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FINANCIAL OBLIGATIONS | 12 Months Ended
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Dec. 31, 2023
Disclosure of deposits from financial obligations [abstract] |
FINANCIAL OBLIGATIONS | NOTE 21 – FINANCIAL OBLIGATIONS ​ 21.1 Financial obligations other than issued bonds ​
| a) | Interbank borrowings, overnight funds and borrowings from banks and others
​ The following is a summary of the financial obligations of Grupo Aval as of December 31, 2023 and 2022: ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December | ​ | December
​ |  | 31, 2023 |  | 31, 2022
​ | ​ | ​ | ​ | ​ | ​ |
Local Currency |  |  | ​ |  | ​ |
Interbank funds |  |  | ​ |  | ​ |
Overnight funds |  | Ps. | 24,539 |  | Ps. | 10,049
Interbank funds purchased |  |  | 671,542 |  | ​ | 271,843
Commitments to transfer open and closed repo operations |  |  | 3,746,752 |  | ​ | 2,221,471
Commitments to transfer simultaneous operations |  |  | 9,158,585 |  | ​ | 4,106,145
Commitments originated in short positions simultaneous operations |  |  | 1,093,314 |  | ​ | 784,651
Total interbank funds |  | Ps. | 14,694,732 |  | Ps. | 7,394,159
Borrowings from banks and others | ​ | ​ | ​ | ​ | ​ | ​
Borrowings |  |  | 3,605,693 |  | ​ | 3,986,088
Leases contracts | ​ | ​ | 1,793,568 | ​ | ​ | 1,566,279
Overdrafts in bank checking account | ​ | ​ | 13 | ​ | ​ | 52
Other financial obligations |  |  | 237,129 |  | ​ | 237,993
Total borrowings from banks and others |  | Ps. | 5,636,403 |  | Ps. | 5,790,412
​ | ​ | ​ | ​ | ​ | ​ | ​
Foreign currency |  |  | ​ |  | ​ |
Interbank funds |  |  | ​ |  | ​ |
Overnight funds |  |  | 14,241 |  | ​ | 7,199
Interbank funds purchased |  |  | — |  | ​ | 450,762
Commitments to transfer open and closed repo operations |  |  | 372,947 |  | ​ | 1,162,612
Commitments to transfer simultaneous operations | ​ | ​ | — | ​ | ​ | 73,189
Total interbank funds |  | Ps. | 387,188 |  | Ps. | 1,693,762
Borrowings from banks and others | ​ | ​ | ​ | ​ | ​ | ​
Borrowings |  |  | 12,077,906 |  | ​ | 18,699,150
Leases contracts | ​ | ​ | 998,180 | ​ | ​ | 769,665
Letters of credit |  |  | 1,026,404 |  | ​ | 1,256,283
Bankers acceptances |  |  | 2,479,567 |  | ​ | 3,793,848
Total borrowings from banks and others |  | Ps. | 16,582,057 |  | Ps. | 24,518,946
Total interbank borrowings, overnight funds and borrowings from banks and others |  | Ps. | 37,300,380 |  | Ps. | 39,397,279
​ The amount of interbank borrowings, overnight funds and borrowings from banks and others due over 12 months as of December 31, 2023 was Ps. 11,586,737 and as of December 31, 2022 was Ps. 10,952,395. ​ The amount of obligations under money market transactions, associated with simultaneous and repo operations as of December 31, 2023 is Ps. 9,158,585, which are guaranteed by investments of Ps. 16,874,942; and as of December 31, 2022 is Ps. 4,179,334, which are guaranteed by investments of Ps. 11,091,726. ​ Borrowings from development entities The Colombian Government has established certain credit programs for promoting the development of specific sectors of the economy, including foreign trade, agriculture, tourism, housing construction and other industries. The programs are managed by many entities of the Government such as Banco de Comercio Exterior (“Bancoldex”), Fondo para el Financiamiento del Sector Agropecuario (“Finagro”) and Financiera de Desarrollo Territorial (“Findeter”). ​ The details of the borrowings from these entities as of December 31, 2023, and 2022 and are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Interest rates in force at cut off |  | December 31, 2023 |  | December 31, 2022
Banco de Comercio Exterior - “BANCOLDEX” | ​ | Fix between 2.19% and 20.96%, DTF + 0.30% to 12.64%, IBR + 0.05% to 19.17%, SOFR6 + 5.33% to 5.49% | ​ | Ps. | 1,136,527 |  | Ps. | 1,632,763
Fondo para el Financiamiento del Sector Agropecuario - “FINAGRO” |  | Fix between 7.30% and 15.69%, DTF + 0.50% to 8.60% and IBR + 0.40% to 15.38% |  |  | 1,482,091 |  | ​ | 722,857
Financiera de Desarrollo Territorial “FINDETER” |  | Fix between 9.47% and 19.57%, DTF + 1.00% to 7.92%, IBR + 0.40% to 19.12%, CPI + 0.50% and 7.92% |  |  | 2,194,515 |  | ​ | 2,001,655
Total |  |  |  | Ps. | 4,813,133 |  | Ps. | 4,357,275
​ The amount of borrowings from development entities due over 12 months as of December 31, 2023 was Ps. 4,083,085, and as of December 31, 2022 was Ps. 3,854,907. ​ The amount of financial obligations with development entities in Colombian pesos as of December 31, 2023 is Ps.4,798,022 and as of December 31, 2022 is Ps. 4,241,367; in foreign currency, as of December 31, 2023 is Ps.15,111 and as of December 31, 2022 is Ps.115,908. ​ 21.2 Financial obligations from issued bonds Grupo Aval and some of its subsidiaries have been authorized by the Superintendency of Finance and by the applicable regulatory entities in other jurisdictions to issue either bonds or general guarantee bonds. The bonds issued by Grupo Aval and subsidiaries are non-guaranteed and represent exclusively the obligations of each of the issuers. ​ The detail of issued bonds as of December 31, 2023 and 2022, by issuance date and maturity date was as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
--- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ---
​ |  | ​ |  | December |  | December |  | ​ |  | ​
Issuer | ​ | Issue Date (*) | ​ | 31, 2023 | ​ | 31, 2022 | ​ | Maturity Date (*) | ​ | Interest Rate (*)
Local Currency | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Banco Av. Villas S.A. | ​ | 23/02/2021 | ​ | Ps. | 296,689 | ​ | Ps. | 361,268 | ​ | Between 23/02/2024 and 23/02/2026 | ​ | CPI + 0.71% to 1.36%
Banco de Bogotá S.A. |  | Between 24/09/2020 and 10/02/2021 |  | ​ | 791,579 |  | ​ | 906,568 |  | Between 10/02/2024 and 10/02/2026 | ​ | CPI + 1.16%; and Fix Between 3.40% and 4.75%
Banco de Occidente S.A |  | Between 09/08/2012 and 20/08/2020 |  |  | 2,121,344 |  | ​ | 2,269,916 |  | Between 27/04/2024 and 14/12/2032 | ​ | CPI + 2.37% to 4.65%; and Fix 5.83%
Corporación Financiera Colombiana S.A. |  | Between 27/08/2009 and 20/10/2021 |  |  | 3,205,530 |  | ​ | 3,509,805 |  | Between 27/08/2024 and 19/11/2045 | ​ | CPI + 1.58% to 5.99%; and Fix Between 3.77%
Banco Popular S.A |  | Between 12/10/2016 and 10/03/2022 |  |  | 2,002,987 |  | ​ | 2,725,242 |  | Between 13/02/2024 and 10/03/2027 | ​ | CPI + 2.58% to 4.13%; IBR + 1.59% to 2.68% and Fix Between 6.12% and 10.20%
Grupo Aval Acciones y Valores S.A. |  | Between 03/12/2009 and 14/11/2019 |  | ​ | 1,136,702 |  | ​ | 1,138,143 |  | Between 14/11/2024 and 28/06/2042 | ​ | CPI + 3.69% to 5.20% and Fix 6.42%
Peso denominated Total | ​ | ​ |  | Ps. | 9,554,831 | ​ | Ps. | 10,910,942 | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Foreign Currency | ​ | ​ |  |  | ​ | ​ | ​ |  | ​ | ​ | ​ | ​
Banco de Bogotá S.A. Under rule 144A. |  | Between 12/05/2016 and 24/03/2023 |  | Ps. | 6,750,155 | ​ | Ps. | 9,897,818 |  | Between 12/05/2026 and 24/03/2033 | ​ | Fix Between 4.38% to 6.25% and SOFR6 3.75%
MFH |  | Between 04/02/2020 and 28/12/2023 |  |  | 1,377,782 | ​ | ​ | 331,209 |  | Between 12/01/2024 and 28/12/2033 | ​ | Fix Between 2.50% to 7.25%
Banco Bogotá and MFH Total | ​ | ​ |  | Ps. | 8,127,937 | ​ | Ps. | 10,229,027 | ​ | ​ | ​ | ​
Grupo Aval Limited |  | 04/02/2020 |  | Ps. | 3,834,985 | ​ | Ps. | 4,822,146 |  | 04/02/2030 | ​ | Fix 4.38%
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
--- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ---
​ |  | ​ |  | December |  | December |  | ​ |  | ​
Issuer | ​ | Issue Date (*) | ​ | 31, 2023 | ​ | 31, 2022 | ​ | Maturity Date (*) | ​ | Interest Rate (*)
Promigas S.A. and Gases del Pacífico S.A.C. Under rule 144A. | ​ | Between 16/10/2019 and 22/10/2020 | ​ | ​ | 1,910,073 | ​ | ​ | 2,400,106 | ​ | Between 16/10/2029 and 22/10/2029 | ​ | Fix 3.75%
Foreign Currency Total |  |  |  | Ps. | 13,872,995 | ​ | Ps. | 17,451,279 |  |  |  |
Total of Bonds |  |  |  | Ps. | 23,427,826 | ​ | Ps. | 28,362,221 |  |  |  |
(*) This information as of December 31, 2023 ​ The amount of issued bonds due over 12 months as of December 31, 2023 was Ps. 21,664,811 and as of December 31, 2022 was Ps. 24,405,886. ​ Grupo Aval had no defaults on principal or interest payments or other breaches with respect to its liabilities during the years ended December 31, 2023 and 2022, and Grupo Aval is complying with the related covenants agreed with investors and debtors. ​ 21.3 Interest expense The interest expense information as of December 31, 2023, 2022 and 2021 corresponds to: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the twelve-months periods ended December 31,
​ | ​ | 2023 | ​ | 2022 | ​ | 2021
Interest expense | ​ | ​ | ​ | ​ | ​ | ​
Deposits | ​ | ​ | ​ | ​ | ​ | ​
Checking accounts | Ps. | (253,043) | Ps. | (159,114) | Ps. | (62,378)
Savings accounts | ​ | (5,953,426) | ​ | (3,555,844) | ​ | (875,439)
Time deposits | ​ | (9,944,424) | ​ | (4,040,232) | ​ | (1,700,128)
Interest of the derivative designated as the hedging instrument (*) | ​ | (63,333) | ​ | (1,242) | ​ | —
Total | ​ | (16,214,226) | ​ | (7,756,432) | ​ | (2,637,945)
​ | ​ | ​ | ​ | ​ | ​ | ​
Financial obligations | ​ | ​ | ​ | ​ | ​ | ​
Interbank borrowings and overnight funds | Ps. | (1,856,263) | Ps. | (678,114) | Ps. | (162,455)
Borrowings from banks and similar | ​ | (1,601,927) | ​ | (739,803) | ​ | (401,742)
Leases contracts | ​ | (208,781) | ​ | (147,330) | ​ | —
Bonds issued | ​ | (2,159,948) | ​ | (2,092,843) | ​ | (1,368,660)
Borrowing from development entities | ​ | (591,285) | ​ | (249,873) | ​ | (90,028)
Total | ​ | (6,418,204) | ​ | (3,907,963) | ​ | (2,022,885)
​ | ​ | ​ | ​ | ​ | ​ | ​
Total interest expense | Ps. | (22,632,430) | Ps. | (11,664,395) | Ps. | (4,660,830)
(*) Corresponds to the coverage of interest expense for Term Certificates of Deposit "CDTs" over 12 months. ​ ​ 21.4 Analysis of changes in financing during the year Reconciliation of movements of liabilities to cash flows arising from financing activities:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Liabilities | ​ | Equity | ​ | Total
​ | Notes | ​ | Dividends payable | ​ | Bonds issued | ​ | Leases contracts | ​ | Subscribed and paid-in capital | ​ | Additional paid-in capital | ​ | Appropriated retained earnings | ​ | Non-controlling interest | ​ | ​
Balance at December 31, 2020 | ​ | Ps. | 648,874 | Ps. | 27,760,797 | Ps. | 3,025,733 | Ps. | 22,281 | Ps. | 8,470,870 | Ps. | 11,302,134 | Ps. | 14,782,259 | Ps. | 66,012,948
Cash flows from financing activities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Dividends paid to shareholders | ​ | ​ | (1,230,841) | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | - | ​ | (1,230,841)
Dividends paid to non-controlling interest | 26 | ​ | (913,356) | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | - | ​ | (913,356)
Issuance of debt securities | ​ | ​ | — | ​ | 2,932,471 | ​ | — | ​ | — | ​ | — | ​ | — | ​ | - | ​ | 2,932,471
Interest issuance of debt securities | ​ | ​ | — | ​ | (1,191) | ​ | — | ​ | — | ​ | — | ​ | — | ​ | - | ​ | (1,191)
Payment of outstanding debt securities | ​ | ​ | — | ​ | (1,631,318) | ​ | — | ​ | — | ​ | — | ​ | — | ​ | - | ​ | (1,631,318)
Leases contracts | ​ | ​ | — | ​ | — | ​ | (472,084) | ​ | — | ​ | — | ​ | — | ​ | - | ​ | (472,084)
Redemption of preferred shares | ​ | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | (29,751) | ​ | (29,751)
Equity transaction | ​ | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 120 | ​ | 120
Net cash used in financing activities | ​ | ​ | (2,144,197) | ​ | 1,299,962 | ​ | (472,084) | ​ | — | ​ | — | ​ | — | ​ | (29,631) | ​ | (1,345,950)
Cash flows from operating activities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Accrued interest | ​ | ​ | — | ​ | 1,631,055 | ​ | 173,214 | ​ | — | ​ | — | ​ | — | ​ | - | ​ | 1,804,269
Interest paid | ​ | ​ | — | ​ | (1,590,137) | ​ | (168,966) | ​ | — | ​ | — | ​ | — | ​ | - | ​ | (1,759,103)
Other Changes | ​ | ​ | 2,093,857 | ​ | 3,156,256 | ​ | 324,260 | ​ | — | ​ | — | ​ | (1,203,000) | ​ | (823,551) | ​ | 3,547,822
Total liabilities related to other changes | ​ | ​ | 2,093,857 | ​ | 3,197,174 | ​ | 328,508 | ​ | — | ​ | — | ​ | (1,203,000) | ​ | (823,551) | ​ | 3,592,988
Total equity related to other changes | ​ | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 19,929 | ​ | 3,284,253 | ​ | 2,528,917 | ​ | 5,833,099
Balance at December 31, 2021 | ​ | Ps. | 598,534 | Ps. | 32,257,933 | Ps. | 2,882,157 | Ps. | 22,281 | Ps. | 8,490,799 | Ps. | 13,383,387 | Ps. | 16,457,994 | Ps. | 74,093,085
Cash flows from financing activities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Dividends paid to shareholders | ​ | ​ | (414,267) | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | - | ​ | (414,267)
Dividends paid to non-controlling interest | 26 | ​ | (615,177) | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | - | ​ | (615,177)
Issuance of debt securities | ​ | ​ | — | ​ | 695,136 | ​ | — | ​ | — | ​ | — | ​ | — | ​ | - | ​ | 695,136
Payment of outstanding debt securities | ​ | ​ | — | ​ | (7,837,898) | ​ | — | ​ | — | ​ | — | ​ | — | ​ | - | ​ | (7,837,898)
Leases contracts | ​ | ​ | — | ​ | — | ​ | (383,472) | ​ | — | ​ | — | ​ | — | ​ | - | ​ | (383,472)
Equity transaction | ​ | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 7,280 | ​ | — | ​ | (22,294) | ​ | (15,014)
Net cash used in financing activities | ​ | ​ | (1,029,444) | ​ | (7,142,762) | ​ | (383,472) | ​ | — | ​ | 7,280 | ​ | — | ​ | (22,294) | ​ | (8,570,692)
Cash flows from operating activities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Accrued interest | ​ | ​ | — | ​ | 2,147,935 | ​ | 148,806 | ​ | — | ​ | — | ​ | — | ​ | - | ​ | 2,296,741
Interest paid | ​ | ​ | — | ​ | (2,109,636) | ​ | (146,275) | ​ | — | ​ | — | ​ | — | ​ | - | ​ | (2,255,911)
Other Changes | ​ | ​ | 651,725 | ​ | 3,208,751 | ​ | (165,272) | ​ | 1,463 | ​ | 1,082,307 | ​ | (1,193,728) | ​ | (542,353) | ​ | 3,042,893
Total liabilities related to other changes | ​ | ​ | 651,725 | ​ | 3,247,050 | ​ | (162,741) | ​ | 1,463 | ​ | 1,082,307 | ​ | (1,193,728) | ​ | (542,353) | ​ | 3,083,723
Total equity related to other changes | ​ | ​ | — | ​ | — | ​ | — | ​ | — | ​ | (9,012) | ​ | (4,171,242) | ​ | (1,538,658) | ​ | (5,718,912)
Balance at December 31, 2022 | ​ | Ps. | 220,815 | Ps. | 28,362,221 | Ps. | 2,335,944 | Ps. | 23,744 | Ps. | 9,571,374 | Ps. | 8,018,417 | Ps. | 14,354,689 | Ps. | 62,887,204
Cash flows from financing activities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Dividends paid to shareholders | ​ | ​ | (766,537) | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | - | ​ | (766,537)
Dividends paid to non-controlling interest | 26 | ​ | (915,933) | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | - | ​ | (915,933)
Issuance of debt securities | ​ | ​ | — | ​ | 2,609,994 | ​ | — | ​ | — | ​ | — | ​ | — | ​ | - | ​ | 2,609,994
Payment of outstanding debt securities | ​ | ​ | — | ​ | (4,072,742) | ​ | — | ​ | — | ​ | — | ​ | — | ​ | - | ​ | (4,072,742)
Leases contracts | ​ | ​ | — | ​ | — | ​ | (391,667) | ​ | — | ​ | — | ​ | — | ​ | - | ​ | (391,667)
Net cash used in financing activities | ​ | ​ | (1,682,470) | ​ | (1,462,748) | ​ | (391,667) | ​ | — | ​ | — | ​ | — | ​ | - | ​ | (3,536,885)
Cash flows from operating activities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Accrued interest | ​ | ​ | — | ​ | 2,212,345 | ​ | 210,041 | ​ | — | ​ | — | ​ | — | ​ | - | ​ | 2,422,386
Interest paid | ​ | ​ | — | ​ | (2,171,231) | ​ | (202,551) | ​ | — | ​ | — | ​ | — | ​ | - | ​ | (2,373,782)
Other Changes | ​ | ​ | 1,989,639 | ​ | (3,512,761) | ​ | 839,981 | ​ | — | ​ | — | ​ | (982,868) | ​ | (1,006,721) | ​ | (2,672,730)
Total liabilities related to other changes | ​ | ​ | 1,989,639 | ​ | (3,471,647) | ​ | 847,471 | ​ | — | ​ | — | ​ | (982,868) | ​ | (1,006,721) | ​ | (2,624,126)
Total equity related to other changes | ​ | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 696,224 | ​ | 1,389,776 | ​ | 2,086,000
Balance at December 31, 2023 | ​ | Ps. | 527,984 | Ps. | 23,427,826 | Ps. | 2,791,748 | Ps. | 23,744 | Ps. | 9,571,374 | Ps. | 7,731,773 | Ps. | 14,737,744 | Ps. | 58,812,193
​

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