Grupo Aval Acciones y Valores S A : 2Q20 Presentation

2Q20 Consolidated Earnings Results

IFRS

Disclaimer

Grupo Aval Acciones y Valores S.A. ("Grupo Aval") is an issuer of securities in Colombia and in the United States.. As such, it is subject to compliance with securities regulation in Colombia and applicable U.S. securities regulation. Grupo Aval is also subject to the inspection and supervision of the Superintendency of Finance as holding company of the Aval financial conglomerate.

The consolidated financial information included in this document is presented in accordance with IFRS as currently issued by the IASB. Details of the calculations of non-GAAP measures such as ROAA and ROAE, among others, are explained when required in this report.

This report includes forward-looking statements. In some cases, you can identify these forward-looking statements by words such as "may," "will," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential," or "continue," or the negative of these and other comparable words. Actual results and events may differ materially from those anticipated herein as a consequence of changes in general, economic and business conditions, changes in interest and currency rates and other risk described from time to time in our filings with the Registro Nacional de Valores y Emisores and the SEC.

Recipients of this document are responsible for the assessment and use of the information provided herein. Matters described in this presentation and our knowledge of them may change extensively and materially over time but we expressly disclaim any obligation to review, update or correct the information provided in this report, including any forward looking statements, and do not intend to provide any update for such material developments prior to our next earnings report.

The content of this document and the figures included herein are intended to provide a summary of the subjects discussed rather than a comprehensive description.

When applicable, in this document we refer to billions as thousands of millions.

2

Consolidated key results for the quarter

Key results of the quarter:

	COP $tn	2Q19	1Q20	2Q20	2Q20 vs	2Q20 vs
	2Q19	1Q20
	Gross Loans	$ 170.7	$ 200.7	$ 209.3	22.6%	4.3%
Balance	Deposits	$ 166.0	$ 203.2	$ 212.2	27.8%	4.4%
Sheet
	Deposits/Net Loans	1.00 x	1.04 x	1.04 x	0.05 x	0.00 x
	90 days PDLs / Total	3.2%	3.1%	3.0%	(22) bps	(15) bps
	loans
Loan Quality	Allowance/90 days	1.53 x	1.41 x	1.53 x	0.00 x	0.12 x
PDLs
	Cost of risk	2.2%	2.2%	3.1%	87 bps	94 bps
	Net interest margin	5.9%	4.8%	5.3%	(56) bps	50 bps
	Fee income Ratio	25.4%	24.6%	21.4%	(396) bps	(315) bps
Profitability	Efficiency Ratio	45.4%	47.1%	51.3%	593 bps	428 bps
Attributable net
	$ 0.81	$ 0.70	$ 0.32	-60.2%	-53.8%
	income
	ROAA	2.1%	1.8%	0.8%	(136) bps	(101) bps
	ROAE	18.3%	14.2%	6.6%	(1,169) bps	(768) bps

• Grupo Aval closed on the Multi Financial Group (MFG) acquisition in Panama during the month of May.
• The acquisition represented a one-time increase in consolidated total assets of approximately Ps 18.6 trillion (USD 5.0 billion) and in consolidated total liabilities of approximately Ps 16.7 trillion (USD 4.4 billion).
• Including the acquisition of MFG, Aval´s consolidated assets grew by 25.8% in the last twelve months to Ps 333 trillion.
• Consolidated gross loans grew in the last twelve months to Ps 209 trillion, or 22.6%, including the MFG acquisition.
• Consolidated deposits grew in the last twelve months to Ps 212 trillion, or 27.8%, including the MFG acquisition.
• Cost of risk during the semester increased significantly to 2.7%, when compared to 2.1% during the first semester of 2019 and 2.3% during the second semester of last year. 40 to 50% of loan provisions booked during this quarter were Covid-related.
• Total NIM during the semester was 5.1%, a decrease of almost 70 bps versus total NIM during the first half of 2019, and of 60 bps versus total NIM recorded during the second half of last year. However, total NIM during the second quarter of 2020 improved by 50bps versus total NIM during the first quarter, driven by a 456 bps increase in NIM on Investments.
• Although gross fee income during the first semester was in line with gross fee income during the first semester of last year, a sharp decrease (-19%) was recorded in fee income from banking activities versus the previous quarter, mostly related to the region's quarantine that resulted in a material decrease in credit card usage.
• Income from non-financial sector operations contracted by 8.6% versus the first half of 2019 and by 10.6% versus the second semester of 2019, mainly driven by a contraction in revenues from infrastructure investments, which decreased by 8.9% and 11.7% versus the first and second semesters of 2019. This decrease was driven by the lockdown in Colombia that halted construction in our 4G concessions; however, the Government has already lifted most restrictions and construction has restarted.
• We continue to observe strong funding and liquidity positions, as evidenced by the Deposits/Net Loans ratio of 1.04x and the Cash/Deposits ratio of 18.9%.
• As a result, ROAA and ROAE for the semester were 1.3% and 10.4% respectively.

Gross loans excludes interbank and overnight funds. PDLs 90+ defined as loans more than 90 days past due. Net Interest Margin includes net interest income plus net trading income from debt and equity investments at FVTPL divided by total average interest-earning assets. Fee income ratio is calculated as net income from commissions and fees divided by net interest income plus net income from commissions and fees, gross profit from sales of goods and services, net trading income, net income from other financial instruments mandatory at FVTPL and total other income . Efficiency Ratio is calculated as total other expenses divided by net interest income plus net income from commissions and fees, gross profit from sales of goods and services, net trading income, net income from other financial instruments mandatory at FVTPL and total other income. ROAA is calculated as annualized Net Income divided by average of total assets. ROAE is calculated as Net Income attributable to Aval's shareholders divided by average attributable shareholders' equity. NS refers to non-significant figures.

3

Key results per region for the quarter

Colombia

Central America(1)

64.2% of Assets

35.8% of Assets

2Q19

1Q20

2Q20

2Q20 vs

2Q20 vs

2Q19

1Q20

2Q20

2Q20 vs

2Q20 vs

2Q19

1Q20

2Q19

1Q20

Balance

Sheet

Loan Quality

Profitability

Gross Loans

Deposits

Deposits/Net Loans

90 days PDLs / Total

loans

Allowance/90 days

PDLs

Cost of risk

Net interest margin

Fee income Ratio

Efficiency Ratio

Attributable net

income

(2)

ROAA

ROAE

$ 119.1	$ 131.4	$ 132.8	11.5%	1.0%	$ 51.6	$ 69.3	$ 76.5	48.4%	10.5%
$ 115.1	$ 131.8	$ 131.6	14.4%	-0.1%	$ 51.0	$ 71.4	$ 80.6	58.2%	12.9%
1.00 x	1.05 x	1.04 x	0.04 x	-0.01 x	0.99 x	1.04 x	1.05 x	0.06 x	0.02 x
3.9%	4.0%	4.0%	10 bps	0 bps	1.6%	1.5%	1.2%	(38) bps	(26) bps
1.45 x	1.31 x	1.42 x	-0.02 x	0.12 x	1.98 x	1.94 x	2.12 x	0.14 x	0.17 x
2.2%	2.4%	3.5%	130 bps	116 bps	2.3%	1.7%	2.3%	7 bps	61 bps
5.4%	4.0%	4.9%	(51) bps	89 bps	6.9%	6.4%	6.0%	(88) bps	(43) bps
20.8%	20.9%	18.9%	(190) bps	(204) bps	35.5%	31.0%	25.6%	(982) bps	(534) bps
40.3%	42.7%	47.4%	710 bps	472 bps	56.5%	54.7%	57.8%	126 bps	310 bps
$ 0.60	$ 0.40	$ 0.16	-73.6%	-59.8%	$ 0.21	$ 0.31	$ 0.16	-22.6%	-46.1%
2.4%	1.8%	0.7%	(162) bps	(100) bps	1.6%	1.9%	0.9%	(74) bps	(104) bps
27.4%	18.9%	8.5%	(1,898) bps	(1,042) bps	9.4%	10.8%	5.4%	(398) bps	(541) bps

1. Central America refers to Leasing Bogotá Panamá (LBP) operation expressed in Colombian Pesos, at the exchange rate of each period. (2) Attributable net income for Grupo Aval of Ps 323.4 bn for 2Q20 corresponds to the Ps 158.9 bn of our Colombian operation plus Ps 239.3 bn of our Central American operation multiplied by 68.7%, our stake in Banco de Bogotá. Gross loans excludes interbank and overnight funds. PDLs 90+ defined as loans more than 90 days past due. Net Interest Margin includes net interest income plus net trading income from investment securities held for trading through profit or loss divided by total average interest-earning assets. Fee income ratio is calculated as net income from commissions and fees divided by net interest income plus net income from commissions and fees, gross profit from sales of goods and services, net trading income, net income from other financial instruments mandatory at FVTPL and total other income. Efficiency Ratio is calculated as total other expenses divided by net interest income plus net income from commissions and fees, gross profit from sales of goods and services, net trading income, net income from other financial instruments mandatory at FVTPL and total other income. ROAA is calculated as annualized Net Income divided by average of total assets. ROAE is calculated as Net Income attributable to Aval's shareholders divided by average attributable shareholders' equity. NS refers to non-significant figures. Equity for Central America is calculated as LBP multiplied by our 68.7% stake in the company. Equity for Colombia is calculated as the difference between our consolidated attributable

4 equity and the equity in Central America.

Macroeconomic context - Colombia	( 1 | 2 )
GDP Growth (%)	Current Account ( % GDP, quarterly)

2.0% 0.0%

		Trade balance	Current Account Deficit
	2018	2019	2018	2019
			(2.7%)	(3.8%)	(3.9%)	(4.3%)

(2.0%)
(4.0%)	(3.7%)
(4.0%)
(6.0%)
(8.0%)

	Dec-14	Mar-15Jun-15Sep-15Dec-15Mar-16	Jun-16Sep-16Dec-16Mar-17Jun-17	Sep-17Dec-17Mar-18Jun-18Sep-18	Dec-18Mar-19Jun-19	Sep-19Dec-19Mar-20
	Oil Exports/Total Exports
	2014:	2015:	2016:	2017:	2018:	2019:
	52.8%	40.4%	34.0%	35.0%	40.2%	40.4%
Source: DANE. Seasonally adjusted, constant prices of 2015 GDP	Source: Banco de la República de Colombia.
Inflation (%)	Central Bank's Monetary Policy

	FY						Jun-20
	GDP	4.5%	3.0%	2.1%	1.4%	2.5%	3.3%
Source: Banco de la República de Colombia and DANE.	Source: Banco de la República de Colombia and DANE. GDP Seasonally-adjusted, constant prices (2015 basis)

5

Macroeconomic context - Colombia	( 2 | 2 )
Real and Projected Fiscal Deficit	Unemployment (%)
Fiscal Rule (% of GDP))

Jun-19Jun-20

Urban 10.7% 24.9%

National 9.4% 19.8%

*

Source: Ministry of Finance. Projections start in 2020.

Source: Banco de la República de Colombia. Urban unemployment defined as unemployment of 13 cities and their metropolitan areas. * Last twelve months average from July 2019 to June 2020.

Colombian Peso Exchange Rate

2Q20 vs. 2Q20 vs.

2Q19 1Q20

17.2% (7.4%)

18.7% 8.9%

Source: Banco de la República de Colombia.

6

Macroeconomic context - Central America

Growth Outlook - Real GDP

% of total gross portfolio

				2019		2020E		2021E
			5.5%					4.5%
4.1%	4.0%	3.6%			4.1%
2.4%	3.0%		2.7%	3.0%	2.4%
							2.1%

-1.0%

-3.0%	-2.1%	-2.0%	-2.4%
		-3.3%
				-3.9%
					-5.4%	-6.0%
Central
America(1)	Panamá	Guatemala	Honduras	Costa Rica El Salvador Nicaragua
36.6%	13.2%	6.0%	3.9%	8.5%	3.5%	1.5%

Source: IMF (WEO April 2020); (1) Aggregate growth of all the Central American countries.

Inflation per Country

CR

ES

GU

HO

NI

PA

Cenam

6.0%

4.0%

3.6%

3.1%

2.0%

2.9%

1.8%

0.0%

(0.2%)

(0.2%)

(2.0%)

(0.8%)

Apr-18

Jun-18

Apr-19

Jun-19

Dec-19

Apr-20

Jun-20

Dec-17

Feb-18

Aug-18

Oct-18

Dec-18

Feb-19

Aug-19

Oct-19

Feb-20

Source: SECMCA. CR: Costa Rica, ES: El Salvador, GU: Guatemala, HO: Honduras, NI: Nicaragua, PA: Panamá, Cenam: Central America . Cenam, Nicaragua and El Salvador as of June 2020, Panamá as of March 2020.

Regional Exchange Rates (100=12/31/2017)

140
130																		125.9
120																		112.2
110
																	104.9
100																		104.8
																	101.8
90
	Dec-17	Jun-18	Dec-18	Jun-19	Dec-19		Jun-20
		Colón			Quetzal					Lempira		Córdoba		TRM

Source: Bloomberg

Central Bank's Interest Rates

7.0%
6.0%
5.0%
4.0%						3.75%
3.0%
2.0%						1.75%
1.0%						0.75%
0.0%
Dec-17	Jun-18	Dec-18	Jun-19	Dec-19	Jun-20	Aug-20
	Costa Rica	Guatemala	Honduras

Source: SECMCA.

7

Assets

Figures in Ps. Trillions

Total Assets

	Growth excl. FX movement of Central
	American Operations
2Q20 / 1Q20 = 3.9%

2Q20 / 2Q19 = 25.8%

(1)

320.4	333.0

264.7

2Q20 / 2Q19 = 19.7%

2Q20 / 1Q20 = 6.5%

2Q19

1Q20

2Q20

Assets Breakdown

2Q19				1Q20			2Q20
			Foreign (2),							Foreign (2),					Foreign (2),
			29.5%						32.7%
24.9%											35.8%
				27.1%						25.7%
2.0%									2.0%	61.1%
62.9%		Colombian	1.9%		60.9%		Colombian
	10.2%		Colombian	11.3%
10.2%			operations,						operations,
							operations,
			70.5%										64.2%
								67.3%
Net loans and leases(3)	Fixed income investments	Unconsolidated equity investments	Other

(1) Includes Ps. 18.6 trillion of assets of Multi Financial Group. Growth excluding FX and the acquisition would have been 13.0% on a yearly basis and 0.5% on a quarterly basis (2) Foreign operations reflect Central American operations. (3) Net loans and leases include interbank and overnight funds.

8

Loans and receivables

Figures in Ps. Trillions - Excluding interbank and overnight funds

Gross loans

			Growth
		2Q20 / 1Q20 = 4.3%
2Q20 / 2Q19 = 22.6%				(1)
209.3
200.7

170.7

2Q19

1Q20

2Q20

excl. FX movement of Central American Operations

2Q20 / 2Q19 = 16.6%

2Q20 / 1Q20 = 7.0%

Gross loans Breakdown

		2Q19	1Q20	2Q20	2Q20 / 2Q19	2Q20 / 1Q20
Microcredit
0.2%	0.2%	0.2%			-6.5%	-6.5%	-4.7%	-4.7%
Mortgages	11.2%	11.6%	12.0%			32.0%	20.6%	8.4%	13.3%
Consumer
	33.2%	32.5%	31.1%			14.8%	8.5%	-0.1%	2.7%
Commercial
	55.4%	55.7%	56.7%			25.6%	20.8%	6.1%	8.3%

• Growth excluding FX movement of Central American Operations

1. Includes Ps. 12.7 trillion of gross loans of Multi Financial Group. Ps. 7.1 trillion of commercial loans, Ps. 3.0 trillion of consumer loans and Ps. 2.6 trillion of mortgages loans. Gross loans growth excluding FX and the acquisition would have been 9.5% on a yearly basis and 0.5% on a quarterly

9 basis.

Loan portfolio quality

Quality

30 days PDLs / Total loans 90 days PDLs / Total loans

4.52%	4.16%	4.05%
3.22%	3.14%	3.00%

2Q19

1Q20

2Q20

Charge offs / Average 90+ PDLs

0.72x	0.60x	0.59x

2Q19

1Q20

2Q20

Cost of Risk

Impairment loss / Average loans
Impairment loss, net	/ Average loans
		3.20%
2.46%	2.32%	3.10%
2.23%	2.15%
2Q19	1Q20	2Q20

Coverage

Allowance / 90+ PDLs Allowance / 30+ PDLs

	1.53x	1.41x	1.53x
	1.09x	1.06x	1.13x
	2Q19	1Q20	2Q20
Allowance /	4.91%	4.43%	4.58%
Gross loans

10

Loan portfolio quality

Figures in Ps. Billions

30 days past due loans (1) 90 days past due loans (2)

	2Q19	1Q20	2Q20		2Q19	1Q20	2Q20
Commercial	4.20%	4.11%	4.08%		3.62%	3.45%	3.60%
Consumer	4.94%	4.11%	3.80%		2.69%	2.60%	1.96%
Mortgages	4.60%	4.37%	4.44%		2.61%	2.98%	2.71%
Microcredit	16.93%	15.15%	13.34%		12.42%	14.37%	12.14%
Total loans	4.52%	4.16%	4.05%		3.22%	3.14%	3.00%

30 days past due formation (1)			Loans by Stages (%)
	2Q19	3Q19	4Q19	1Q20	2Q20
Initial +30 PDLs	7,426	7,716	8,155	7,827	8,353	6.0%	5.6%	5.5%
New +30 PDLs	1,252	1,331	1,502	1,433	1,058	4.7%	4.6%	6.5%
Charge-offs	(961)	(892)	(1,829)	(907)	(927)
Final +30 PDLs	7,716	8,155	7,827	8,353	8,483							Stage 3
90 days past due formation (2)
		89.3%	89.8%	88.0%			Stage 2
												Stage 1
	2Q19	3Q19	4Q19	1Q20	2Q20
Initial +90 PDLs	5,143	5,491	5,846	5,842	6,305
New +90 PDLs	1,309	1,247	1,826	1,371	893
Charge-offs	(961)	(892)	(1,829)	(907)	(927)		2Q19	1Q20	2Q20
Final +90 PDLs	5,491	5,846	5,842	6,305	6,271

(1) Past Due Loans + 30 / Total Loans including interest accounts receivable

11 (2) Past Due Loans + 90 / Total Loans including interest accounts receivable. PDLs 90+ defined as loans more than 90 days past due.

Funding

Figures in Ps. Trillions
Total funding	Total deposits

(2)

(1)

Deposits / Net loans*(%)	Cash / Deposits (%)
1.04x	1.04x	19.8%
1.00x	18.0%	18.9%

2Q19

1Q20

2Q20

2Q19

1Q20

2Q20

1. Includes Ps. 16.3 trillion of funding of Multi Financial Group. Growth excluding FX and the acquisition would have been 15.4% on a yearly basis and 1.4% on a quarterly basis.(2) Includes Ps. 11.0 trillion of deposits of Multi Financial Group. Growth excluding FX and the acquisition would have been

15.2% on a yearly basis and 1.7% on a quarterly basis.

12 (*) Net Loans equals gross loans plus interbank and overnight funds net of allowance for impairment of loans and receivables

Capital

Figures in Ps. Trillions

Attributable Equity + Minority Interest

		2Q20 / 1Q20 = 3.4%
	2Q20 / 2Q19 = 11.6%
30.6	33.0	34.2

Attributable Shareholders Equity

			2Q20 / 1Q20 = 2.4%
	2Q20 / 2Q19 = 8.9%
	19.5	19.9
18.3

	2Q19	1Q20	2Q20
Minority interest	12.3	13.6	14.2
Attributable equity	18.3	19.5	19.9

		2Q19	1Q20	2Q20
Total equity / Assets		11.6%	10.3%	10.3%
Tangible equity ratio	(1)	8.7%	7.5%	7.6%

Consolidated Capital Adequacy of our Banks (%)

	2Q19	1Q20	2Q20		2Q19	1Q20	2Q20		2Q19	1Q20	2Q20		2Q19	1Q20	2Q20
Primary capital (Tier 1)	9.5	9.6	9.8 (2)		10.4	9.1	8.7		8.7	8.4	7.8		10.1	11.0	11.0
Solvency Ratio	13.2	12.3	12.4		12.7	10.4	10.5		10.5	9.6	9.1		10.7	11.1	11.5

1. Tangible Equity Ratio is calculated as Total Equity minus Goodwill and other Intangibles divided by Total Assets minus Goodwill and other Intangibles.
2. Total Tier 1: CET1 :8.6% and AT1: 1.1%

13

NIM - Net Interest Margin

Net Interest Margin(1)

5.85%

4.78%

	Net interest income(1) (trillions)
2Q19	1Q20	2Q20	2Q20 /	2Q20 /
2Q19	1Q20
3.0	2.7	3.3	9.6%	20.2%
	5.29%

	2Q19	1Q20	2Q20
Cost of funds	3.78%	3.49%	3.26%
Loans Interest Margin(2)
	6.58%
		6.06%	5.79%
	2Q19	1Q20	2Q20
Avg. Yield on loans	10.61%	9.88%	9.42%
Net Investments Margin(3)
	2.26%		2.88%
		-1.68%
	2Q19	1Q20	2Q20
Avg. Yield on fixed income and
interbank & overnight funds 6.29%	2.13%	6.51%

1. Net Interest Income and Net Interest Margin: Includes net interest income plus net trading income from investment securities held for trading through profit or loss divided by total average interest-earning assets. NIM without income from investment securities held for trading through profit or loss was 5.0% for 2Q20, 5.3% for 1Q20 and 5.7% for 2Q19.
2. Loans Interest Margin: Net Interest Income on Loans to Average loans and financial leases.
3. Net Investments Margin: Net Interest income on fixed income securities, net trading income from equity and fixed income investment securities held for trading through profit and on

14 interbank and overnight funds to Average securities and Interbank and overnight funds.

Fees and other operating income

Figures in Ps. Billions

Gross fee income

											2Q20/2Q19 = -21.4%
						2Q20/1Q20=-17.4%
		2Q20/2Q19=-15.5%								2Q20/1Q20 = -20.4%
										2Q20/2Q19	2Q20/1Q20
1,500.6	1,534.8	1,268.3
2.7%	2.4%		2.8%
			-12.8%		-4.8%
20.1%	20.1%	20.6%
5.6%	5.3%		6.2%
			-13.3%		-15.2%
71.6%	72.3%	70.5%			-6.5%		-3.0%
												-16.9%		-19.4%

Non-financial sector (1)

	2Q19	1Q20	2Q20
Energy & gas	189	206	145
Infrastructure	494	716	193
Hotels	6	2	-20
Agribusiness	0	3	3
(2)	-89	-93	-82
Other
Total	600	834	239

2Q19	1Q20	2Q20
Banking fees	Trust activities	Pension fees	Other

1. Net income from sales of goods and services
2. Reflects net NFS from Nexa BPO, Megalinea and Aportes en Línea call-centers and other subsidiaries

Growth excluding FX movement of Central American Operations

Other operating income	2Q19		1Q20		2Q20
Foreign exchange gains (losses), net	17	-1,148	558
Net income (loss) on financial derivatives	31	1,161	-364
Other trading income on derivatives	25		145		-46
Derivatives and foreign exchange gains (losses), net (1)	73	158	147
Gains on valuation of assets	-7	3	-2
Net income from other financial instruments mandatory at FVTPL	53	73	60
Net gain on sale of investments and OCI realization	65	94	106
Gain on the sale of non-current assets held for sale	7	29	7
Income from non-consolidated investments (2)	66	148	43
Other income from operations	119	69	141
Total other income from operations	376	574	503

1. Includes income from trading and hedging derivatives reflected as part of the net trading income on the Statement of Profit or Loss.

15 (2) Includes share of profit of equity accounted investees, net of tax, and dividend income.

Efficiency ratios

Cost to income

Cost to assets

	51.3%
45.4%	47.1%

3.7%	3.4%	3.2%

2Q19

1Q20

2Q20

2Q19

1Q20

2Q20

Cost to income efficiency ratio is calculated as total other expenses divided by net interest income plus net income from commissions and fees, net income from sales of goods and services, net trading income, net income from other financial instruments mandatory at FVTPL and total other income.

Cost to assets efficiency ratio is calculated as annualized total other expenses divided by average total assets.

16

Profitability

Figures in Ps. Billions

Net income attributable to controlling interest

	813.2	700.2
				323.4
	2Q19	1Q20		2Q20
EPS	$36.5	$31.4	$29.0	$14.5
	ROAA (1)
	2.1%	2.0%
	1.8%
				0.8%
	2Q19	1Q20		2Q20

ROAE (2)

18.3%

2Q19

14.2%
14.2%
	6.6%
1Q20	2Q20

(1)ROAA for each quarter is calculated as annualized Net Income divided by average of total assets.

(2)ROAE for each quarter is calculated as annualized Net Income attributable to Aval's shareholders divided by average attributable shareholders' equity.

17

18