure implies ongoing relationships typical for a major financial issuer listed on the NYSE. Grupo Aval Acciones y Valores S.A. is subject to compliance with U.S. securities regulation, suggesting interaction with U.S. financial markets for capital raising.

The firm's strategy includes promoting access to and strategic use of sustainable funding mechanisms to finance responsible growth and strengthen financial resilience.

Technology providers for digital transformation and platform upgrades

Internal technology synergy is a focus, with a planned second wave in 2026 targeting IT synergies such as cloud and data center operations optimization. In 2025, Grupo Aval Acciones y Valores S.A. launched Gou Payments, its own instant payments platform, leveraging world-class infrastructure.

Key operational improvements in 2025 related to internal process standardization and technology adoption include:

• 40% reduction in procurement cycle time.
• 50% simplification of active contracts.
• Commercialization times for real estate owned reduced by 2/3 via the Aval Real Estate portal.

Government and regulatory bodies for infrastructure projects financing

Grupo Aval Acciones y Valores S.A. operates through Corficolombiana, which is noted as the largest toll road operator in Colombia, indicating deep partnership with government entities for infrastructure development and concession management.

In social infrastructure, in the second quarter of 2025, strategic partnerships were announced with the Government of La Guajira, the National Civil Registry, and UNICEF to support the Misión La Guajira initiative, which included enabling free internet zones.

Global Compact and UNEP FI for ESG and sustainability initiatives

Grupo Aval Acciones y Valores S.A. has integrated ESG as a strategic pillar, guided by a policy updated on September 1, 2025. The conglomerate is part of several international sustainability frameworks.

Specific external sustainability partnerships and commitments reported for 2025 include:

• Participation in the Global Compact.
• Participation in the Principles of Responsible Investment (PRI).
• Participation in the DJSI (Dow Jones Sustainable Index).
• Engagement with UNEP FI (Principles for Responsible Banking), noted as being in progress.
• Support from global consultancy ERM for implementing the TCFD framework.
• Alliance with Claro Colombia for providing free connectivity to over 70 communities in La Guajira.
• Alliance with NGOs, companies, and universities to benefit more than 20,000 people through inclusion programs.

The group prioritizes 8 of the 17 United Nations Sustainable Development Goals (SDGs) where it believes it adds the most value.

Finance: draft 13-week cash view by Friday.

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

You're looking at the core engine of Grupo Aval Acciones y Valores S.A. (AVAL) as of late 2025. These are the actions that actually drive the conglomerate's results, moving money, managing assets, and building physical structures.

Loan Origination and Management (Retail and Commercial Loans)

The banking subsidiaries are still the heavy lifters here. We saw gross loans hit Ps 199.4 trillion by the end of 2Q25, which was a 3.2% growth versus 2Q24. Deposits, the funding side, grew even faster, reaching Ps 211.8 trillion, up 6.8% year-over-year at that point. Honestly, the asset quality is looking better; the 90-day Past Due Loans (PDLs) metric improved to 3.5% in 2Q25, and the cost of risk settled at 1.7% for that quarter. The Net Interest Margin (NIM) on loans was 4.5% in 2Q25, though it ticked up to 4.6% by 3Q25. The overall market share for the group was 25.0% as of May 2025, even with a slight dip overall.

Here's a quick look at the loan book dynamics reported for 2Q25:

Metric	Value (as of 2Q25/May 2025)	Context/Comparison
Gross Loans	Ps 199.4 trillion	3.2% growth vs. 2Q24
Consolidated Deposits	Ps 211.8 trillion	6.8% growth vs. 2Q24
Total Market Share	25.0%	Down 10 basis points LTM
90-day PDLs	3.5%	Improved 23 bps during the quarter
Cost of Risk	1.7%	35 bps lower than the same quarter last year

Retail loan growth was projected to hit the 8.5% area for the full year 2025, which is a key focus area.

Centralizing Business Support via Aval Valor Compartido (AVC)

Grupo Aval is actively streamlining operations through Aval Valor Compartido (AVC), which took over from ATH starting in September 2024. This is about centralizing processes to maximize synergies and drive down costs across the conglomerate. While specific, recent operational efficiency metrics like cost savings from AVC aren't always broken out quarterly, the focus is clear: creating a strategic shared services partner. As of late 2024 context, the legacy network included over 86,000 correspondents and about 3,000 ATMs that AVC helps manage and secure.

Fiduciary and Asset Management Services (Aval Fiduciaria)

This is a major strategic push. The consolidation into Aval Fiduciaria is designed to make it the undisputed leader in the fiduciary space. Projections shared in 3Q25 suggest Aval Fiduciaria is set to become the largest fiduciary in Colombia by assets under administration, targeting COP 201 trillion. They also aim to be the leader in fee income, capturing 21% of the market share. This entity will oversee more than 5,500 trust funds, serving retail, SME, corporate, and institutional clients. The actual corporate reorganization spin-off, which involved transferring fiduciary activities, had a total asset transfer value of approximately COP $148 billion based on June 30, 2025, financial statements.

Infrastructure Project Financing through Corficolombiana

Corficolombiana remains the merchant bank arm focused on the real sector, financing long-term, capital-intensive projects. They are the leading private investor in road infrastructure in Colombia. As of the data available, Corficolombiana holds majority participation in seven road concessions and one airport concession in Cali. These road concessions collectively operate 668 km of roads, of which 257.8 km are dual carriageways. For 2025, one of its key energy investments, Promigas, had an investment plan reaching $1.1 trillion pesos allocated to gas transportation infrastructure. For context on capital deployment, Corfi invested $1.8 trillion in 2024.

The infrastructure portfolio includes major concessions:

• Covipacífico: 50.2 km, contractual completion 2043.
• Covioriente: 266.1 km, contractual completion 2042.
• Coviandina: 86.3 km, contractual completion 2053.
• PISA: 80.2 km, contractual completion 2033 (CFC ownership 88.25%).

Digital Innovation, including the Go Payment Instant Payment System

Digital transformation is centralized through new structures. Grupo Aval officially launched GOU Payments S.A. EASPBV in September 2025, authorized to operate as an administrator of low-value payment systems. This entity is focused on compensation and settlement for low-amount payment systems, working to complement the central bank's Immediate Payment System (SPI). Before this, the digital wallet dale! was already showing traction, supporting over 700,000 small businesses through its La Billetera de tu Barrio program as of March 2025. This effort is part of a broader digital strategy that saw the transformation of ATH into AVC in late 2024, with GOU Payments taking over the specific payment processing role.

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

You're looking at the core assets Grupo Aval Acciones y Valores S.A. relies on to execute its business strategy as of late 2025. These aren't just line items on a balance sheet; they are the engines of its conglomerate model.

Financial capital base with total assets of over COP 321 trillion (Q3 2024). To be precise, the latest reported separate total assets figure for the holding company as of September 30, 2025, was Ps 22,003,003 million, or approximately COP 22.003 trillion. For context on the US dollar side, total assets were reported at USD 87.80B for the same period.

The physical footprint is massive, supporting its multi-brand strategy across Colombia and Central America. This network is a significant barrier to entry for competitors.

The conglomerate structure itself is a key resource, enabling the flow of business between its major subsidiaries. This structure is designed to maximize cross-selling opportunities across its banking, pension, and merchant banking arms.

The human capital is substantial, reflecting the scale of operations across the group. The company stated it generates over 70,000 direct and indirect jobs through its subsidiaries.

Grupo Aval Acciones y Valores S.A. also invests heavily in proprietary technology platforms to maintain operational efficiency. The implementation of the Calypso platform across key subsidiaries like Corficolombiana and Porvenir was a strategic move to scale treasury and derivatives operations.

Here's a quick look at the scale of these key tangible and intangible resources based on the latest available figures:

Resource Metric	Value	As of Date/Period	Currency/Unit
Total Assets (Separate Financial Statements)	22,003,003	Q3 2025 (September 30)	Colombian Pesos (Millions)
Total Assets (Quarterly)	87.80B	Q3 2025 (September 30)	USD
Direct and Indirect Employees	Over 70,000	Reported March 2025	People
Bank Branches (Colombia)	996	December 2024	Units
ATMs (Colombia)	2,833	December 2024	Units
Total Service Points (Including Correspondents)	120,000	December 2024	Units

The Calypso platform implementation is a critical intangible asset, designed to rationalize and enhance processes for derivatives, fixed income, equities, and currencies within the group's investment management businesses.

You can see the breadth of the operation through the subsidiaries it controls, which represent a significant portion of the country's financial market:

• Banco de Bogotá S.A. ownership: 68.9%
• Banco de Occidente S.A. ownership: 72.3%
• Banco Popular S.A. ownership: 93.7%
• Banco AV Villas S.A. ownership: 79.9%
• Porvenir S.A. (Pension Fund) ownership: 25%

Finance: draft the Q4 2025 asset projection based on Q3 2025 growth rates by next Tuesday.

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.