6-K 1 dp42672_6k.htm FORM 6-K



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 6-K
 

Report Of Foreign Private Issuer
Pursuant To Rule 13a-16 Or 15d-16 Of
The Securities Exchange Act Of 1934

For the month of December 2013
________________________
 
Commission File Number: 000-54290

Grupo Aval Acciones y Valores S.A.
(Exact name of registrant as specified in its charter)

Carrera 13 No. 26A - 47
Bogotá D.C., Colombia
(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F
X
 
Form 40-F
 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Yes
   
No
X

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Yes
   
No
X




 
 
 

 

 

GRUPO AVAL ACCIONES Y VALORES S.A.

TABLE OF CONTENTS



ITEM
 
1.
November 2013 Monthly report of unconsolidated results of banking operation in Colombia under Colombian Banking GAAP

 
 
 
 

 

 
 
Monthly report of unconsolidated results of
our banking operation in Colombia
under Colombian Banking GAAP
 
 
November, 2013
 
Disclaimer
 
Grupo Aval Acciones y Valores S.A. (“Grupo Aval”) is an issuer in Colombia of securities registered with the National Registry of Shares and Issuers (Registro Nacional de Valores y Emisores), and in this capacity, it is subject to oversight by the Superintendency of Finance. Grupo Aval is not a financial institution and it is not supervised or regulated as a financial institution in Colombia. Grupo Aval is not required to file individual, nor consolidated financial statements on a monthly basis.

These results are exclusively provided for informational purposes and contain the unconsolidated financial statements of our four Colombian banking subsidiaries (Banco de Bogotá, Banco de Occidente, Banco Popular and Banco AV Villas, together, the “Banks”) as reported to the Superintendency of Finance, and the combined financial statements of the unconsolidated results of our Banks, which reflect approximately 80% of the consolidated results of Grupo Aval.  These unconsolidated financial statements do not reflect the consolidation process of subsidiaries such as Corficolombiana, Porvenir or BAC Credomatic, are not intended to reflect the consolidated financial statements of Grupo Aval and are not necessarily indicative of the results for any other future interim period.
 
Even though, the information herein has not been audited, financial statements and other financial data included in this report is prepared in accordance with the regulations of the Superintendency of Finance for financial institutions (Resolution 3600 of 1988 and External Circular 100 of 1995) and, on issues not addressed by these regulations, generally accepted accounting principles prescribed by the Superintendency of Finance for banks to operate in Colombia, consistently applied, together with such regulations, on the filing date, “Colombian Banking GAAP.”

Recipients of this document are responsible for the assessment and use of the information provided herein. Grupo Aval shall not be responsible for any decision taken by investors in connection with this document. The content of this document is not intended to provide full disclosure on Grupo Aval or its affiliates.
 
Tatiana Uribe Benninghoff
Vice-President of Financial Planning and Investor Relations
Tel.: +571 241 9700  x3297 / 3600
E-mail: turibe@grupoaval.com
 
 
 
 

 
 
 
GRUPO AVAL ACCIONES Y VALORES S.A.
COMBINED FINANCIAL STATEMENTS AS OF NOVEMBER, 2013
 
BALANCE SHEET
 
As of
   
Growth (%)
 
(Ps. Millions)
 
Nov-12
   
Oct-13
    Nov-13    
Nov-13 Vs.
Oct-13
   
Nov-13 Vs.
Nov-12
 
ASSETS
                             
CASH AND CASH EQUIVALENTS
                             
Cash and due from banks
    5,841,611       7,890,844       9,201,322       16.6       57.5  
Interbank and overnight funds
    946,351       329,555       292,894       (11.1 )     (69.1 )
Total Cash and cash equivalents
    6,787,962       8,220,399       9,494,216       15.5       39.9  
INVESTMENT SECURITIES
                                       
Debt securities
    10,731,418       13,264,990       12,555,819       (5.3 )     17.0  
Trading
    2,346,308       3,174,064       2,775,617       (12.6 )     18.3  
Available for Sale
    5,556,796       7,166,715       6,873,588       (4.1 )     23.7  
Held to maturity
    2,828,315       2,924,211       2,906,614       (0.6 )     2.8  
Equity securities
    7,912,711       9,751,903       9,937,656       1.9       25.6  
Trading
    33,979       38,743       38,626       (0.3 )     13.7  
Available for Sale
    7,878,731       9,713,161       9,899,031       1.9       25.6  
Allowance
    (2,933 )     (3,021 )     (3,037 )     0.5       3.5  
Total investment securities, net
    18,641,196       23,013,872       22,490,438       (2.3 )     20.6  
LOANS AND FINANCIAL LEASES
                                       
Commercial loans
    39,822,267       44,069,368       44,550,993       1.1       11.9  
Consumer loans
    18,421,449       20,297,759       20,494,256       1.0       11.3  
Microcredit
    287,690       326,438       334,857       2.6       16.4  
Mortgage loans
    1,033,324       1,694,492       1,787,742       5.5       73.0  
Financial leases
    5,495,011       5,848,462       5,875,046       0.5       6.9  
Allowance for loans and financial leases losses
    (2,236,643 )     (2,571,384 )     (2,598,293 )     1.0       16.2  
Total loans and financial leases, net
    62,823,097       69,665,135       70,444,602       1.1       12.1  
Interest accrued on loans and financial leases
    714,012       707,238       702,760       (0.6 )     (1.6 )
Allowance on Interest accrued on loans and financial leases
    (76,771 )     (83,138 )     (85,638 )     3.0       11.5  
Interest accrued on loans and financial leases, net
    637,241       624,100       617,122       (1.1 )     (3.2 )
Bankers' acceptances, spot transactions and derivatives
    233,365       345,925       364,436       5.4       56.2  
Accounts receivable, net
    940,382       1,100,091       1,093,621       (0.6 )     16.3  
Property, plant and equipment, net
    809,657       864,194       868,814       0.5       7.3  
Operating leases, net
    361,443       363,488       365,249       0.5       1.1  
Foreclosed assets, net
    67,271       57,771       57,913       0.2       (13.9 )
Prepaid expenses and deferred charges
    535,134       437,946       432,414       (1.3 )     (19.2 )
Goodwill, net
    515,360       492,881       490,755       (0.4 )     (4.8 )
Other assets, net
    808,508       1,092,663       1,175,029       7.5       45.3  
Reappraisal of assets
    1,910,310       2,188,414       2,167,154       (1.0 )     13.4  
Total assets
    95,070,927       108,466,880       110,061,762       1.5       15.8  
LIABILITIES
                                       
DEPOSITS
                                       
Checking accounts
    12,834,669       14,111,928       14,721,082       4.3       14.7  
Time deposits
    17,907,073       18,294,152       19,246,846       5.2       7.5  
Savings deposits
    31,694,254       38,359,899       39,601,811       3.2       24.9  
Other
    567,584       545,077       610,272       12.0       7.5  
Total deposits
    63,003,580       71,311,057       74,180,011       4.0       17.7  
Bankers' acceptances, spot transactions and derivatives
    211,273       351,497       430,638       22.5       103.8  
Interbank borrowings and overnight funds
    1,751,775       4,127,798       1,972,802       (52.2 )     12.6  
Borrowings from banks and other
    4,810,847       4,452,100       4,555,178       2.3       (5.3 )
Accrued interest payable
    254,184       249,532       247,668       (0.7 )     (2.6 )
Other accounts payable
    1,920,831       1,868,805       2,262,300       21.1       17.8  
Bonds
    5,720,251       6,851,622       6,839,134       (0.2 )     19.6  
Estimated Liabilities
    1,144,352       1,070,193       1,161,851       8.6       1.5  
Other liabilities
    782,120       927,746       871,298       (6.1 )     11.4  
Total liabilities
    79,599,213       91,210,349       92,520,879       1.4       16.2  
Total shareholders' equity
    15,471,715       17,256,531       17,540,883       1.6       13.4  
Total liabilities and shareholders' equity
    95,070,927       108,466,880    110,061,762       1.5       15.8  
 
 
 
 

 
 
 
GRUPO AVAL ACCIONES Y VALORES S.A.
COMBINED FINANCIAL STATEMENTS AS OF NOVEMBER, 2013
 
INCOME STATEMENT  
YTD
   
Growth (%)
Nov-13 Vs.
Nov-12
   
Month
   
Growth (%)
Nov-13 Vs.
Oct-13
 
 
(Ps. Millions)
 
Nov-12
    Nov-13        
Oct-13
    Nov-13      
INTEREST INCOME
                                   
Interest on loans
    5,959,229       6,208,945       4.2       567,717       567,554       (0.0 )
Interest on investment securities
    711,509       694,799       (2.3 )     62,570       48,059       (23.2 )
Interbank and overnight funds
    124,643       111,220       (10.8 )     9,026       8,956       (0.8 )
Financial leases
    514,140       544,744       6.0       48,845       46,741       (4.3 )
Total Interest Income
    7,309,522       7,559,708       3.4       688,158       671,310       (2.4 )
INTEREST EXPENSE
                                               
Checking accounts
    116,301       102,857       (11.6 )     9,315       9,141       (1.9 )
Time deposits
    879,405       818,757       (6.9 )     67,052       66,457       (0.9 )
Saving deposits
    1,032,807       977,899       (5.3 )     95,194       96,020       0.9  
Total interest expense on deposits
    2,028,514       1,899,513       (6.4 )     171,562       171,617       0.0  
Borrowings from banks and others
    194,782       128,808       (33.9 )     10,538       10,253       (2.7 )
Interbank and overnight funds (expenses)
    94,086       67,376       (28.4 )     9,476       6,429       (32.2 )
Bonds
    344,681       364,018       5.6       32,713       32,301       (1.3 )
Total interest expense
    2,662,063       2,459,715       (7.6 )     224,289       220,600       (1.6 )
Net Interest Income
    4,647,459       5,099,993       9.7       463,869       450,710       (2.8 )
Provisions for loan and financial lease losses, accrued interest and other, net
    775,458       1,059,046       36.6       84,827       96,647       13.9  
Recovery of charged-off assets
    (128,187 )     (131,168 )     2.3       (10,944 )     (9,898 )     (9.6 )
Provision for  investment securities, foreclosed assets and other assets
    31,887       29,797       (6.6 )     1,410       2,674       89.6  
Recovery of provisions for investments securities, foreclosed assets and other assets
    (16,883 )     (15,514 )     (8.1 )     (729 )     (1,589 )     117.9  
Total provisions, net
    662,275       942,162       42.3       74,564       87,833       17.8  
Net interest income after provisions
    3,985,184       4,157,831       4.3       389,305       362,877       (6.8 )
FEES AND OTHER SERVICES INCOME
                                               
Commissions from banking services
    833,748       905,904       8.7       86,463       84,641       (2.1 )
Branch network services
    26,115       27,312       4.6       2,541       2,455       (3.4 )
Credit card merchant fees
    141,412       169,988       20.2       15,712       15,903       1.2  
Checking fees
    66,135       60,716       (8.2 )     5,925       5,272       (11.0 )
Other
    77,022       83,895       8.9       8,008       8,513       6.3  
Total fees and other services income
    1,144,433       1,247,816       9.0       118,650       116,784       (1.6 )
Fees and other services expenses
    310,958       336,071       8.1       31,618       31,367       (0.8 )
Fees and other services income, net
    833,475       911,745       9.4       87,032       85,417       (1.9 )
OTHER OPERATING INCOME
                                               
Foreign exchange (losses) gains, net
    (78,159 )     227,418       391.0       (19,318 )     60,546       413.4  
Gains (losses) on derivative operations, net
    172,380       (81,176 )     (147.1 )     32,859       (51,469 )     (256.6 )
Gains on sales of investments in equity securities, net 
    (4 )     -       100.0       -       -    
N.A.
 
Dividend Income
    778,160       992,245       27.5       12,385       119,475       864.7  
Other
    162,836       169,515       4.1       15,925       15,794       (0.8 )
Total other operating income
    1,035,214       1,308,002       26.4       41,851       144,346       244.9  
Total operating income
    5,853,873       6,377,578       8.9       518,188       592,640       14.4  
OPERATING EXPENSES
                                               
Salaries and employee benefits
    1,059,580       1,145,615       8.1       108,580       106,434       (2.0 )
Bonus plan payments
    30,306       31,725       4.7       2,244       2,282       1.7  
Termination payments
    5,195       5,456       5.0       464       503       8.5  
Administrative and other expenses
    1,629,514       1,887,554       15.8       179,385       184,911       3.1  
Insurance on deposit, net
    155,094       176,787       14.0       16,823       17,359       3.2  
Charitable and other donation expenses
    5,771       2,504       (56.6 )     319       127       (60.1 )
Depreciation
    199,926       213,407       6.7       21,172       21,413       1.1  
Goodwill amortization
    21,159       22,616       6.9       2,126       2,126       -  
Total operating expenses
    3,106,544       3,485,664       12.2       331,114       335,154       1.2  
Net operating income
    2,747,329       2,891,915       5.3       187,075       257,486       37.6  
NON-OPERATING INCOME (EXPENSE)
                                               
Other income
    195,929       234,843       19.9       10,397       14,928       43.6  
Other expenses
    53,423       71,282       33.4       5,755       6,570       14.1  
Non-operating income (expense), net
    142,506       163,561       14.8       4,642       8,358       80.1  
Income before income tax expense
    2,889,835       3,055,475       5.7       191,717       265,844       38.7  
Income tax expense
    765,146       816,640       6.7       67,558       70,426       4.2  
Net income
    2,124,689    2,238,836       5.4       124,159    195,418       57.4  
 
 
 
 

 
 
 
BANCO DE BOGOTÁ
UNCONSOLIDATED FINANCIAL STATEMENTS AS OF NOVEMBER, 2013
 
BALANCE SHEET
 
As of
   
Growth (%)
 
(Ps. Millions)
 
Nov-12
   
Oct-13
    Nov-13    
Nov-13 Vs.
Oct-13
   
Nov-13 Vs.
Nov-12
 
ASSETS
                             
CASH AND CASH EQUIVALENTS
                             
Cash and due from banks
    2,819,442       4,008,919       4,798,503       19.7       70.2  
Interbank and overnight funds
    150,575       95,626       95,801       0.2       (36.4 )
Total Cash and cash equivalents
    2,970,017       4,104,545       4,894,304       19.2       64.8  
INVESTMENT SECURITIES
                                       
Debt securities
    5,177,781       5,813,866       5,564,839       (4.3 )     7.5  
Trading
    688,787       1,460,811       1,123,922       (23.1 )     63.2  
Available for Sale
    3,033,084       2,938,870       3,037,169       3.3       0.1  
Held to maturity
    1,455,909       1,414,184       1,403,748       (0.7 )     (3.6 )
Equity securities
    6,259,753       7,572,374       7,763,153       2.5       24.0  
Trading
    -       -       -    
N.A.
   
N.A.
 
Available for Sale
    6,259,753       7,572,374       7,763,153       2.5       24.0  
Allowance
    (719 )     (732 )     (749 )     2.3       4.2  
Total investment securities, net
    11,436,815       13,385,508       13,327,243       (0.4 )     16.5  
LOANS AND FINANCIAL LEASES
                                       
Commercial loans
    23,300,668       26,294,910       26,638,226       1.3       14.3  
Consumer loans
    6,013,976       6,643,111       6,715,830       1.1       11.7  
Microcredit
    253,016       299,780       308,690       3.0       22.0  
Mortgage loans
    144,358       619,871       685,260       10.5       374.7  
Financial leases
    1,259,690       1,409,926       1,431,136       1.5       13.6  
Allowance for loans and financial leases losses
    (969,267 )     (1,160,046 )     (1,166,776 )     0.6       20.4  
Total loans and financial leases, net
    30,002,441       34,107,554       34,612,366       1.5       15.4  
Interest accrued on loans and financial leases
    353,387       362,847       352,422       (2.9 )     (0.3 )
Allowance on Interest accrued on loans and financial leases
    (39,916 )     (45,540 )     (46,692 )     2.5       17.0  
Interest accrued on loans and financial leases, net
    313,471       317,308       305,730       (3.6 )     (2.5 )
Bankers' acceptances, spot transactions and derivatives
    195,287       305,128       313,970       2.9       60.8  
Accounts receivable, net
    482,422       751,644       742,361       (1.2 )     53.9  
Property, plant and equipment, net
    313,468       342,731       345,079       0.7       10.1  
Operating leases, net
    795       3,277       3,226       (1.6 )     305.9  
Foreclosed assets, net
    27,371       18,881       18,782       (0.5 )     (31.4 )
Prepaid expenses and deferred charges
    248,776       198,542       203,706       2.6       (18.1 )
Goodwill, net
    490,965       469,892       467,899       (0.4 )     (4.7 )
Other assets, net
    323,118       464,021       474,690       2.3       46.9  
Reappraisal of assets
    997,927       1,159,375       1,105,300       (4.7 )     10.8  
Total assets
    47,802,873       55,628,405       56,814,657       2.1       18.9  
LIABILITIES
                                       
DEPOSITS
                                       
Checking accounts
    7,056,833       7,847,581       8,111,722       3.4       14.9  
Time deposits
    10,256,804       11,089,054       11,909,476       7.4       16.1  
Savings deposits
    15,050,395       17,305,052       18,236,246       5.4       21.2  
Other
    292,175       308,285       327,566       6.3       12.1  
Total deposits
    32,656,208       36,549,971       38,585,011       5.6       18.2  
Bankers' acceptances, spot transactions and derivatives
    173,617       314,658       376,438       19.6       116.8  
Interbank borrowings and overnight funds
    248,540       2,212,964       614,296       (72.2 )     147.2  
Borrowings from banks and other
    2,495,299       2,186,088       2,303,417       5.4       (7.7 )
Accrued interest payable
    122,875       134,491       135,218       0.5       10.0  
Other accounts payable
    878,988       856,806       1,142,741       33.4       30.0  
Bonds
    1,510,289       2,504,137       2,551,149       1.9       68.9  
Estimated Liabilities
    474,907       435,873       489,096       12.2       3.0  
Other liabilities
    258,636       371,949       314,586       (15.4 )     21.6  
Total liabilities
    38,819,358       45,566,936       46,511,953       2.1       19.8  
Total shareholders' equity
    8,983,515       10,061,470       10,302,703       2.4       14.7  
Total liabilities and shareholders' equity
    47,802,873       55,628,405    56,814,657       2.1       18.9  
 
 
 
 

 
 
 
BANCO DE BOGOTÁ
UNCONSOLIDATED FINANCIAL STATEMENTS AS OF NOVEMBER, 2013
 
INCOME STATEMENT  
YTD
   
Growth (%)
Nov-13 Vs.
Nov-12
   
Month
   
Growth (%)
Nov-13 Vs.
Oct-13
 
 
(Ps. Millions)
 
Nov-12
    Nov-13        
Oct-13
    Nov-13      
INTEREST INCOME
                                   
Interest on loans
    2,737,889       2,879,422       5.2       264,504       264,613       0.0  
Interest on investment securities
    337,057       348,883       3.5       25,649       12,578       (51.0 )
Interbank and overnight funds
    59,531       56,909       (4.4 )     4,733       4,474       (5.5 )
Financial leases
    104,629       123,108       17.7       11,016       11,078       0.6  
Total Interest Income
    3,239,107       3,408,321       5.2       305,902       292,743       (4.3 )
INTEREST EXPENSE
                                               
Checking accounts
    83,508       84,059       0.7       7,743       7,644       (1.3 )
Time deposits
    486,408       448,837       (7.7 )     37,429       37,640       0.6  
Saving deposits
    490,215       460,588       (6.0 )     43,541       44,565       2.4  
Total interest expense on deposits
    1,060,130       993,484       (6.3 )     88,712       89,850       1.3  
Borrowings from banks and others
    79,521       59,620       (25.0 )     4,834       4,635       (4.1 )
Interbank and overnight funds (expenses)
    37,465       27,852       (25.7 )     4,896       3,438       (29.8 )
Bonds
    87,638       121,967       39.2       11,789       11,561       (1.9 )
Total interest expense
    1,264,755       1,202,923       (4.9 )     110,231       109,484       (0.7 )
Net Interest Income
    1,974,352       2,205,398       11.7       195,671       183,259       (6.3 )
Provisions for loan and financial lease losses, accrued interest and other, net
    340,455       511,947       50.4       47,900       45,994       (4.0 )
Recovery of charged-off assets
    (40,703 )     (52,048 )     27.9       (4,624 )     (3,989 )     (13.7 )
Provision for  investment securities, foreclosed assets and other assets
    18,955       13,722       (27.6 )     732       684       (6.5 )
Recovery of provisions for investments securities, foreclosed assets and other assets
    (8,353 )     (6,550 )     (21.6 )     (61 )     (746 )  
N.A.
 
Total provisions, net
    310,354       467,071       50.5       43,946       41,943       (4.6 )
Net interest income after provisions
    1,663,997       1,738,327       4.5       151,725       141,316       (6.9 )
FEES AND OTHER SERVICES INCOME
                                               
Commissions from banking services
    479,007       515,258       7.6       48,903       47,306       (3.3 )
Branch network services
    26,005       27,202       4.6       2,531       2,445       (3.4 )
Credit card merchant fees
    52,714       64,459       22.3       6,190       6,211       0.3  
Checking fees
    35,235       31,743       (9.9 )     3,205       2,691       (16.0 )
Other
    4,040       4,232       4.7       266       771       189.8  
Total fees and other services income
    597,001       642,895       7.7       61,095       59,424       (2.7 )
Fees and other services expenses
    122,730       118,823       (3.2 )     9,903       9,970       0.7  
Fees and other services income, net
    474,272       524,072       10.5       51,192       49,455       (3.4 )
OTHER OPERATING INCOME
                                               
Foreign exchange (losses) gains, net
    (87,404 )     198,858       327.5       (20,306 )     57,806       384.7  
Gains (losses) on derivative operations, net
    148,629       (79,250 )     (153.3 )     29,787       (49,633 )     (266.6 )
Gains on sales of investments in equity securities, net 
    -       -    
N.A.
      -       -    
N.A.
 
Dividend Income
    586,674       772,234       31.6       11,416       119,475       946.6  
Other
    2,653       2,535       (4.4 )     246       220       (10.3 )
Total other operating income
    650,552       894,378       37.5       21,143       127,869       504.8  
Total operating income
    2,788,821       3,156,777       13.2       224,060       318,640       42.2  
OPERATING EXPENSES
                                               
Salaries and employee benefits
    427,553       492,850       15.3       46,498       47,613       2.4  
Bonus plan payments
    6,349       6,425       1.2       101       164       62.9  
Termination payments
    874       366       (58.1 )     66       12       (81.8 )
Administrative and other expenses
    745,986       907,020       21.6       85,947       91,126       6.0  
Insurance on deposit, net
    75,559       86,821       14.9       8,297       8,632       4.0  
Charitable and other donation expenses
    2,068       72       (96.5 )     -       -    
N.A.
 
Depreciation
    41,540       47,840       15.2       4,615       4,693       1.7  
Goodwill amortization
    19,834       21,201       6.9       1,994       1,994       -  
Total operating expenses
    1,319,761       1,562,595       18.4       147,517       154,233       4.6  
Net operating income
    1,469,060       1,594,182       8.5       76,543       164,407       114.8  
NON-OPERATING INCOME (EXPENSE)
                                               
Other income
    76,268       102,293       34.1       6,523       11,161       71.1  
Other expenses
    20,325       28,439       39.9       2,446       1,818       (25.7 )
Non-operating income (expense), net
    55,943       73,854       32.0       4,077       9,343       129.2  
Income before income tax expense
    1,525,003       1,668,036       9.4       80,619       173,750       115.5  
Income tax expense
    374,703       396,644       5.9       29,488       37,269       26.4  
Net income
    1,150,300    1,271,392       10.5       51,131    136,482       166.9  
 
 
 
 

 
 
 
BANCO DE OCCIDENTE
UNCONSOLIDATED FINANCIAL STATEMENTS AS OF NOVEMBER, 2013
 
BALANCE SHEET
 
As of
   
Growth (%)
 
(Ps. Millions)
 
Nov-12
   
Oct-13
    Nov-13    
Nov-13 Vs.
Oct-13
   
Nov-13 Vs.
Nov-12
 
ASSETS
                             
CASH AND CASH EQUIVALENTS
                             
Cash and due from banks
    1,357,709       1,861,746       1,903,417       2.2       40.2  
Interbank and overnight funds
    53,935       96,500       104,335       8.1       93.4  
Total Cash and cash equivalents
    1,411,643       1,958,246       2,007,752       2.5       42.2  
INVESTMENT SECURITIES
                                       
Debt securities
    2,170,522       2,829,301       2,767,633       (2.2 )     27.5  
Trading
    953,714       1,089,140       1,086,182       (0.3 )     13.9  
Available for Sale
    667,712       1,142,568       1,086,739       (4.9 )     62.8  
Held to maturity
    549,097       597,592       594,712       (0.5 )     8.3  
Equity securities
    1,169,022       1,595,806       1,593,230       (0.2 )     36.3  
Trading
    -       -       -    
N.A.
   
N.A.
 
Available for Sale
    1,169,022       1,595,806       1,593,230       (0.2 )     36.3  
Allowance
    -       -       -    
N.A.
   
N.A.
 
Total investment securities, net
    3,339,544       4,425,107       4,360,863       (1.5 )     30.6  
LOANS AND FINANCIAL LEASES
                                       
Commercial loans
    9,187,693       10,166,946       10,338,467       1.7       12.5  
Consumer loans
    3,427,689       4,179,101       4,251,467       1.7       24.0  
Microcredit
    -       -       -    
N.A.
   
N.A.
 
Mortgage loans
    1,786       21,351       26,824       25.6    
N.A.
 
Financial leases
    3,913,468       4,161,926       4,172,682       0.3       6.6  
Allowance for loans and financial leases losses
    (595,878 )     (680,140 )     (691,836 )     1.7       16.1  
Total loans and financial leases, net
    15,934,759       17,849,184       18,097,604       1.4       13.6  
Interest accrued on loans and financial leases
    156,873       152,409       156,311       2.6       (0.4 )
Allowance on Interest accrued on loans and financial leases
    (19,351 )     (19,076 )     (19,822 )     3.9       2.4  
Interest accrued on loans and financial leases, net
    137,522       133,333       136,489       2.4       (0.8 )
Bankers' acceptances, spot transactions and derivatives
    36,437       37,774       48,682       28.9       33.6  
Accounts receivable, net
    356,186       257,591       270,054       4.8       (24.2 )
Property, plant and equipment, net
    239,045       259,595       259,949       0.1       8.7  
Operating leases, net
    360,274       359,813       361,631       0.5       0.4  
Foreclosed assets, net
    24,108       22,617       22,638       0.1       (6.1 )
Prepaid expenses and deferred charges
    133,214       129,658       127,627       (1.6 )     (4.2 )
Goodwill, net
    24,396       22,989       22,856       (0.6 )     (6.3 )
Other assets, net
    295,422       410,510       466,816       13.7       58.0  
Reappraisal of assets
    385,298       398,849       410,095       2.8       6.4  
Total assets
    22,677,848       26,265,266       26,593,057       1.2       17.3  
LIABILITIES
                                       
DEPOSITS
                                       
Checking accounts
    3,419,508       4,048,876       4,243,758       4.8       24.1  
Time deposits
    3,374,746       3,611,877       3,777,624       4.6       11.9  
Savings deposits
    6,695,327       8,299,249       8,163,711       (1.6 )     21.9  
Other
    174,998       142,095       167,704       18.0       (4.2 )
Total deposits
    13,664,578       16,102,096       16,352,797       1.6       19.7  
Bankers' acceptances, spot transactions and derivatives
    36,039       33,766       52,297       54.9       45.1  
Interbank borrowings and overnight funds
    613,682       1,052,073       1,003,400       (4.6 )     63.5  
Borrowings from banks and other
    1,790,534       1,993,719       1,997,691       0.2       11.6  
Accrued interest payable
    66,033       69,795       64,911       (7.0 )     (1.7 )
Other accounts payable
    469,152       408,373       541,218       32.5       15.4  
Bonds
    2,312,087       2,532,813       2,473,313       (2.3 )     7.0  
Estimated Liabilities
    250,092       229,341       243,905       6.4       (2.5 )
Other liabilities
    121,631       135,214       140,649       4.0       15.6  
Total liabilities
    19,323,828       22,557,189       22,870,180       1.4       18.4  
Total shareholders' equity
    3,354,020       3,708,077       3,722,878       0.4       11.0  
Total liabilities and shareholders' equity
    22,677,848       26,265,266    26,593,057       1.2       17.3  
 
 
 
 

 
 
 
BANCO DE OCCIDENTE
UNCONSOLIDATED FINANCIAL STATEMENTS AS OF NOVEMBER, 2013
 
INCOME STATEMENT  
YTD
   
Growth (%)
Nov-13 Vs.
Nov-12
   
Month
   
Growth (%)
Nov-13 Vs.
Oct-13
 
 
(Ps. Millions)
 
Nov-12
    Nov-13        
Oct-13
    Nov-13      
INTEREST INCOME
                                   
Interest on loans
    1,262,738       1,324,830       4.9       121,951       121,233       (0.6 )
Interest on investment securities
    126,852       92,828       (26.8 )     17,334       9,632       (44.4 )
Interbank and overnight funds
    41,248       37,773       (8.4 )     3,457       3,125       (9.6 )
Financial leases
    375,840       390,403       3.9       35,112       33,373       (5.0 )
Total Interest Income
    1,806,677       1,845,834       2.2       177,854       167,364       (5.9 )
INTEREST EXPENSE
                                               
Checking accounts
    8,509       9,737       14.4       1,032       1,005       (2.6 )
Time deposits
    155,272       183,821       18.4       15,365       15,188       (1.2 )
Saving deposits
    245,437       218,917       (10.8 )     21,205       20,632       (2.7 )
Total interest expense on deposits
    409,219       412,475       0.8       37,602       36,825       (2.1 )
Borrowings from banks and others
    73,797       56,493       (23.4 )     4,954       4,893       (1.2 )
Interbank and overnight funds (expenses)
    22,673       17,212       (24.1 )     1,643       1,256       (23.5 )
Bonds
    148,620       144,238       (2.9 )     12,798       12,190       (4.7 )
Total interest expense
    654,309       630,418       (3.7 )     56,997       55,165       (3.2 )
Net Interest Income
    1,152,368       1,215,416       5.5       120,857       112,199       (7.2 )
Provisions for loan and financial lease losses, accrued interest and other, net
    237,381       329,795       38.9       28,683       35,002       22.0  
Recovery of charged-off assets
    (47,253 )     (45,094 )     (4.6 )     (3,244 )     (3,305 )     1.9  
Provision for  investment securities, foreclosed assets and other assets
    8,263       8,467       2.5       186       1,104       493.8  
Recovery of provisions for investments securities, foreclosed assets and other assets
    (4,144 )     (5,404 )     30.4       (333 )     (213 )     (36.1 )
Total provisions, net
    194,247       287,764       48.1       25,292       32,588       28.8  
Net interest income after provisions
    958,122       927,652       (3.2 )     95,565       79,611       (16.7 )
FEES AND OTHER SERVICES INCOME
                                               
Commissions from banking services
    148,016       169,674       14.6       16,955       16,842       (0.7 )
Branch network services
    -       -    
N.A.
      -       -    
N.A.
 
Credit card merchant fees
    71,704       85,662       19.5       7,705       7,876       2.2  
Checking fees
    20,270       19,050       (6.0 )     1,790       1,702       (4.9 )
Other
    29,728       28,825       (3.0 )     2,839       2,720       (4.2 )
Total fees and other services income
    269,718       303,211       12.4       29,289       29,140       (0.5 )
Fees and other services expenses
    107,162       122,370       14.2       13,018       12,594       (3.3 )
Fees and other services income, net
    162,556       180,841       11.2       16,271       16,545       1.7  
OTHER OPERATING INCOME
                                               
Foreign exchange (losses) gains, net
    9,619       24,581       155.5       1,094       2,005       83.2  
Gains (losses) on derivative operations, net
    22,567       (1,118 )     (105.0 )     2,946       (1,595 )     (154.2 )
Gains on sales of investments in equity securities, net 
    -       -    
N.A.
      -       -    
N.A.
 
Dividend Income
    145,765       172,562       18.4       362       -       (100.0 )
Other
    158,893       165,493       4.2       15,520       15,443       (0.5 )
Total other operating income
    336,844       361,519       7.3       19,922       15,853       (20.4 )
Total operating income
    1,457,522       1,470,012       0.9       131,758       112,010       (15.0 )
OPERATING EXPENSES
                                               
Salaries and employee benefits
    279,803       293,876       5.0       27,047       27,076       0.1  
Bonus plan payments
    19,876       21,133       6.3       1,980       1,996       0.9  
Termination payments
    3,678       4,209       14.4       396       409       3.2  
Administrative and other expenses
    376,058       421,358       12.0       38,956       40,086       2.9  
Insurance on deposit, net
    35,456       42,314       19.3       3,995       4,052       1.4  
Charitable and other donation expenses
    1,835       694       (62.2 )     148       4       (97.5 )
Depreciation
    120,272       127,337       5.9       12,729       12,589       (1.1 )
Goodwill amortization
    1,325       1,415       6.8       133       133       -  
Total operating expenses
    838,302       912,336       8.8       85,382       86,344       1.1  
Net operating income
    619,220       557,676       (9.9 )     46,376       25,666       (44.7 )
NON-OPERATING INCOME (EXPENSE)
                                               
Other income
    27,081       27,328       0.9       1,184       1,631       37.8  
Other expenses
    16,146       18,626       15.4       1,577       1,773       12.4  
Non-operating income (expense), net
    10,935       8,702       (20.4 )     (393 )     (142 )     (63.9 )
Income before income tax expense
    630,155       566,378       (10.1 )     45,983       25,524       (44.5 )
Income tax expense
    157,215       140,876       (10.4 )     15,196       9,180       (39.6 )
Net income
    472,940    425,502       (10.0 )     30,787    16,344       (46.9 )
 
 
 
 

 
 
 
BANCO POPULAR
UNCONSOLIDATED FINANCIAL STATEMENTS AS OF NOVEMBER, 2013
 
BALANCE SHEET
 
As of
   
Growth (%)
 
(Ps. Millions)
 
Nov-12
   
Oct-13
    Nov-13    
Nov-13 Vs.
Oct-13
   
Nov-13 Vs.
Nov-12
 
ASSETS
                             
CASH AND CASH EQUIVALENTS
                             
Cash and due from banks
    1,171,121       1,379,580       1,842,395       33.5       57.3  
Interbank and overnight funds
    570,399       30,795       1,449       (95.3 )     (99.7 )
Total Cash and cash equivalents
    1,741,520       1,410,375       1,843,844       30.7       5.9  
INVESTMENT SECURITIES
                                       
Debt securities
    1,363,915       2,425,551       2,428,910       0.1       78.1  
Trading
    158,531       219,325       200,021       (8.8 )     26.2  
Available for Sale
    697,632       1,636,029       1,660,628       1.5       138.0  
Held to maturity
    507,753       570,198       568,262       (0.3 )     11.9  
Equity securities
    472,207       571,955       569,506       (0.4 )     20.6  
Trading
    33,807       38,743       38,626       (0.3 )     14.3  
Available for Sale
    438,400       533,212       530,880       (0.4 )     21.1  
Allowance
    -       -       -    
N.A.
   
N.A.
 
Total investment securities, net
    1,836,122       2,997,506       2,998,416       0.0       63.3  
LOANS AND FINANCIAL LEASES
                                       
Commercial loans
    5,145,995       5,035,674       5,021,768       (0.3 )     (2.4 )
Consumer loans
    6,177,809       6,481,586       6,505,122       0.4       5.3  
Microcredit
    15,483       13,945       13,936       (0.1 )     (10.0 )
Mortgage loans
    90,139       93,580       95,896       2.5       6.4  
Financial leases
    321,853       276,610       271,228       (1.9 )     (15.7 )
Allowance for loans and financial leases losses
    (423,683 )     (445,472 )     (447,233 )     0.4       5.6  
Total loans and financial leases, net
    11,327,596       11,455,923       11,460,717       0.0       1.2  
Interest accrued on loans and financial leases
    134,901       120,348       121,266       0.8       (10.1 )
Allowance on Interest accrued on loans and financial leases
    (9,354 )     (9,267 )     (9,379 )     1.2       0.3  
Interest accrued on loans and financial leases, net
    125,547       111,082       111,888       0.7       (10.9 )
Bankers' acceptances, spot transactions and derivatives
    1,635       2,708       1,376       (49.2 )     (15.8 )
Accounts receivable, net
    59,457       48,397       43,963       (9.2 )     (26.1 )
Property, plant and equipment, net
    148,578       156,678       160,577       2.5       8.1  
Operating leases, net
    374       398       392       (1.6 )     4.7  
Foreclosed assets, net
    10,359       11,725       12,025       2.6       16.1  
Prepaid expenses and deferred charges
    104,679       70,280       61,397       (12.6 )     (41.3 )
Goodwill, net
    -       -       -    
N.A.
   
N.A.
 
Other assets, net
    134,512       145,679       155,965       7.1       15.9  
Reappraisal of assets
    354,478       410,027       431,506       5.2       21.7  
Total assets
    15,844,857       16,820,777       17,282,065       2.7       9.1  
LIABILITIES
                                       
DEPOSITS
                                       
Checking accounts
    1,777,572       1,502,517       1,640,859       9.2       (7.7 )
Time deposits
    1,980,056       1,261,768       1,248,430       (1.1 )     (36.9 )
Savings deposits
    6,436,019       8,503,434       8,831,123       3.9       37.2  
Other
    71,280       59,846       80,660       34.8       13.2  
Total deposits
    10,264,928       11,327,566       11,801,073       4.2       15.0  
Bankers' acceptances, spot transactions and derivatives
    1,617       2,693       1,501       (44.3 )     (7.2 )
Interbank borrowings and overnight funds
    10,000       4,723       -       (100.0 )     (100.0 )
Borrowings from banks and other
    451,399       182,680       164,097       (10.2 )     (63.6 )
Accrued interest payable
    37,475       24,925       27,245       9.3       (27.3 )
Other accounts payable
    447,233       477,517       454,747       (4.8 )     1.7  
Bonds
    1,897,875       1,814,671       1,814,671       -       (4.4 )
Estimated Liabilities
    306,476       273,628       289,634       5.8       (5.5 )
Other liabilities
    356,056       372,609       369,661       (0.8 )     3.8  
Total liabilities
    13,773,059       14,481,012       14,922,628       3.0       8.3  
Total shareholders' equity
    2,071,799       2,339,765       2,359,437       0.8       13.9  
Total liabilities and shareholders' equity
    15,844,857       16,820,777    17,282,065       2.7       9.1  
 
 
 
 

 
 
 
BANCO POPULAR
UNCONSOLIDATED FINANCIAL STATEMENTS AS OF NOVEMBER, 2013
 
INCOME STATEMENT  
YTD
   
Growth (%)
Nov-13 Vs.
Nov-12
   
Month
   
Growth (%)
Nov-13 Vs.
Oct-13
 
(Ps. Millions)  
Nov-12
    Nov-13        
Oct-13
    Nov-13      
INTEREST INCOME
                                   
Interest on loans
    1,292,758       1,285,597       (0.6 )     115,272       114,706       (0.5 )
Interest on investment securities
    131,548       100,959       (23.3 )     10,697       15,423       44.2  
Interbank and overnight funds
    16,642       12,648       (24.0 )     690       1,098       59.1  
Financial leases
    33,671       31,234       (7.2 )     2,717       2,290       (15.7 )
Total Interest Income
    1,474,619       1,430,438       (3.0 )     129,375       133,516       3.2  
INTEREST EXPENSE
                                               
Checking accounts
    22,050       7,096       (67.8 )     430       365       (15.3 )
Time deposits
    119,320       81,490       (31.7 )     5,367       5,273       (1.7 )
Saving deposits
    217,507       220,854       1.5       23,530       23,732       0.9  
Total interest expense on deposits
    358,877       309,441       (13.8 )     29,327       29,369       0.1  
Borrowings from banks and others
    34,976       8,919       (74.5 )     452       422       (6.7 )
Interbank and overnight funds (expenses)
    7,946       3,494       (56.0 )     606       (4 )     (100.6 )
Bonds
    108,423       97,813       (9.8 )     8,126       8,549       5.2  
Total interest expense
    510,222       419,667       (17.7 )     38,511       38,337       (0.5 )
Net Interest Income
    964,397       1,010,771       4.8       90,865       95,179       4.7  
Provisions for loan and financial lease losses, accrued interest and other, net
    96,027       69,049       (28.1 )     (4,314 )     1,987       146.1  
Recovery of charged-off assets
    (14,539 )     (12,786 )     (12.1 )     (1,054 )     (840 )     (20.3 )
Provision for  investment securities, foreclosed assets and other assets
    3,033       5,318       75.4       195       655       236.5  
Recovery of provisions for investments securities, foreclosed assets and other assets
    (1,929 )     (1,001 )     (48.1 )     (96 )     (156 )     62.8  
Total provisions, net
    82,592       60,580       (26.7 )     (5,269 )     1,646       131.3  
Net interest income after provisions
    881,805       950,191       7.8       96,133       93,533       (2.7 )
FEES AND OTHER SERVICES INCOME
                                               
Commissions from banking services
    71,548       81,701       14.2       7,736       7,783       0.6  
Branch network services
    110       110       -       10       10       -  
Credit card merchant fees
    5,188       5,711       10.1       501       495       (1.2 )
Checking fees
    3,416       2,974       (12.9 )     273       235       (14.0 )
Other
    9,247       7,760       (16.1 )     709       601       (15.2 )
Total fees and other services income
    89,509       98,257       9.8       9,229       9,125       (1.1 )
Fees and other services expenses
    29,816       34,745       16.5       2,978       3,159       6.1  
Fees and other services income, net
    59,694       63,512       6.4       6,251       5,966       (4.6 )
OTHER OPERATING INCOME
                                               
Foreign exchange (losses) gains, net
    (30 )     2,636    
N.A.
      (85 )     518       708.7  
Gains (losses) on derivative operations, net
    35       (239 )     (788.3 )     14       (55 )     (489.0 )
Gains on sales of investments in equity securities, net 
    (4 )     -       100.0       -       -    
N.A.
 
Dividend Income
    42,466       42,345       (0.3 )     189       -       (100.0 )
Other
    1,269       1,483       16.8       160       130       (18.6 )
Total other operating income
    43,736       46,225       5.7       278       594       113.6  
Total operating income
    985,234       1,059,928       7.6       102,663       100,092       (2.5 )
OPERATING EXPENSES
                                               
Salaries and employee benefits
    215,906       217,285       0.6       22,084       18,644       (15.6 )
Bonus plan payments
    2,955       3,013       2.0       138       115       (17.2 )
Termination payments
    233       414       77.3       -       -    
N.A.
 
Administrative and other expenses
    272,899       307,977       12.9       33,216       31,621       (4.8 )
Insurance on deposit, net
    26,871       28,246       5.1       2,707       2,823       4.3  
Charitable and other donation expenses
    1,257       1,314       4.5       119       119       -  
Depreciation
    18,345       20,050       9.3       1,855       1,857       0.1  
Goodwill amortization
    -       -    
N.A.
      -       -    
N.A.
 
Total operating expenses
    538,466       578,299       7.4       60,120       55,179       (8.2 )
Net operating income
    446,768       481,630       7.8       42,543       44,913       5.6  
NON-OPERATING INCOME (EXPENSE)
                                               
Other income
    71,613       92,566       29.3       1,899       1,682       (11.4 )
Other expenses
    10,631       14,136       33.0       991       2,002       102.0  
Non-operating income (expense), net
    60,982       78,429       28.6       908       (320 )     (135.3 )
Income before income tax expense
    507,750       560,059       10.3       43,451       44,593       2.6  
Income tax expense
    163,458       188,847       15.5       16,420       17,480       6.5  
Net income
    344,292    371,212       7.8       27,031    27,113       0.3  
 
 
 
 

 
 
 
BANCO AV VILLAS
UNCONSOLIDATED FINANCIAL STATEMENTS AS OF NOVEMBER, 2013
 
BALANCE SHEET
 
As of
   
Growth (%)
 
(Ps. Millions)
 
Nov-12
   
Oct-13
    Nov-13    
Nov-13 Vs.
Oct-13
   
Nov-13 Vs.
Nov-12
 
ASSETS
                             
CASH AND CASH EQUIVALENTS
                             
Cash and due from banks
    493,338       640,598       657,007       2.6       33.2  
Interbank and overnight funds
    171,443       106,634       91,309       (14.4 )     (46.7 )
Total Cash and cash equivalents
    664,781       747,233       748,316       0.1       12.6  
INVESTMENT SECURITIES
                                       
Debt securities
    2,019,200       2,196,273       1,794,437       (18.3 )     (11.1 )
Trading
    545,276       404,788       365,492       (9.7 )     (33.0 )
Available for Sale
    1,158,367       1,449,248       1,089,053       (24.9 )     (6.0 )
Held to maturity
    315,556       342,237       339,892       (0.7 )     7.7  
Equity securities
    11,728       11,768       11,768       -       0.3  
Trading
    172       -       -    
N.A.
      (100.0 )
Available for Sale
    11,556       11,768       11,768       -       1.8  
Allowance
    (2,214 )     (2,289 )     (2,288 )     (0.0 )     3.3  
Total investment securities, net
    2,028,714       2,205,752       1,803,917       (18.2 )     (11.1 )
LOANS AND FINANCIAL LEASES
                                       
Commercial loans
    2,187,912       2,571,838       2,552,532       (0.8 )     16.7  
Consumer loans
    2,801,974       2,993,961       3,021,837       0.9       7.8  
Microcredit
    19,190       12,713       12,231       (3.8 )     (36.3 )
Mortgage loans
    797,041       959,690       979,762       2.1       22.9  
Financial leases
    -       -       -    
N.A.
   
N.A.
 
Allowance for loans and financial leases losses
    (247,816 )     (285,727 )     (292,447 )     2.4       18.0  
Total loans and financial leases, net
    5,558,301       6,252,474       6,273,915       0.3       12.9  
Interest accrued on loans and financial leases
    68,850       71,633       72,761       1.6       5.7  
Allowance on Interest accrued on loans and financial leases
    (8,149 )     (9,255 )     (9,745 )     5.3       19.6  
Interest accrued on loans and financial leases, net
    60,701       62,377       63,016       1.0       3.8  
Bankers' acceptances, spot transactions and derivatives
    7       316       407       29.0    
N.A.
 
Accounts receivable, net
    42,317       42,461       37,244       (12.3 )     (12.0 )
Property, plant and equipment, net
    108,566       105,190       103,208       (1.9 )     (4.9 )
Operating leases, net
    -       -       -    
N.A.
   
N.A.
 
Foreclosed assets, net
    5,433       4,548       4,467       (1.8 )     (17.8 )
Prepaid expenses and deferred charges
    48,465       39,466       39,683       0.6       (18.1 )
Goodwill, net
    -       -       -    
N.A.
   
N.A.
 
Other assets, net
    55,457       72,454       77,558       7.0       39.9  
Reappraisal of assets
    172,608       220,162       220,253       0.0       27.6  
Total assets
    8,745,349       9,752,431       9,371,984       (3.9 )     7.2  
LIABILITIES
                                       
DEPOSITS
                                       
Checking accounts
    580,755       712,954       724,743       1.7       24.8  
Time deposits
    2,295,467       2,331,454       2,311,315       (0.9 )     0.7  
Savings deposits
    3,512,513       4,252,164       4,370,731       2.8       24.4  
Other
    29,130       34,852       34,341       (1.5 )     17.9  
Total deposits
    6,417,866       7,331,424       7,441,131       1.5       15.9  
Bankers' acceptances, spot transactions and derivatives
    -       381       402       5.6    
N.A.
 
Interbank borrowings and overnight funds
    879,554       858,037       355,106       (58.6 )     (59.6 )
Borrowings from banks and other
    73,615       89,613       89,973       0.4       22.2  
Accrued interest payable
    27,801       20,322       20,294       (0.1 )     (27.0 )
Other accounts payable
    125,458       126,109       123,594       (2.0 )     (1.5 )
Bonds
    -       -       -    
N.A.
   
N.A.
 
Estimated Liabilities
    112,877       131,352       139,216       6.0       23.3  
Other liabilities
    45,798       47,973       46,402       (3.3 )     1.3  
Total liabilities
    7,682,968       8,605,211       8,216,119       (4.5 )     6.9  
Total shareholders' equity
    1,062,381       1,147,220       1,155,865       0.8       8.8  
Total liabilities and shareholders' equity
    8,745,349       9,752,431    9,371,984       (3.9 )     7.2  
 
 
 

 
 
 
BANCO AV VILLAS
UNCONSOLIDATED FINANCIAL STATEMENTS AS OF NOVEMBER, 2013
 
INCOME STATEMENT  
YTD
   
Growth (%)
Nov-13 Vs.
Nov-12
   
Month
   
Growth (%)
Nov-13 Vs.
Oct-13
 
 
(Ps. Millions)
 
Nov-12
    Nov-13        
Oct-13
    Nov-13      
INTEREST INCOME
                                   
Interest on loans
    665,844       719,096       8.0       65,989       67,002       1.5  
Interest on investment securities
    116,053       152,129       31.1       8,890       10,426       17.3  
Interbank and overnight funds
    7,222       3,889       (46.1 )     147       259       76.0  
Financial leases
    -       -    
N.A.
      -       -    
N.A.
 
Total Interest Income
    789,119       875,114       10.9       75,026       77,687       3.5  
INTEREST EXPENSE
                                               
Checking accounts
    2,234       1,966       (12.0 )     111       128       15.6  
Time deposits
    118,405       104,608       (11.7 )     8,892       8,355       (6.0 )
Saving deposits
    79,649       77,539       (2.6 )     6,919       7,091       2.5  
Total interest expense on deposits
    200,287       184,113       (8.1 )     15,922       15,574       (2.2 )
Borrowings from banks and others
    6,488       3,776       (41.8 )     298       303       1.8  
Interbank and overnight funds (expenses)
    26,002       18,818       (27.6 )     2,332       1,738       (25.4 )
Bonds
    -       -    
N.A.
      -       -    
N.A.
 
Total interest expense
    232,777       206,707       (11.2 )     18,551       17,615       (5.0 )
Net Interest Income
    556,342       668,408       20.1       56,475       60,072       6.4  
Provisions for loan and financial lease losses, accrued interest and other, net
    101,594       148,255       45.9       12,558       13,664       8.8  
Recovery of charged-off assets
    (25,693 )     (21,239 )     (17.3 )     (2,022 )     (1,764 )     (12.8 )
Provision for  investment securities, foreclosed assets and other assets
    1,637       2,290       39.9       298       230       (22.5 )
Recovery of provisions for investments securities, foreclosed assets and other assets
    (2,456 )     (2,560 )     4.2       (240 )     (475 )     97.9  
Total provisions, net
    75,082       126,746       68.8       10,594       11,656       10.0  
Net interest income after provisions
    481,260       541,662       12.6       45,881       48,416       5.5  
FEES AND OTHER SERVICES INCOME
                                               
Commissions from banking services
    135,178       139,272       3.0       12,869       12,710       (1.2 )
Branch network services
    -       -    
N.A.
      -       -    
N.A.
 
Credit card merchant fees
    11,806       14,155       19.9       1,316       1,321       0.3  
Checking fees
    7,214       6,949       (3.7 )     657       644       (1.9 )
Other
    34,007       43,078       26.7       4,195       4,420       5.4  
Total fees and other services income
    188,204       203,453       8.1       19,037       19,095       0.3  
Fees and other services expenses
    51,250       60,133       17.3       5,719       5,644       (1.3 )
Fees and other services income, net
    136,954       143,319       4.6       13,318       13,451       1.0  
OTHER OPERATING INCOME
                                               
Foreign exchange (losses) gains, net
    (344 )     1,343       490.5       (22 )     216    
N.A.
 
Gains (losses) on derivative operations, net
    1,150       (570 )     (149.6 )     112       (186 )     (266.0 )
Gains on sales of investments in equity securities, net 
    -       -    
N.A.
      -       -    
N.A.
 
Dividend Income
    3,255       5,103       56.8       418       -       (100.0 )
Other
    21       4       (81.6 )     -       1    
N.A.
 
Total other operating income
    4,082       5,880       44.1       509       30       (94.0 )
Total operating income
    622,296       690,861       11.0       59,708       61,898       3.7  
OPERATING EXPENSES
                                               
Salaries and employee benefits
    136,319       141,604       3.9       12,951       13,102       1.2  
Bonus plan payments
    1,126       1,154       2.6       26       7       (74.2 )
Termination payments
    409       467       14.2       2       83    
N.A.
 
Administrative and other expenses
    234,572       251,199       7.1       21,267       22,078       3.8  
Insurance on deposit, net
    17,208       19,406       12.8       1,824       1,852       1.5  
Charitable and other donation expenses
    611       425       (30.4 )     52       4       (92.3 )
Depreciation
    19,769       18,180       (8.0 )     1,974       2,273       15.2  
Goodwill amortization
    -       -    
N.A.
      -       -    
N.A.
 
Total operating expenses
    410,014       432,434       5.5       38,095       39,398       3.4  
Net operating income
    212,282       258,427       21.7       21,613       22,500       4.1  
NON-OPERATING INCOME (EXPENSE)
                                               
Other income
    20,966       12,656       (39.6 )     791       453       (42.7 )
Other expenses
    6,321       10,080       59.5       741       976       31.8  
Non-operating income (expense), net
    14,646       2,576       (82.4 )     50       (523 )  
N.A.
 
Income before income tax expense
    226,927       261,002       15.0       21,664       21,977       1.4  
Income tax expense
    69,770       90,272       29.4       6,454       6,497       0.7  
Net income
    157,157    170,730       8.6       15,210    15,480       1.8  
 
 
 
 

 
 
 
SIGNATURE

 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
Date: December 19, 2013
 

   
GRUPO AVAL ACCIONES Y VALORES S.A.
 
       
       
     
By:
/s/ Jorge Adrián Rincón Plata
 
       
Name:
Jorge Adrián Rincón Plata
 
       
Title:
Chief Legal Counsel