Grupo Aval Acciones Y Valores S.A. reported earnings results for the second quarter of 2017. Attributable net income for the quarter was COP 470.8 billion or COP 21 per share. The result for the quarter was negatively affected by a 42% increase in provision expenses, 1/3 of which is explained by provisions associated with Electricaribe, which amounted to about COP 108 billion. Return on average assets and return on average equity for the quarter were 1.3% and 12.4%, respectively. Quarterly net interest income was COP 2.8 trillion during the second quarter of 2017, a 16.9% increase compared to the same quarter a year earlier and 5.5% higher than the previous quarter. Gross fee income grew by 8.9% compared to the same period a year earlier.

For the year 2017, the company expects ROE to be in the 12.5% to 13% area. The company expects full year net interest margin to be slightly higher than the 5.6% recorded for 2016. The company expects 2017 marginal tax rate to be in the 34% area.