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EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENT (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure of classes of share capital [abstract]

Schedule of authorized, issued and outstanding shares

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


		December 31, 2023		December 31, 2022
Authorized shares		120,000,000,000		120,000,000,000
Subscribed fully paid shares		23,743,475,754		22,281,017,159
Total outstanding shares		23,743,475,754		22,281,017,159
Issuance of shares ⁽¹⁾		-		1,462,458,595
Total outstanding shares		23,743,475,754		23,743,475,754



Issuance of shares		—		1,462,458,595
Subscribed and paid-in capital	Ps.	—	Ps.	1,463
Additional paid-in capital		—		1,082,307
Issuance of shares ⁽²⁾	Ps.	—	Ps.	1,083,770


The outstanding shares are as follows:		December 31, 2023		December 31, 2022
Common voting shares ⁽³⁾		16,201,712,499		16,204,145,980
Preferred non-voting shares ⁽⁴⁾		7,541,763,255		7,539,329,774

(1)

Issuance of shares for dividend distribution.

(2)

These shares were issued at Ps. 741.06 pesos per share, recognizing Ps.1 peso in capital stock and Ps. 740.06 pesos in Additional paid-in capital.

(3)

Common Voting shares with a nominal value of (Ps. 1) Colombian peso.

(4)

Since 2011, Grupo Aval allows its shareholders to convert their common shares into preferred shares. For the years ended December 31, 2023 and 2022, 2,433,481 and 2,515,570 common shares were converted into preferred shares, respectively. Preferred shares have the right to receive a preferential minimum dividend of one Colombian peso (Ps. 1) per semester per share. This preferential minimum dividend is only applicable when dividends declared for common shares are less than one Colombian peso (Ps. 1). Preferential minimum dividends are not cumulative.

Schedule of appropriation of retained earnings


	December 31, 2023		December 31, 2022
Retained earnings ⁽¹⁾	Ps.	525,153	Ps.	(4,784,817)
Accumulated withholding tax over dividends		(26,135)		(25,824)
Legal reserve		11,872		11,872
Statutory and voluntary reserves		7,220,883		12,817,186
	Ps.	7,731,773	Ps.	8,018,417

(1)

See note 1.1., "Discontinued operation of BAC Holding".

Schedule of the dividends are declared and paid to shareholders based on unconsolidated net income under Colombian IFRS (NCIF)

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


	December 31, 2023		December 31, 2022		December 31, 2021
Net income for the periods ended in	Ps.	2,541,179	Ps.	3,502,758	Ps.	2,399,001
Declared dividends		In the general assembly held in March 2023, 43.20 pesos per share payable in twelve installments of 3.60 pesos per share, from April 2023 to March 2024.		In the general assembly held in March 2022, A stock dividend at the rate of $54 per share on the 22,281,017,159 common and preferred shares outstanding as of December 31, 2021. These dividends will be paid in shares, at the rate of 1 share for every 13.72333 common or preferred shares, as of December 31, 2021. The payment of the shares will be made on May 31, 2022, to whoever is entitled to it at the time the payment becomes due in accordance with current regulations. For this purpose, up to a total of 1,623,586,385 new shares of the same species held by the shareholder will be issued. The unit value of the shares will be 741.06.		In the general assembly held in March 2021, 54.00 pesos per share payable in twelve installments of 4.50 pesos per share, from April 2021 to March 2022.
Total outstanding shares		23,743,475,754		22,281,017,159		22,281,017,159
Total declared dividends ^(*)	Ps.	1,025,718	Ps.	1,203,175	Ps.	1,203,175

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

Schedule of earnings per share

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



		December 31, 2023		December 31, 2022		December 31, 2021
Net income for the year	Ps.	2,177,116	Ps.	4,869,133	Ps.	5,668,502
Less: participation of non- controlling interests		(1,438,113)		(2,386,248)		(2,370,766)
Net income attributable to owners of the parent		739,003		2,482,885		3,297,736

Less: preferred dividends declared		—		—		—
Less: Allocation of undistributed earnings to preferred stockholders ⁽¹⁾⁽²⁾		(234,727)		(791,989)		(1,058,554)
Net Income allocated to common shareholders for basic and diluted EPS	Ps.	504,276	Ps.	1,690,896	Ps.	2,239,182
Weighted average number of common shares outstanding used in basic EPS calculation ⁽²⁾		16,202,376,163		15,760,496,801		15,128,947,661
Basic and Diluted earnings per share to common shareholders (in Colombian pesos )		31.12		107.29		148.01
Basic and Diluted earnings per ADS ⁽³⁾(in Colombian pesos )		622.47		2,145.74		2,960
Weighted average of the common and preferred shares used in the calculation of earnings per basic share (common and preferred)		23,743,475,754		23,142,465,372		22,281,017,159
Basic earnings of the owners of the parent per share in Colombian pesos		31.12		107.29		148.01

(1)	Based on a weighted average of preferred shares.

(2)	Averages based on an end of month number of preferred or common shares.

(3)	Each ADS represents 20 preferred shares.

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


		December 31, 2023		December 31, 2022		December 31, 2021
Net income from continuing operations	Ps.	2,177,116	Ps.	4,002,967	Ps.	4,041,190
Less: participation of non- controlling interests		(1,438,113)		(2,114,072)		(1,862,010)
Net income attributable to owners of the parent		739,003		1,888,895		2,179,180

Less: preferred dividends declared		—		—		—
Less: Allocation of undistributed earnings to preferred stockholders ⁽¹⁾⁽²⁾		(234,727)		(602,519)		(699,504)
Net Income allocated to common shareholders for basic and diluted EPS	Ps.	504,276	Ps.	1,286,376	Ps.	1,479,676
Weighted average number of common shares outstanding used in basic EPS calculation ⁽²⁾		16,202,376,163		15,760,496,801		15,128,947,661
Basic and Diluted earnings per share to common shareholders (in Colombian pesos)		31.12		81.62		97.80
Basic and Diluted earnings per ADS ⁽³⁾(in Colombian pesos )		622.47		1,632.41		1,956.09
Weighted average of the common and preferred shares used in the calculation of earnings per basic share (common and preferred)		23,743,475,754		23,142,465,372		22,281,017,159
Basic earnings of the owners of the parent per share in Colombian pesos		31.12		81.62		97.80

(1)	Based on a weighted average of preferred shares.

(2)	Averages based on an end of month number of preferred or common shares.

(3)	Each ADS represents 20 preferred shares.

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


			December 31, 2022		December 31, 2021
Net income from continuing operations	Ps.	Ps.	866,166	Ps.	1,627,312
Less: participation of non- controlling interests			(272,176)		(508,756)
Net income attributable to owners of the parent			593,990		1,118,556

Less: preferred dividends declared			—		—
Less: Allocation of undistributed earnings to preferred stockholders ⁽¹⁾⁽²⁾			(189,470)		(359,050)
Net Income allocated to common shareholders for basic and diluted EPS	Ps.	Ps.	404,520	Ps.	759,506
Weighted average number of common shares outstanding used in basic EPS calculation ⁽²⁾			15,760,496,801		15,128,947,661
Basic and Diluted earnings per share to common shareholders (in Colombian pesos)			25.67		50.20
Basic and Diluted earnings per ADS ⁽³⁾(in Colombian pesos )			513.33		1,004.04
Weighted average of the common and preferred shares used in the calculation of earnings per basic share (common and preferred)			23,142,465,372		22,281,017,159
Basic earnings of the owners of the parent per share in Colombian pesos			25.67		50.20

(1)	Based on a weighted average of preferred shares.

(2)	Averages based on an end of month number of preferred or common shares.

(3)	Each ADS represents 20 preferred shares.

Schedule of components of accumulated other comprehensive income

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)


	Non -controlling interest		Owners of the parent		Total comprehensive income, net of taxes
Beginning balance 2020	Ps.	859,178	Ps.	862,013	Ps.	1,721,191
Current-period change		197,590		255,169		452,759
Ending balance 2021	Ps.	1,056,768	Ps.	1,117,182	Ps.	2,173,950
Current-period change		(452,982)		(1,280,568)		(1,733,550)
Realization of OCI to P&L of discontinued operation ⁽¹⁾		(446,146)		(983,179)		(1,429,325)

Ending balance 2022	Ps.	157,640	Ps.	(1,146,565)	Ps.	(988,925)
Current-period change		(6,447)		661,618		655,171
Realization of OCI		(33,372)		(59,272)		(92,644)
Ending balance 2023	Ps.	117,821	Ps.	(544,219)	Ps.	(426,398)

⁽¹⁾ See note 1.1., "Discontinued operation of BAC Holding".