(Reuters) – Colombian financial conglomerate Grupo Aval posted a year-over-year rise in net profit in the fourth quarter, a securities filing showed on Tuesday, as their investment portfolio experienced positive returns in line with positive financial markets performance.
Net profit came in at 82.9 billion Colombian pesos ($21.03 million), in the October through December period.
Meanwhile, the conglomerate reported interest income in the period dipped 13.3% to 7.42 trillion pesos.
The company said the Colombian peso appreciated 20.5% relative to the US dollar over the year.
“This context reflected an under-par year for our business” it said in a statement.
Although Grupo Aval’s non-financial sector business was a strong contributor to the positive results, it fell in 2023 by 29.2% when compared with 2022.
The financial portfolio of Grupo Aval includes Colombian banks Banco de Bogota, Banco Popular, Banco AV Villas and Banco de Occidente.
($1 = 3,942.2100 Colombian pesos)
(Reporting by Natalia Siniawski; editing by Jason Neely and Louise Heavens)
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