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INVESTMENT SECURITIES | 12 Months Ended
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Dec. 31, 2024
Disclosure of investment securities [abstract] |
INVESTMENT SECURITIES | NOTE 9 – INVESTMENT SECURITIES Balances of investment securities comprise the following as of December 31, 2024 and 2023: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Note | ​ | December 31, 2024 | ​ | December 31, 2023
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Investments in debt securities mandatorily at FVTPL | ​ | 9.1 | ​ | Ps. | 1,425 |  | Ps. | 1,889
Investments in debt securities at FVOCI | ​ | 9.2 | ​ | ​ | 27,050,198 |  | ​ | 23,326,776
Investments in debt securities at amortized cost | ​ | 9.3 | ​ | ​ | 10,708,367 | ​ | ​ | 9,996,561
Investments in equity securities at FVOCI | ​ | 9.4 | ​ | ​ | 1,421,303 | ​ | ​ | 1,117,349
​ | ​ | ​ |  | Ps. | 39,181,293 | ​ | Ps. | 34,442,575
​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​
Loss impairment | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Investments in debt securities at amortized cost | ​ | 4.1.5 | ​ | Ps. | (18,675) |  | Ps. | (16,882)
​ | ​ | ​ |  | Ps. | (18,675) | ​ | Ps. | (16,882)
Total investment securities net | ​ | ​ |  | Ps. | 39,162,618 |  | Ps. | 34,425,693
​ ​ 9.1 Investments in debt securities mandatorily at FVTPL The following table includes investments on asset-backed securities mandatorily at FVTPL because the contractual cash flows of these securities are not SPPI on the principal outstanding: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2024 | ​ | December 31, 2023
​ | ​ | ​ | ​ | ​ | ​ | ​
Others | ​ | Ps. | 1,425 | ​ | Ps. | 1,889
Total investments in debt securities mandatorily at FVTPL |  | Ps. | 1,425 |  | Ps. | 1,889
​ 9.2 Investments in debt securities at FVOCI The following table includes investments in debt securities at FVOCI as of December 31, 2024 and 2023: ​ December 31, 2024 ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Debt securities | ​ | Cost | ​ | Unrealized Gain | ​ | Unrealized Losses | ​ | ​ | Fair Value | ​ | ECL
Securities issued or secured by Colombian Government |  | Ps. | 19,278,224 |  | Ps. | 36,588 |  | Ps. | (1,046,904) |  | Ps. | 18,267,908 | ​ | Ps. | 11,761
Securities issued or secured by other Colombian Government entities | ​ | ​ | 484,874 | ​ | ​ | 336 | ​ | ​ | (22,465) | ​ | ​ | 462,745 | ​ | ​ | 803
Securities issued or secured by foreign Governments | ​ | ​ | 4,682,807 | ​ | ​ | 18,439 | ​ | ​ | (198,436) | ​ | ​ | 4,502,810 | ​ | ​ | 1,135
Securities issued or secured by central banks | ​ | ​ | 251,079 | ​ | ​ | 32 | ​ | ​ | (46,256) | ​ | ​ | 204,855 | ​ | ​ | 97
Securities issued or secured by other financial entities | ​ | ​ | 2,640,204 | ​ | ​ | 9,270 | ​ | ​ | (22,691) | ​ | ​ | 2,626,783 | ​ | ​ | 2,740
Securities issued or secured by non-financial sector entities | ​ | ​ | 249,748 | ​ | ​ | 665 | ​ | ​ | (753) | ​ | ​ | 249,660 | ​ | ​ | 859
Others | ​ | ​ | 771,824 | ​ | ​ | 715 | ​ | ​ | (37,102) | ​ | ​ | 735,437 | ​ | ​ | 915
Total debt securities at FVOCI |  | Ps. | 28,358,760 |  | Ps. | 66,045 |  | Ps. | (1,374,607) |  | Ps. | 27,050,198 | ​ | Ps. | 18,310
​ December 31, 2023 ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
--- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ---
Debt securities | ​ | ​ | Cost | ​ | ​ | Unrealized Gain | ​ | ​ | Unrealized Losses | ​ | ​ | Fair Value | ​ | ECL
Securities issued or secured by Colombian Government |  | Ps. | 17,626,642 |  | Ps. | 146,608 |  | Ps. | (982,457) |  | Ps. | 16,790,793 | ​ | Ps. | 7,204
Securities issued or secured by other Colombian Government entities | ​ | ​ | 898,373 | ​ | ​ | 6,213 | ​ | ​ | (40,798) | ​ | ​ | 863,788 | ​ | ​ | 1,183
Securities issued or secured by foreign Governments | ​ | ​ | 2,717,651 | ​ | ​ | 6,385 | ​ | ​ | (216,998) | ​ | ​ | 2,507,038 | ​ | ​ | 611
Securities issued or secured by central banks | ​ | ​ | 194,480 | ​ | ​ | — | ​ | ​ | (48,991) | ​ | ​ | 145,489 | ​ | ​ | 56
Securities issued or secured by other financial entities | ​ | ​ | 2,159,892 | ​ | ​ | 19,370 | ​ | ​ | (36,615) | ​ | ​ | 2,142,647 | ​ | ​ | 2,398
Securities issued or secured by non-financial sector entities | ​ | ​ | 215,877 | ​ | ​ | 156 | ​ | ​ | (1,462) | ​ | ​ | 214,571 | ​ | ​ | 822
Others | ​ | ​ | 704,393 | ​ | ​ | 253 | ​ | ​ | (42,196) | ​ | ​ | 662,450 | ​ | ​ | 698
Total debt securities at FVOCI |  | Ps. | 24,517,308 |  | Ps. | 178,985 |  | Ps. | (1,369,517) |  | Ps. | 23,326,776 | ​ | Ps. | 12,972
​ The following table shows amounts reclassified to profit or loss from OCI before taxes, related to fixed income investments debt securities measured at FVOCI: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2024 | ​ | December 31, 2023
Redemptions or sales | ​ | Ps. | (130,219) | ​ | Ps. | (104,012)
ECL allowance | ​ | ​ | 4,616 | ​ | ​ | 1,236
Total reclassified to profit or loss |  | Ps. | (125,603) |  | Ps. | (102,776)
​ 9.3 Investments in debt securities at amortized cost ​ The following table includes investments in debt securities at amortized cost as of December 31, 2024 and 2023: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
--- | --- | --- | --- | --- | --- | ---
Debt securities | ​ | December 31, 2024 | ​ | December 31, 2023
Securities issued or secured by Colombian Government | ​ | Ps. | 2,553,693 | ​ | Ps. | 2,567,463
Securities issued or secured by other Colombian Government entities | ​ | ​ | 5,563,208 | ​ | ​ | 5,112,355
Securities issued or secured by foreign Governments | ​ | ​ | 30,655 | ​ | ​ | 26,515
Securities issued or secured by other financial entities | ​ | ​ | 2,350,549 | ​ | ​ | 2,082,993
Securities issued or secured by non-financial sector entities | ​ | ​ | 145,553 | ​ | ​ | 143,410
Others | ​ | ​ | 64,709 | ​ | ​ | 63,825
Total debt securities at amortized cost |  | Ps. | 10,708,367 |  | Ps. | 9,996,561
​ ​ The following is a summary of investments in debt securities at amortized cost by maturity dates: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2024 | ​ | December 31, 2023
​ | ​ | ​ | ​ | ​ | ​ | ​
Up to 1 month |  | Ps. | 1,120,443 |  | Ps. | 927,454
More than 1 month and no more than 3 months | ​ | ​ | 30,655 | ​ | ​ | 26,515
More than 3 months and no more than 1 year | ​ | ​ | 7,016,333 | ​ | ​ | 6,765,886
More than 1 year and no more than 5 years | ​ | ​ | 136,318 | ​ | ​ | 151,217
More than 5 years and no more than 10 years | ​ | ​ | 68,447 | ​ | ​ | 2,098,299
More than 10 years | ​ | ​ | 2,336,171 | ​ | ​ | 27,190
Total |  | Ps. | 10,708,367 |  | Ps. | 9,996,561
​ 9.3.1 Investment in debt at amortized cost securities pledged as collateral ​ The following is a list of debt securities at amortized cost that are being used as collateral in repo operations, pledged as collateral for transactions with financial instruments, or pledged to third parties as collateral to secure financial obligations with other banks (See note 33). ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, | ​ | December 31,
​ | ​ | 2024 | ​ | 2023
Pledged as collateral in money market operations | ​ | ​ | ​ | ​ | ​ | ​
Securities issued or secured by other Colombian Government entities |  | Ps. | 685,394 |  | Ps. | 1,667,922
Securities issued or secured by Colombian Government | ​ | ​ | 1,528,723 | ​ | ​ | 489,631
Securities issued or secured by non-financial sector entities | ​ | ​ | — | ​ | ​ | 118,364
​ | ​ | Ps. | 2,214,117 | ​ | Ps. | 2,275,917
Pledged as collateral to special entities such as CRCC, BR and BVC (*) | ​ | ​ | ​ | ​ | ​ | ​
Securities issued or secured by Colombian Government | ​ | Ps. | 1,173,348 | ​ | Ps. | 539,339
Securities issued or secured by other Colombian Government entities | ​ | ​ | 688,891 | ​ | ​ | 393,634
​ |  | Ps. | 1,862,239 |  | Ps. | 932,973
​ |  | Ps. | 4,076,356 |  | Ps. | 3,208,890
(*) Cámara de Riesgo Central de Contraparte (“CRCC”), Banco de la República (“BR”) and Bolsa de Valores de Colombia (“BVC”) ​ 9.4 Investments in equity securities at fair value through OCI The following is the balance at December 31, 2024 and 2023: December 31, 2024
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Cost | ​ | Unrealized Gain | ​ | Unrealized Losses | ​ | Fair Value
In Colombian Pesos | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Corporate stock |  | Ps. | 546,822 |  | Ps. | 832,222 |  | Ps. | (2,799) |  | Ps. | 1,376,245
In foreign currency | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Corporate stock | ​ | ​ | 50,213 | ​ | ​ | 4,423 | ​ | ​ | (9,578) | ​ | ​ | 45,058
Total equity securities |  | Ps. | 597,035 |  | Ps. | 836,645 |  | Ps. | (12,377) |  | Ps. | 1,421,303
​ December 31, 2023 ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Cost | ​ | Unrealized Gain | ​ | Unrealized Losses | ​ | Fair Value
In Colombian Pesos | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Corporate Stock |  | Ps. | 585,351 |  | Ps. | 121,018 |  | Ps. | (33,137) |  | Ps. | 673,232
In foreign currency | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Corporate Stock | ​ | ​ | 9,227 | ​ | ​ | 440,562 | ​ | ​ | (5,672) | ​ | ​ | 444,117
Total equity securities |  | Ps. | 594,578 |  | Ps. | 561,580 |  | Ps. | (38,809) |  | Ps. | 1,117,349
​ Variations in fair values fundamentally reflect variations in the performance of companies and market conditions mainly due to changes in interest rates and other economic trends in the country where the investment is held. At December 31, 2024 and 2023 Grupo Aval considers that there is no indication of impairment. ​ The details of equity instruments through OCI as of December 31, 2024 and 2023 are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
Entity (*) | ​ | December 31, 2024 | ​ | December 31, 2023
Grupo Energía Bogotá S.A. E.S.P. |  | Ps. | 1,159,729 |  | Ps. | 903,068
Mineros S.A. | ​ | ​ | 101,483 | ​ | ​ | 43,765
Port operating companies | ​ | ​ | 45,396 | ​ | ​ | 58,355
Holding Bursátil Regional S.A.(1) | ​ | ​ | 40,942 | ​ | ​ | 45,085
Titularizadora Colombiana S.A. | ​ | ​ | 31,451 | ​ | ​ | 26,453
Others | ​ | ​ | 42,302 | ​ | ​ | 40,623
Total |  | Ps. | 1,421,303 |  | Ps. | 1,117,349
(*) These investments in equity securities have been designated as FVOCI considering that they represent strategic investments for Grupo Aval and therefore, they are not expected to be sold in a foreseeable future. (1) In the frame of the regional integration of the stock exchanges of Chile, Colombia and Peru, on November 14th 2023, a share exchange agreement was signed. ​ For the years ended December 31, 2024, and 2023, dividends are recognized for these equity investments in the amount of Ps. 148,452 and Ps. 126,274 respectively, were recognized in profit or loss in the “Other Income” line (see note 30).

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