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Aval Gains as Consumer Loan Growth Bolsters Profit: Bogota Mover

Grupo Aval Acciones y Valores SA jumped to a record after posting a 33 percent quarterly profit increase on what Credicorp Capital called a “good performance” in consumer lending.

Preferred shares in the banking group controlled by billionaire Luis Carlos Sarmiento Angulo gained 3.5 percent to 1,345 pesos at the close in Bogota, the highest since they started trading in May 2011. The stock was the best performer on Colombia’s benchmark Colcap index, which rose 0.5 percent.

Net income rose to 505.3 billion pesos ($274 million), according to a May 20 report on its website. The company’s return on average equity was 18.7 percent, compared with 15.6 percent for Bancolombia SA and 13.7 percent for Banco Davivienda SA, according to Credicorp Capital.

The first quarter results confirm Aval “as the most profitable financial conglomerate in our banking coverage,” Juan C. Dominguez, an analyst at Credicorp Capital’s Colombia unit, wrote today in a note to clients. He rates the shares “attractive” with a year-end target price of 1,505 pesos.

Consumer loans grew 19.4 percent from a year earlier, financial leases rose by 19 percent and mortgages increased 14.7 percent, according to Aval.

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