Authorized, issued and outstanding shares as of December 31, 2023 and 2022 consisted of the following:

As of December 31, 2023, and 2022 the appropriation of retained earnings is as follows:

In accordance with current legal regulations, Grupo Aval and its subsidiaries in Colombia shall create a legal reserve through the appropriation of (10%) of the net profits of each year up to an amount equal to (50%) of the subscribed capital stock. This reserve may be reduced below (50%) of the subscribed capital stock to stem losses in excess of retained earnings. The legal reserve cannot be less than the percentage aforementioned except to cover losses in excess of retained earnings.

The statutory and voluntary reserves are determined during the Shareholders Meetings.

The dividends are declared and paid to shareholders based on unconsolidated net income under Colombian IFRS (NCIF), the dividends declared were as follows:

^(*) See Consolidated Statement of Changes in Equity for dividends distribution.

Grupo Aval calculates basic earnings per share by dividing net income for the year attributable to controlling interest of Grupo Aval parent company by the weighted average number of shares outstanding during the year (including common and preferred shares).

The following table summarizes the earnings per share for the year ended as of December 31, 2023, 2022 and 2021:

The following table summarizes earnings per share over net income from continuing operations for the years ended December 31, 2023, 2022 and 2021.

The following table summarizes earnings per share over net income from discontinued operations for the years ended December 31, 2022 and 2021.

On December 31, 2023, 2022 and 2021, Grupo Aval did not have any dilutive instruments.

On December 31, 2022 some transactions took place which resulted in changes to the ownership interests of Grupo Aval and its subsidiaries, below is the detail of the most significant equity transactions:

The equity effect for Ps. 15,091, is given by the distribution of dividends from Banco de Bogotá and Corficolombiana, since Grupo Aval and its subsidiaries received dividends in shares, unlike some minority shareholders who opted to change the payment of dividends in shares for that of dividends in cash , generating a modification in the participation of Grupo Aval at the consolidated level, going from a participation of 68.74% to 68.93% in Banco de Bogotá and from 39.98% to 40.40% in Corficolombiana. Additionally, shares were purchased in Corficolombiana going from a 40.40% stake to 40.53%.

On December 31, 2021 some transactions took place that resulted in changes to the interests of Grupo Aval and its subsidiaries, below is the detail of the most significant equity transactions:

In Corficolombiana, Grupo Aval and its subsidiaries chose to receive dividends in shares, unlike some minority shareholders who opted to be paid dividends in cash, generating a dilution effect for Ps. 19,929, which led to a modification in Grupo Aval's stake from 39.58% to 39.98%.

There was payment of dividends Ps. 14,612 corresponding to the preferred shares issued by Multi Financial Group.

Components of accumulated Other Comprehensive Income for the years ended December 31, 2023, 2022 and 2021 are as follows:

Net gain (loss) on hedges of net investment in foreign operations

Cash flow hedges

Foreign currency translation differences from unhedged foreign operations

Effect of moving investment properties for own use

Unrealized gains (losses) debt securities

Unrealized gains (losses) Equity securities

Investments in associates and join ventures

Actuarial gains(losses)

Income tax

Total comprehensive income, net of taxes

Ending balance 2020

Ps.

(727,703)

Ps.

(42)

Ps.

(886,783)

Ps.

14,302

Ps.

560,584

Ps.

915,935

Ps.

115,344

Ps.

(185,154)

Ps.

1,914,708

Ps.

1,721,191

Current-period change

962,735

7,980

(180,798)

4,718

(1,346,315)

(110,397)

(846)

61,665

1,054,017

452,759

Ending balance 2021

Ps.

235,032

Ps.

7,938

Ps.

(1,067,581)

Ps.

19,020

Ps.

(785,731)

Ps.

805,538

Ps.

114,498

Ps.

(123,489)

Ps.

2,968,725

Ps.

2,173,950

Current-period change

(266,716)

(2,396)

90,619

461

(2,088,548)

(439,150)

66,366

95,819

809,995

(1,733,550)

Realization of OCI to P&L of discontinued operation (1)

192,707

—

1,265,594

—

(98,947)

—

15,364

—

(2,804,043)

(1,429,325)

Ending balance 2022

Ps.

161,023

Ps.

5,542

Ps.

288,632

Ps.

19,481

Ps.

(2,973,226)

Ps.

366,388

Ps.

196,228

Ps.

(27,670)

Ps.

974,677

Ps.

(988,925)

Current-period change

(36,517)

(47,793)

(409,671)

557

1,898,441

151,517

(35,892)

(51,763)

(813,708)

655,171

Realization of OCI

—

11,870

—

(2,520)

(102,775)

4,866

—

(4,561)

476

(92,644)

Ending balance 2023

Ps.

124,506

Ps.

(30,381)

Ps.

(121,039)

Ps.

17,518

Ps.

(1,177,560)

Ps.

522,771

Ps.

160,336

Ps.

(83,994)

Ps.

161,445

Ps.

(426,398)