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RELATED PARTIES | 12 Months Ended
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Dec. 31, 2023
Disclosure of transactions between related parties [abstract] |
RELATED PARTIES | NOTE 34 – RELATED PARTIES To verify the correct identification of relationships and transaction with related parties, Grupo Aval has established a specific formal Procedure for the Identification and Disclosure of Balances and Transactions with Related Parties. In application of this procedure, our members of the Board of Directors and our key management personnel are periodically required to identify close family members and entities over which such persons have significant influence. Such process is conducted by a written request containing the criteria that such person must consider in order to provide information on close family members and entities that must be disclosed as their related parties. In addition, Grupo Aval Vice-Presidency of Accounting Consolidation periodically performs an evaluation of its controlling and non-controlling investments in other entities to identify if such entities should be treated as a related entity. The following are some of the guidelines included in the abovementioned corporate framework:
| ● | Grupo Aval and its subsidiaries shall permanently carry out the registration of the operations performed with related parties, identifying the type of operation, its purpose, economic conditions and authorizations received when applicable.
| ● | Grupo Aval and its subsidiaries shall establish limits of indebtedness or exposure and perform constant monitoring of the intragroup operations, complying for such purpose with the restrictions set forth under applicable regulations.
| ● | All intragroup operations shall be fully identified by accounting areas of the respective entities.
| ● | Authorization levels are defined within the governance and control structure, assigned as may be deemed adequate as a function of the magnitude and type of transaction, keeping the evidence of such authorizations.
| ● | It should be verified that related party transactions are carried out for a good and valuable consideration, at market conditions, maintaining a financial equilibrium in the relationships between the entities participating in the operation.
This Reference Framework for Institutional Relations was also submitted to the consideration and approval of the Board of Directors of our subsidiaries and has been made available in the web sites of Grupo Aval and its subsidiaries. Balances as of the year ended December 31, 2023 and 2022, with related parties, are detailed in the following tables: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Individuals | ​ | Entities
​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | Entities
​ | ​ | Individuals | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | with
​ | ​ | with | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Entities | ​ | significant
​ | ​ | control | ​ | Key | ​ | Associates | ​ | controlled | ​ | influence
​ | ​ | over Grupo | ​ | management | ​ | and joint | ​ | by | ​ | by
December 31, 2023 | ​ | Aval (*) | ​ | personnel (*) | ​ | ventures | ​ | individuals |  | individuals
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and equivalents | ​ | Ps. | - | ​ | Ps. | - | ​ | Ps. | - | ​ | Ps. | 863 | ​ | Ps. | -
Financial assets in investments | ​ | ​ | - |  | ​ | - |  | ​ | 1,533,531 | ​ | ​ | 2,008,318 |  | ​ | -
Financial assets in credit operations | ​ | ​ | 14,141 |  | ​ | 7,537 |  |  | 742,607 | ​ | (**) | 2,884,514 |  | ​ | 138,645
Accounts receivable | ​ | ​ | 28 |  | ​ | 12 |  |  | 34,908 | ​ |  | 1,945,671 |  | ​ | 68
Other assets | ​ | ​ | - |  | ​ | - |  |  | 12,651 | ​ |  | 59,511 |  | ​ | -
​ | ​ | ​ | ​ |  | ​ | ​ |  |  | ​ | ​ |  | ​ |  | ​ | ​
Liabilities | ​ | ​ | ​ |  | ​ | ​ |  |  | ​ | ​ |  | ​ |  | ​ | ​
Deposits |  | Ps. | 187,385 |  | Ps. | 27,531 |  | Ps. | 95,101 | ​ | Ps. | 1,420,051 |  | Ps. | 15,432
Accounts payable | ​ | ​ | 683 |  | ​ | 314 |  |  | 20,173 | ​ |  | 417,908 |  | ​ | 2
Financial obligations | ​ | ​ | 85 |  | ​ | 1,237 |  |  | 3 | ​ |  | 4,774 |  | ​ | -
Other liabilities | ​ | ​ | - |  | ​ | - |  |  | 61 | ​ |  | 53 |  | ​ | -
(*) Include family members (**) Includes two loans for Ps. 1,037,413 at 36 months with SOFR rate 3M + 3.5% and Ps. 202,371 at 24 months with IBR rate 3M + 4.5% , granted to an entity controlled by the ultimate beneficial owner of the Group (See note 1.1 B) ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Individuals | ​ | Entities
​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | Entities
​ | ​ | Individuals | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | with
​ | ​ | with | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Entities | ​ | significant
​ | ​ | control | ​ | Key | ​ | Associates | ​ | controlled | ​ | influence
​ | ​ | over Grupo | ​ | management | ​ | and joint | ​ | by | ​ | by
December 31, 2022 | ​ | Aval (*) | ​ | personnel (*) | ​ | ventures | ​ | individuals | ​ | individuals
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Assets |  |  | ​ |  | ​ |  |  |  | ​ | ​ |  | ​ |  | ​ |
Cash and equivalents |  | Ps. | — | ​ | Ps. | — | ​ | Ps. | — | ​ | Ps. | 292 | ​ | Ps. | —
Financial assets in investments |  | ​ | — | ​ | ​ | — | ​ | ​ | 1,798,710 | ​ | ​ | 3,047,516 | ​ | ​ | —
Financial assets in credit operations |  |  | 18,375 | ​ | ​ | 8,822 | ​ | ​ | 553,830 | ​ | (**) | 3,228,184 | ​ | ​ | 161,569
Accounts receivable |  |  | 35 | ​ | ​ | 19 | ​ | ​ | 14,288 | ​ | ​ | 2,154,112 | ​ | ​ | 6
Other assets |  |  | — | ​ | ​ | — | ​ | ​ | 7,941 | ​ | ​ | 28,290 | ​ | ​ | 3,028
​ |  |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities |  |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Deposits |  | Ps. | 260,079 |  | Ps. | 29,704 |  | Ps. | 176,414 |  | Ps. | 1,099,251 |  | Ps. | 14,351
Accounts payable |  |  | 292 | ​ | ​ | 214 | ​ | ​ | 19,983 | ​ | ​ | 153,676 | ​ | ​ | 5,033
Financial obligations |  |  | 13 | ​ | ​ | 74 | ​ | ​ | — | ​ | ​ | 20,279 | ​ | ​ | —
Other liabilities |  |  | — | ​ | ​ | — | ​ | ​ | 7,032 | ​ | ​ | 114 | ​ | ​ | —
(*) Include family members (**) Includes two loans for Ps. 1,303,971 at 36 months with SOFR rate 3M + 3.5% and Ps. 201,954 at 24 months with IBR rate 3M + 4.5% , granted to an entity controlled by the ultimate beneficial owner of the Group (See note 1.1 B) ​ Transactions during the years ended as of December 31, 2023, 2022 and 2021, with related parties are as follows:
| a. | Profit or loss
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Individuals | ​ | Entities
​ |  | Individuals with |  | ​ |  | ​ |  | ​ |  | Entities with
​ | ​ | control | ​ | Key | ​ | Associates | ​ | Entities | ​ | significant
​ | ​ | over Grupo | ​ | management | ​ | and joint | ​ | controlled by | ​ | influence by
December 31, 2023 | ​ | Aval (*) | ​ | personnel (*) | ​ | ventures | ​ | individuals | ​ | individuals
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
Income |  |  | ​ |  | ​ | ​ | ​ |  | ​ | ​ | ​
Interest income |  | Ps. | 550 | Ps. | 611 | Ps. | 92,029 | Ps. | 618,120 | Ps. | 24,009
Fee income and commissions |  |  | 4 |  | 25 |  | 28,853 |  | 157,205 |  | 33
Leases |  |  | — |  | — |  | 1,574 |  | 76 |  | —
Other income |  |  | 3 |  | 14 |  | 480,565 |  | 30,809 |  | 51
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Expenses |  |  | ​ |  | ​ | ​ | ​ |  | ​ | ​ | ​
Financial expenses |  | Ps. | (4,412) | Ps. | (3,581) | Ps. | (10,337) | Ps. | (80,165) | Ps. | (281)
Fee expenses and commissions |  |  | (4) |  | (2,801) |  | (91,646) |  | (4,044) |  | (171)
Operating expenses |  |  | (706) |  | (15,735) |  | (408) |  | (5,517) |  | —
Other expenses |  |  | (11) |  | (8) |  | (173,899) |  | (100,632) |  | —
(*) Include family members ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
--- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ---
​ | ​ | Individuals | ​ | Entities
​ |  | ​ | ​ |  | ​ |  | ​ |  | ​ |  | Entities
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | with
​ | ​ | Individuals with | ​ | ​ | ​ | ​ | ​ | Entities | ​ | significant
​ | ​ | control | ​ | Key | ​ | Associates | ​ | controlled | ​ | influence
​ | ​ | over Grupo | ​ | management | ​ | and joint | ​ | by | ​ | by
December 31, 2022 | ​ | Aval (*) | ​ | personnel (*) | ​ | ventures | ​ | individuals | ​ | individuals
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income |  |  | ​ |  | ​ |  | ​ |  | ​ |  | ​
Interest income |  | Ps. | 501 | Ps. | 578 | Ps. | 45,585 | Ps. | 342,962 | Ps. | 20,418
Fee income and commissions |  |  | 3 |  | 69 |  | 29,161 |  | 169,629 |  | 6
Leases |  |  | — |  | — |  | 1,499 |  | — |  | —
Other income |  |  | 5 |  | 6 |  | 510,803 |  | 28,818 |  | 36
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Expenses |  |  | ​ |  | ​ |  | ​ |  | ​ |  | ​
Financial expenses |  | Ps. | (2,458) | Ps. | (2,253) | Ps. | (13,370) | Ps. | (119,330) | Ps. | (211)
Fee expenses and commissions |  |  | (4) |  | (2,153) |  | (59,554) |  | (5,028) |  | (400)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
--- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ---
​ | ​ | Individuals | ​ | Entities
​ |  | ​ | ​ |  | ​ |  | ​ |  | ​ |  | Entities
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | with
​ | ​ | Individuals with | ​ | ​ | ​ | ​ | ​ | Entities | ​ | significant
​ | ​ | control | ​ | Key | ​ | Associates | ​ | controlled | ​ | influence
​ | ​ | over Grupo | ​ | management | ​ | and joint | ​ | by | ​ | by
December 31, 2022 | ​ | Aval (*) | ​ | personnel (*) | ​ | ventures | ​ | individuals | ​ | individuals
Operating expenses |  |  | (905) |  | (11,277) |  | (502) |  | (3,181) |  | —
Other expenses |  |  | (8) |  | (3,190) |  | (213,080) |  | (98,920) |  | (35)
(*) Include family members ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Individuals | ​ | Entities
​ |  | ​ | ​ |  | ​ |  | ​ |  | ​ |  | Entities
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | with
​ | ​ | Individuals with | ​ | ​ | ​ | ​ | ​ | Entities | ​ | significant
​ | ​ | control | ​ | Key | ​ | Associates | ​ | controlled | ​ | influence
​ | ​ | over Grupo | ​ | management | ​ | and joint | ​ | by | ​ | by
December 31, 2021 | ​ | Aval (*) | ​ | personnel (*) | ​ | ventures | ​ | individuals | ​ | individuals
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income |  |  | ​ |  | ​ |  | ​ |  | ​ |  | ​
Interest income |  | Ps. | 294 | Ps. | 439 | Ps. | 18,333 | Ps. | 60,964 | Ps. | 11,224
Fee income and commissions |  |  | 4 |  | 51 |  | 30,417 |  | 120,642 |  | 6
Leases |  |  | — |  | — | ​ | 1,459 |  | 81 |  | —
Other income |  |  | 7 |  | 14 |  | 340,583 |  | 15,867 |  | 20
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Expenses |  |  | ​ |  | ​ |  | ​ |  | ​ |  | ​
Financial expenses |  | Ps. | (857) | Ps. | (391) | Ps. | (1,034) | Ps. | (31,879) | Ps. | (127)
Fee expenses and commissions |  |  | (4) |  | (1,862) |  | (39,278) |  | (1,466) |  | (338)
Operating expenses |  |  | (308) |  | (9,829) |  | (327) |  | (2,648) |  | —
Other expenses |  |  | (3) |  | (2,868) |  | (84,328) |  | (49,364) |  | —
(*) Include family members ​ ​
| b. | Compensation of Key Management Personnel
The compensation received by the key personnel of the management comprises the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended as of
​ |  | December 31, |  | December 31, |  | December 31,
Items | ​ | 2023 | ​ | 2022 | ​ | 2021
Salaries |  | Ps. | 36,222 |  | Ps. | 34,852 |  | Ps. | 34,250
Short term benefits for employees |  |  | 6,741 |  | ​ | 17,686 |  |  | 14,761
Termination benefits | ​ | ​ | 8,754 | ​ | ​ | — | ​ | ​ | —
Long term benefits for employees | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 425
Fee | ​ | ​ | 2,418 | ​ | ​ | 1,917 | ​ | ​ | 1,871
Total |  | Ps. | 54,135 |  | Ps. | 54,455 |  | Ps. | 51,307
​ ​ Transactions with our related parties correspond primarily to the normal course of banking business activities carried out under market conditions. Such transactions include demand and saving deposits, time deposits, commercial, consumer and mortgage loans, financial leases, payment of dividends and or interest.

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