BOGOTA, March 17 (Reuters) - Colombian financial services company Grupo Aval on Tuesday reported its net profit in 2019 was 3.03 trillion pesos ($739 million), up 4.2% on the previous year, citing an increase in lending.
“(Last year) was the first year in our history where we surpassed 3 trillion pesos in net profit,” the company said in a filing to the Andean country’s financial regulator.
Grupo Aval’s consolidated assets grew 7.4% last year, while the loan portfolio increased 6%, driven by consumer and business loans, as well as mortgages.
However, fourth-quarter net profit fell 15.9% to 715.1 billion pesos, from 850.7 billion pesos in the year-earlier period, the company said in its statement.
The fall in fourth-quarter net profit was mainly explained by a drop in income from its investment portfolio, the company said. Net profit in the final three months of 2019 fell 3.8% compared to the third-quarter of last year.
Grupo Aval consists of banks Banco de Bogota, Banco Popular, Banco AV Villas, Banco de Occidente, Corporacion Financiera Colombiana and pension fund Porvenir.
($1 = 4,099.93 pesos)
Reporting by Nelson Bocanegra Writing by Oliver Griffin; Editing by Cynthia Osterman