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HEDGE ACCOUNTING | 12 Months Ended
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Dec. 31, 2024
Disclosure of detailed information about hedges [abstract] |
HEDGE ACCOUNTING | ​ NOTE 10 – HEDGE ACCOUNTING In accordance with its risk management policies, Grupo Aval uses hedge accounting to manage foreign exchange risk relating to investments in foreign operations and in forecasted transactions; and manage interest risk relating to time deposits issued, as follows: 10.1 Hedges of net investment in foreign operations Banco de Bogotá, Banco de Occidente and Promigas are exposed to foreign exchange risk related to their investments in foreign subsidiaries, that have the US Dollar as functional currency. The purpose of hedge accounting is to mitigate and offset any adverse changes resulting from the fluctuation in exchange rate of the Colombian Peso and the functional currency of such investments. The impacts of those movements are reflected in the cumulative translation adjustment in other comprehensive income of the consolidated financial statements. To cover this risk, Grupo Aval hedges its exposure through foreign currency financial liabilities expressed in U.S. dollars and forward contracts for the sale of U.S. dollars. Changes in the Colombian peso against the U.S. dollar have been as follows: ​
​ | ​ | ​ | ​ | ​
Date | ​ | Value of US$ 1 | ​ | Variation in pesos
December 31, 2022 |  | 4,810.20 |  | 829.04
December 31, 2023 |  | 3,822.05 |  | (988.15)
December 31, 2024 |  | 4,409.15 |  | 587.10
​ According to the information described above, the following table shows movements of OCI gross of taxes, related to hedges of net investment in foreign operations: ​ ​ December 31, 2024
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Hedging | ​ | Hedging | ​ | ​ | ​
​ | ​ | Hedged | ​ | non-derivative | ​ | derivative | ​ | Net OCI
Investment | ​ | Item | ​ | instrument | ​ | instrument | ​ | account
Multi Financial Holding | ​ | Ps. | 248,173 | ​ | Ps. | (244,040) | ​ | Ps. | — | ​ | Ps. | 4,133
Other subsidiaries and branches Banco de Bogotá | ​ | ​ | 93,700 | ​ | ​ | (88,419) | ​ | ​ | — | ​ | ​ | 5,281
Occidental Bank Barbados Ltd. | ​ | ​ | 23,613 | ​ | ​ | (23,613) | ​ | ​ | — | ​ | ​ | —
Banco de Occidente (Panamá) S.A. | ​ | ​ | 39,893 | ​ | ​ | (39,893) | ​ | ​ | — | ​ | ​ | —
Sociedad Portuaria El Cayao S.A. E.S.P. | ​ | ​ | 15,975 | ​ | ​ | (15,974) | ​ | ​ | — | ​ | ​ | 1
Gases del Pacífico S.A.C. | ​ | ​ | 18,181 | ​ | ​ | (12,890) | ​ | ​ | — | ​ | ​ | 5,291
Gas Natural de Lima y Callao S.A.C. – Calidda | ​ | ​ | 58,205 | ​ | ​ | (58,205) | ​ | ​ | — | ​ | ​ | —
Promigas Perú S.A.C. | ​ | ​ | 2,830 | ​ | ​ | (2,830) | ​ | ​ | — | ​ | ​ | —
Gases del Norte del Perú S.A.C. | ​ | ​ | 14,139 | ​ | ​ | (14,139) | ​ | ​ | — | ​ | ​ | —
Promigas Panamá Corporation | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Promigas USA INC | ​ | ​ | 4 | ​ | ​ | (4) | ​ | ​ | — | ​ | ​ | —
Total |  | Ps. | 514,713 |  | Ps. | (500,007) |  | Ps. | — |  | Ps. | 14,706
​ December 31, 2023
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Hedging | ​ | Hedging | ​ | ​ | ​
​ | ​ | Hedged | ​ | non-derivative | ​ | derivative | ​ | Net OCI
Investment | ​ | Item | ​ | instrument | ​ | instrument | ​ | account
Multi Financial Holding | ​ | Ps. | (393,836) | ​ | Ps. | 385,379 | ​ | Ps. | — | ​ | Ps. | (8,457)
Other subsidiaries and branches Banco de Bogotá | ​ | ​ | (137,731) | ​ | ​ | 118,577 | ​ | ​ | — | ​ | ​ | (19,154)
Occidental Bank Barbados Ltd. | ​ | ​ | (30,956) | ​ | ​ | 30,956 | ​ | ​ | — | ​ | ​ | —
Banco de Occidente (Panamá) S.A. | ​ | ​ | (42,091) | ​ | ​ | 42,091 | ​ | ​ | — | ​ | ​ | —
Sociedad Portuaria El Cayao S.A. E.S.P. | ​ | ​ | (25,513) | ​ | ​ | 25,513 | ​ | ​ | — | ​ | ​ | —
Gases del Pacífico S.A.C. | ​ | ​ | (32,050) | ​ | ​ | 23,144 | ​ | ​ | — | ​ | ​ | (8,906)
Gas Natural de Lima y Callao S.A.C. – Calidda | ​ | ​ | (106,851) | ​ | ​ | 106,851 | ​ | ​ | — | ​ | ​ | —
Promigas Perú S.A.C. | ​ | ​ | (4,763) | ​ | ​ | 4,763 | ​ | ​ | — | ​ | ​ | —
Gases del Norte del Perú S.A.C. | ​ | ​ | (23,718) | ​ | ​ | 23,718 | ​ | ​ | — | ​ | ​ | —
Promigas Panamá Corporation | ​ | ​ | (5) | ​ | ​ | 5 | ​ | ​ | — | ​ | ​ | —
Total |  | Ps. | (797,514) |  | Ps. | 760,997 |  | Ps. | — |  | Ps. | (36,517)
​ According to the information described above, the following table contains details of hedging operations carried out to cover foreign denominated equity investments. The analysis shows current amount of OCI gross of taxes: ​ December 31, 2024
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Thousands of US$ | ​ | ​ | Ps. millions |
​ | ​ | ​ | ​ | Hedge | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | amount in | ​ | ​ | ​ | ​ | ​ | Current | ​ | Current | ​ | ​ | ​
​ | ​ | ​ | ​ | foreign | ​ | Hedge | ​ | Current | ​ | amount | ​ | amount | ​ | Current
​ | ​ | Hedged | ​ | currency in | ​ | amount in | ​ | amount | ​ | Hedging | ​ | Hedging | ​ | amount
​ | ​ | investment | ​ | financial | ​ | forward | ​ | Hedged | ​ | non-derivative | ​ | derivative | ​ | Net OCI
Investment | ​ | amount | ​ | liabilities | ​ | contracts | ​ | Item | ​ | instrument | ​ | instrument | ​ | account
Multi Financial Holding | ​ | 425,506 | ​ | (425,000) | ​ | — | ​ | Ps. | 255,147 | ​ | Ps. | (198,019) | ​ | Ps. | (435) | ​ | Ps. | 56,693
Other subsidiaries and branches Banco de Bogotá (1) | ​ | 164,562 | ​ | (160,000) | ​ | — | ​ | ​ | 296,219 | ​ | ​ | 26,688 | ​ | ​ | (230,412) | ​ | ​ | 92,495
Occidental Bank Barbados Ltd. | ​ | 41,635 | ​ | (41,635) | ​ | — | ​ | ​ | 67,239 | ​ | ​ | (67,239) | ​ | ​ | — | ​ | ​ | —
Banco de Occidente (Panamá) S.A. | ​ | 72,835 | ​ | (72,835) | ​ | — | ​ | ​ | 97,230 | ​ | ​ | (97,230) | ​ | ​ | — | ​ | ​ | —
Sociedad Portuaria El Cayao S.A. E.S.P. | ​ | 26,365 | ​ | (26,365) | ​ | — | ​ | ​ | 42,385 | ​ | ​ | (42,384) | ​ | ​ | — | ​ | ​ | 1
Gases del Pacífico S.A.C. | ​ | 31,888 | ​ | (31,888) | ​ | — | ​ | ​ | 24,249 | ​ | ​ | (34,221) | ​ | ​ | — | ​ | ​ | (9,972)
Gas Natural de Lima y Callao S.A.C. – Calidda | ​ | 108,974 | ​ | (108,974) | ​ | — | ​ | ​ | 125,255 | ​ | ​ | (125,255) | ​ | ​ | — | ​ | ​ | —
Promigas Perú S.A.C. | ​ | 4,820 | ​ | (4,820) | ​ | — | ​ | ​ | 3,571 | ​ | ​ | (3,571) | ​ | ​ | — | ​ | ​ | —
Gases del Norte del Perú S.A.C. | ​ | 24,007 | ​ | (24,007) | ​ | — | ​ | ​ | 10,561 | ​ | ​ | (10,561) | ​ | ​ | — | ​ | ​ | —
Promigas Panamá Corporation | ​ | 0 | ​ | (0) | ​ | — | ​ | ​ | 2 | ​ | ​ | (2) | ​ | ​ | — | ​ | ​ | —
Promigas USA INC | ​ | 8 | ​ | (8) | ​ | — | ​ | ​ | 4 | ​ | ​ | (4) | ​ | ​ | — | ​ | ​ | —
Total | ​ | 900,600 | ​ | (895,532) | ​ | — | ​ | Ps. | 921,862 |  | Ps. | (551,798) |  | Ps. | (230,847) |  | Ps. | 139,217
(1) Includes Banco de Bogotá Panamá, Banco Bogotá Finance, Ficentro, Nassau and contributions of foreign branches in Miami and New York. ​ ​ ​ ​ December 31, 2023 ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Thousands of US$ | ​ | ​ | Ps. millions |
​ | ​ | ​ | ​ | Hedge | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | amount in | ​ | ​ | ​ | ​ | ​ | Current | ​ | Current | ​ | ​ | ​
​ | ​ | ​ | ​ | foreign | ​ | Hedge | ​ | Current | ​ | amount | ​ | amount | ​ | Current
​ | ​ | Hedged | ​ | currency in | ​ | amount in | ​ | amount | ​ | Hedging | ​ | Hedging | ​ | amount
​ | ​ | investment | ​ | financial | ​ | forward | ​ | Hedged | ​ | non-derivative | ​ | derivative | ​ | Net OCI
Investment | ​ | amount | ​ | liabilities | ​ | contracts | ​ | Item | ​ | instrument | ​ | instrument | ​ | account
Multi Financial Holding | ​ | 405,867 | ​ | (390,000) | ​ | — | ​ | Ps. | 6,974 |  | Ps. | 46,021 |  | Ps. | (435) |  | Ps. | 52,560
Other subsidiaries and branches Banco de Bogotá (1) | ​ | 152,882 | ​ | (120,000) | ​ | — | ​ | ​ | 202,519 | ​ | ​ | 115,107 | ​ | ​ | (230,412) | ​ | ​ | 87,214
Occidental Bank Barbados Ltd. | ​ | 37,341 | ​ | (37,341) | ​ | — | ​ | ​ | 43,626 | ​ | ​ | (43,626) | ​ | ​ | — | ​ | ​ | —
Banco de Occidente (Panamá) S.A. | ​ | 58,877 | ​ | (58,877) | ​ | — | ​ | ​ | 57,337 | ​ | ​ | (57,337) | ​ | ​ | — | ​ | ​ | —
Sociedad Portuaria El Cayao S.A. E.S.P. | ​ | 26,365 | ​ | (26,365) | ​ | — | ​ | ​ | 26,410 | ​ | ​ | (26,410) | ​ | ​ | — | ​ | ​ | —
Gases del Pacífico S.A.C. | ​ | 31,888 | ​ | (31,888) | ​ | — | ​ | ​ | 6,068 | ​ | ​ | (21,331) | ​ | ​ | — | ​ | ​ | (15,263)
Gas Natural de Lima y Callao S.A.C. – Calidda | ​ | 114,887 | ​ | (114,887) | ​ | — | ​ | ​ | 67,050 | ​ | ​ | (67,050) | ​ | ​ | — | ​ | ​ | —
Promigas Perú S.A.C. | ​ | 4,820 | ​ | (4,820) | ​ | — | ​ | ​ | 741 | ​ | ​ | (741) | ​ | ​ | — | ​ | ​ | —
Gases del Norte del Perú S.A.C. | ​ | 24,006 | ​ | (24,006) | ​ | — | ​ | ​ | (3,578) | ​ | ​ | 3,578 | ​ | ​ | — | ​ | ​ | —
Promigas Panamá Corporation | ​ | 1 | ​ | (1) | ​ | — | ​ | ​ | 2 | ​ | ​ | (2) | ​ | ​ | — | ​ | ​ | —
Total | ​ | 856,934 | ​ | (808,185) | ​ | — | ​ | Ps. | 407,149 |  | Ps. | (51,791) |  | Ps. | (230,847) |  | Ps. | 124,511
(1) Includes Banco de Bogotá Panamá, Banco Bogotá Finance, Ficentro, Nassau and contributions of foreign branches in Miami and New York. ​ Hedging with Debt in Foreign Currency in U.S. dollars Debt financial instruments that are not derivatives can be designated as hedging instruments for changes in foreign currency exchange rates. According to this rule, Banco de Bogotá, Banco de Occidente and Promigas designed debt denominated in U.S. dollar as hedging instruments of their foreign subsidiaries as follows:
| (1) | Bonds issued by Banco de Bogotá in the international market were designated as hedging instruments of its investment in MFH and other subsidiaries and branches amounting U.S 585 million in 2024 and U.S. 510 dollar million in 2023.
​
| (2) | Other financial liabilities in the amount of U.S. 311 million as of December 31, 2024 and U.S. dollar 298 million as of December 31, 2023 were used to hedge part of the net foreign investment that Banco de Occidente and Promigas have in foreign subsidiaries as part of a hedging strategy, by which new obligations are continuously designated as hedging instruments to replace the previous ones as they expire over time.
​ 10.2 Hedging Cash Flow ​ The movement of the accumulated OCI account related to cash flow hedges in Colombian pesos during the years ended on December 31, 2024, 2023 and 2022 is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2024 | ​ | December 31, 2023 | ​ | December 31, 2022
Balance at the beginning of the year | ​ | Ps. | (30,381) | ​ | Ps. | 5,542 | ​ | Ps. | 7,938
Changes in the fair value FwD - Future transactions | ​ |  | 6,365 | ​ |  | (26,203) | ​ |  | 6,995
Changes in the fair value FwD - financial obligations | ​ | ​ | 43,724 | ​ | ​ | (32,672) | ​ | ​ | —
Changes in the fair value Interest Rate Swaps (IRS) | ​ | ​ | 7,752 | ​ | ​ | — | ​ | ​ | —
Changes in the fair value bonds | ​ | ​ | (184,902) | ​ | ​ | 270,064 | ​ | ​ | —
Changes in the fair value other accounts receivable | ​ | ​ | 184,902 | ​ | ​ | (258,982) | ​ | ​ | —
Reclassified to profit or loss | ​ |  | (2,760) | ​ |  | 11,870 | ​ |  | (9,391)
Balance at the end of the year |  | Ps. | 24,700 |  | Ps. | (30,381) |  | Ps. | 5,542
​ During the years ended December 31, 2024, 2023 and 2022, an exchange difference recognized under “Other Comprehensive Income” as a result of cash flow hedge accounting of income (loss) from these highly probable transactions, was reclassified to profit or loss in the amounts of Ps. (2,760), Ps. 11,870 and Ps. (9,391) respectively. ​ ​ ​
i. |  | Hedging of Future Transactions
​ In the ordinary course of its operations Promigas S.A. and its subsidiaries receive income in U.S. Dollars derived from the transportation of gas. Promigas and its subsidiaries hedge the exchange risk arising in future transactions of highly probable gas transportation income, entering into forward contracts for the sale of U.S. dollars with financial entities different from the ones consolidated into Grupo Aval. The following is the summary of Promigas and its subsidiaries open cash flow hedges: ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2024 | ​ | December 31, 2023 | ​
Income in Thousands of U.S. dollar forecasted |  | 49,131 | ​ | 86,060 |
Notional amount contracts FWD Thousands of U.S. dollar |  | 49,131 | ​ | 86,060 |
% hedged |  | 100 | % | 100 | %
Fair value in Colombian pesos |  | (1,140) | ​ | (59,715) | ​
# of contracts |  | 22 | ​ | 46 | ​
​
ii. |  | Hedging of exchange rate risk
​ Banco de Bogotá during the year ended December 31, 2024 and 2023 hedge of the foreign currency risk of the account receivable in dollars accounted for as a cash flow hedge. ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2024 | ​ | December 31, 2023 | ​
Nominal amount Hedged Item Thousands of U.S. dollar |  | 320,195 | ​ | 309,788 |
Notional amount bond Thousands of U.S. dollar |  | 320,195 | ​ | 309,788 |
% hedged |  | 100 | % | 100 | %
Carrying amount in Colombian pesos |  | 1,411,786 | ​ | 1,184,025 | ​
# of contracts |  | 1 | ​ | 1 | ​
​ During the year ended December 31, 2024 and 2023, Corficolombiana hedge the exchange risk arising in other accounts receivable: ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2024 | ​ | December 31, 2023 | ​
Nominal amount Hedged Item Thousands of U.S. dollar |  | 5,373 | ​ | 7,610 |
Notional amount contracts FWD Thousands of U.S. dollar |  | 5,373 | ​ | 7,610 |
% hedged |  | 100 | % | 100 | %
# of contracts |  | 11 | ​ | 17 | ​
​ During the year ended December 31, 2024 and 2023, Banco de Bogotá hedge the exchange risk arising in financial obligations: ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2024 | ​ | December 31, 2023 | ​
Nominal amount Hedged Item Thousands of U.S. dollar |  | 896,761 | ​ | 1,097,038 |
Notional amount contracts FWD Thousands of U.S. dollar |  | 897,700 | ​ | 1,098,950 |
% hedged |  | 100 | % | 100 | %
Carrying amount in Colombian pesos |  | 3,884,510 | ​ | 4,152,626 | ​
# of contracts |  | 49 | ​ | 74 | ​
​
iii. |  | Hedging of interest rate risk
​ Banco Popular during July 2024 has established an interest rate risk management strategy to hedge the variable portion of the interest rate exposure related to anticipated cash flows (forecasted transactions) from the Time Deposit “CD” portfolio linked to the quarterly IBR rate. This component is distinctly identifiable and measurable, exhibiting a high correlation with the repricing of the contracted rate in the CDs. ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2024 | ​ | December 31, 2023 | ​
Nominal amount Hedged Item COP |  | 788,614 | ​ | - |
Notional amount contracts interest rate Swaps (IRS) COP |  | 298,250 | ​ | - |
% hedged |  | 38 | % | - | %
Fair value in Colombian pesos |  | 7,752 | ​ | - | ​
# of contracts |  | 9 | ​ | - | ​
​ ​ 10.3 Fair value hedges of interest rate risk ​ As of December 31, 2024 and 2023, Banco de Bogotá uses interest rate swaps to reduce the risk of interest rates on financial liabilities. ​ December 31, 2024
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Carrying amount
Fair value hedges | ​ | ​ | Notional amount | ​ | ​ | Assets | ​ | ​ | Liabilities
Hedging instruments | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate Swap | ​ | Ps. | 4,644,189 | ​ | Ps. | 68,840 | ​ | Ps. | —
Items designated hedged | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Time Deposits issued | ​ | ​ | 4,644,189 | ​ | ​ | — | ​ | ​ | 66,064
​ December 31, 2023
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Carrying amount
Fair value hedges | ​ | ​ | Notional amount | ​ | ​ | Assets | ​ | ​ | Liabilities
Hedging instruments | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate Swap | ​ | Ps. | 6,539,684 | ​ | Ps. | 47,975 | ​ | Ps. | 10,871
Items designated hedged | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Time Deposits issued | ​ | ​ | 6,539,684 | ​ | ​ | — | ​ | ​ | 40,289
​ As of December 31, 2023, Banco de Occidente uses interest rate swaps to reduce the risk of interest rates on financial liabilities. As of December 31, 2024, this hedge is no longer applied. December 31, 2023
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Carrying amount
Fair value hedges | ​ | ​ | Notional amount | ​ | ​ | Assets | ​ | ​ | Liabilities
Hedging instruments | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate Swap | ​ | Ps. | 435,000 | ​ | Ps. | 850 | ​ | Ps. | —
Items designated hedged | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Time Deposits issued | ​ | ​ | 435,000 | ​ | ​ | — | ​ | ​ | 734
​ As of December 31, 2024 Banco de Occidente uses interest rate swaps to reduce the risk of interest rates on loan portfolio. ​ December 31, 2024 ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Carrying amount
Fair value hedges | ​ | ​ | Notional amount | ​ | ​ | Assets | ​ | ​ | Liabilities
Hedging instruments | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate Swap | ​ | Ps. | 411,000 | ​ | Ps. | 7,333 | ​ | Ps. | —
Items designated hedged | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Loan portfolio | ​ | ​ | 411,000 | ​ | ​ | — | ​ | ​ | 7,250
​ ​ 10.4 Impact on Interest Income and Expense Line Item from interest rate hedging Below, the total changes in fair value and the impact on interest expense are detailed by Subsidiary for the fair value and cash flow hedges of interest rate risk: ​ December 31, 2024 ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Change | ​ | ​
​ | ​ | in fair | ​ | Interest
​ | ​ | value | ​ | expense (1)
Banco de Bogotá | ​ | Ps. | 5,960 | ​ | Ps. | (46,406)
Banco de Occidente | ​ | ​ | — | ​ | ​ | (1,183)
Banco Popular | ​ | ​ | (7,332) | ​ | ​ | (2,205)
Total | ​ | Ps. | (1,372) | ​ | Ps. | (49,794)
(1) See note 21.3 “Interest expense”. ​ December 31, 2023
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Change | ​ | ​
​ | ​ | in fair | ​ | Interest
​ | ​ | value | ​ | expense (1)
Banco de Bogotá | ​ | Ps. | 79,864 | ​ | Ps. | (61,905)
Banco de Occidente | ​ | ​ | 116 | ​ | ​ | (1,428)
Total | ​ | Ps. | 79,980 | ​ | Ps. | (63,333)
​ | ​ | ​ | ​ | ​ | ​ | ​
(1) See note 21.3 “Interest expense”. ​ ​ Below, the total changes in fair value and the impact on interest income are detailed by Subsidiary for the fair value hedge of interest rate risk: ​ December 31, 2024 ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Change | ​ | ​
​ | ​ | in fair | ​ | Interest
​ | ​ | value | ​ | income
Banco de Occidente | ​ | Ps. | (83) | ​ | Ps. | 595
​ ​ 10.5 Testing of Hedge Effectiveness Grupo Aval’s subsidiaries consider hedging as highly effective if at the beginning and in subsequent periods, the hedging instrument highly offsets changes in fair value or in cash flows attributable to the risk hedged during the period for which the hedging has been designated. The hedging is considered as such if the effectiveness of the hedging is in a range between 80% and 125%. Such effectiveness is assessed by Grupo Aval’s entities at least quarterly and at the end of each accounting period. During the year 2024, 2023 and 2022 each hedging relationship has been effective. Grupo Aval’s subsidiaries have documented the hedging effectiveness at the beginning of the hedging relationship. Grupo Aval’s subsidiaries evaluate the hedging relationship on a periodic basis as well as the result of the testing of hedge effectiveness. 10.6 Derivative Financial Instruments for hedging purposes comprise the following: ​ According to the information described above, the following table contains the fair value of derivative financial instruments used for hedging: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2024 | ​ | December 31, 2023
Item | ​ | Assets | ​ | Liabilities | ​ | Assets | ​ | Liabilities
Forward contracts | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Foreign currency to buy |  | Ps. | 10,623 |  | Ps. | 5,185 |  | Ps. | 687 |  | Ps. | 204,202
Foreign currency to sale | ​ | ​ | 19 | ​ | ​ | 65 | ​ | ​ | — | ​ | ​ | —
Subtotal |  | Ps. | 10,642 |  | Ps. | 5,250 |  | Ps. | 687 |  | Ps. | 204,202
Swap | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate | ​ | ​ | 43,377 | ​ | ​ | 16,408 | ​ | ​ | 47,975 | ​ | ​ | 13,364
Subtotal | ​ | Ps. | 43,377 |  | Ps. | 16,408 |  | Ps. | 47,975 |  | Ps. | 13,364
Total hedge derivatives | ​ | Ps. | 54,019 | ​ | Ps. | 21,658 | ​ | Ps. | 48,662 | ​ | Ps. | 217,566
​

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