Grupo Aval Acciones Y Valores S.A. | CIK:0001504764 | 3

  • Filed: 4/27/2018
  • Entity registrant name: Grupo Aval Acciones Y Valores S.A. (CIK: 0001504764)
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    • ifrs-full:DisclosureOfOperatingSegmentsExplanatory

    NOTE 31 – ANALYSIS OF OPERATING SEGMENTS
     
    Operating segments are components of Grupo Aval responsible for developing commercial activities that can generate revenue or incur expenses and whose operating profit or loss are regularly reviewed by the Board of Directors of Grupo Aval, and for which financial information is available:
     
    Until June 20, 2016, Grupo Aval was organized into four business segments, however, due to the legal reorganization explained in Note 1, the information provided to the Board of Directors has been updated and adjusted to present five segments considering Corficolombiana as an additional reportable segment.
     
    31.1
    Description of products and services from which each reportable segment derives its income
    Grupo Aval is organized into five business segments comprised by the four main banks (see note 1 Corficolombiana is consolidated directly by Grupo Aval and not through Banco de Bogotá) of Grupo Aval: Banco de Bogotá, Banco de Occidente, Banco AV Villas and Banco Popular. All these banks and Corficolombiana, provide services relating to banking activity in Colombia and others countries in commercial, consumer, mortgage housing and microcredit banking. Corficolombiana´s core business is the active management of an equity portfolio.
     
    31.2
    Factors used by management to identify reportable segments
    Operating segments identified above are based on the strategic organization of Grupo Aval in order to serve different sectors of the economy in Colombia.
     
    31.3
    Measurement of net income, assets and liabilities of operating segments
    The Board of Directors of Grupo Aval reviews the financial information of each of its operating segments and assesses the performance of each segment based on the income statement of each of them and on certain credit risk indicators, as described in note 2.28.
     
    31.4
    Income
    Following is the detail of the reportable financial information summarized for each segment as of December 31, 2017, 2016 and 2015:
     
    Statement of Financial Position
    December 31, 2017
     
     
     
    Banco de
    Bogotá S.A.
     
     
    Banco de
    Occidente S.A.
     
     
    Banco Popular
    S.A.
     
     
    Banco AV
    Villas S.A.
     
     
    Corficolombiana
    S.A.
     
     
    (1)Eliminations and
    other segments
     
     
    Total
     
    Assets
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Held-for-trading financial assets
     
    Ps.
    2,590,371
     
     
    Ps.
    584,470
     
     
    Ps.
    217,354
     
     
    Ps.
    328,070
     
     
    Ps.
    1,577,734
     
     
    Ps.
    (169,911
    )
     
    Ps.
    5,128,088
     
    Available-for-sale financial assets
     
     
    9,949,001
     
     
     
    4,526,311
     
     
     
    2,172,140
     
     
     
    396,128
     
     
     
    2,541,683
     
     
     
    (971,103
    )
     
     
    18,614,160
     
    Held-to-maturity Investments
     
     
    1,367,582
     
     
     
    689,023
     
     
     
    483,796
     
     
     
    274,150
     
     
     
    84,488
     
     
     
    -
     
     
     
    2,899,039
     
    Investments in associates and joint ventures
     
     
    3,417,702
     
     
     
    672,169
     
     
     
    10,965
     
     
     
    1,597
     
     
     
    820,125
     
     
     
    (3,879,544
    )
     
     
    1,043,014
     
    Loans and receivables
     
     
    104,243,806
     
     
     
    27,480,881
     
     
     
    17,034,186
     
     
     
    9,977,597
     
     
     
    2,785,100
     
     
     
    (767,275
    )
     
     
    160,754,295
     
    Other Assets
     
     
    27,820,671
     
     
     
    3,794,020
     
     
     
    2,403,662
     
     
     
    1,340,582
     
     
     
    13,305,870
     
     
     
    (564,861
    )
     
     
    48,099,944
     
    Total Assets
     
    Ps.
    149,389,133
     
     
    Ps.
    37,746,874
     
     
    Ps.
    22,322,103
     
     
    Ps.
    12,318,124
     
     
    Ps.
    21,115,000
     
     
    Ps.
    (6,352,694
    )
     
    Ps.
    236,538,540
     
    Liabilities
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Customer Deposits
     
     
    100,947,244
     
     
     
    26,169,109
     
     
     
    15,968,499
     
     
     
    10,086,106
     
     
     
    4,095,692
     
     
     
    (2,381,426
    )
     
     
    154,885,224
     
    Financial Obligations
     
     
    25,294,735
     
     
     
    5,802,728
     
     
     
    2,778,675
     
     
     
    212,914
     
     
     
    8,875,171
     
     
     
    2,311,813
     
     
     
    45,276,036
     
    Other Liabilities
     
     
    4,955,086
     
     
     
    1,370,759
     
     
     
    903,882
     
     
     
    554,618
     
     
     
    2,901,402
     
     
     
    (179,694
    )
     
     
    10,506,053
     
    Total Liabilities
     
    Ps.
    131,197,065
     
     
    Ps.
    33,342,596
     
     
    Ps.
    19,651,056
     
     
    Ps.
    10,853,638
     
     
    Ps.
    15,872,265
     
     
    Ps.
    (249,307
    )
     
    Ps.
    210,667,313
     
     
    Statement of Income for the year 2017
     
     
     
    Banco de
    Bogotá S.A.
     
     
    Banco de
    Occidente S.A.
     
     
    Banco Popular
    S.A.
     
     
    Banco AV
    Villas S.A.
     
     
    Corficolombiana
    S.A.
     
     
    (1)Eliminations and
    other segments
     
     
    Total
     
    External Income
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Interest income
     
    Ps.
    11,241,897
     
     
    Ps.
    3,450,056
     
     
    Ps.
    2,196,753
     
     
    Ps.
    1,305,784
     
     
    Ps.
    547,028
     
     
    Ps.
    315
     
     
    Ps.
    18,741,833
     
    Commission and fee income
     
     
    4,187,221
     
     
     
    396,658
     
     
     
    224,233
     
     
     
    250,824
     
     
     
    95,086
     
     
     
    48,103
     
     
     
    5,202,125
     
    Participation in profit or loss associates and joint business
     
     
    5,847
     
     
     
    2,402
     
     
     
    2,622
     
     
     
    2,043
     
     
     
    159,050
     
     
     
    -
     
     
     
    171,964
     
    Dividends
     
     
    1,321
     
     
     
    370
     
     
     
    1,991
     
     
     
    1,514
     
     
     
    45,243
     
     
     
    -
     
     
     
    50,439
     
    Other Income
     
     
    819,797
     
     
     
    49,916
     
     
     
    94,577
     
     
     
    62,642
     
     
     
    1,413,594
     
     
     
    17,138
     
     
     
    2,457,664
     
     
     
    Ps.
    16,256,083
     
     
    Ps.
    3,899,402
     
     
    Ps.
    2,520,176
     
     
    Ps.
    1,622,807
     
     
    Ps.
    2,260,001
     
     
    Ps.
    65,556
     
     
    Ps.
    26,624,025
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Intersegment Income
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Interest income
     
    Ps.
    72,910
     
     
    Ps.
    1,818
     
     
    Ps.
    1,047
     
     
    Ps.
    4,797
     
     
    Ps.
    62,097
     
     
    Ps.
    (142,669
    )
     
    Ps.
    -
     
    Commission and fee income
     
     
    2,988
     
     
     
    5,171
     
     
     
    4,133
     
     
     
    15,065
     
     
     
    1,339
     
     
     
    (28,696
    )
     
     
    -
     
    Participation in profit or loss associates and joint business
     
     
    36,782
     
     
     
    139,555
     
     
     
    (376
    )
     
     
    132
     
     
     
    159
     
     
     
    (176,252
    )
     
     
    -
     
    Dividends
     
     
    3,101
     
     
     
    5,494
     
     
     
    6,810
     
     
     
    1,170
     
     
     
    1,244
     
     
     
    (17,819
    )
     
     
    -
     
    Other Income
     
     
    24,551
     
     
     
    80,780
     
     
     
    5,978
     
     
     
    1,977
     
     
     
    (11,251
    )
     
     
    (102,035
    )
     
     
    -
     
     
     
     
    140,332
     
     
     
    232,818
     
     
     
    17,592
     
     
     
    23,141
     
     
     
    53,588
     
     
     
    (467,471
    )
     
     
    -
     
    Total income
     
    Ps.
    16,396,415
     
     
    Ps.
    4,132,220
     
     
    Ps.
    2,537,768
     
     
    Ps.
    1,645,948
     
     
    Ps.
    2,313,589
     
     
    Ps.
    (401,915
    )
     
    Ps.
    26,624,025
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Expenses
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Interest expense
     
    Ps.
    4,594,100
     
     
    Ps.
    1,388,144
     
     
    Ps.
    977,441
     
     
    Ps.
    423,069
     
     
    Ps.
    852,501
     
     
    Ps.
    (7,556
    )
     
    Ps.
    8,227,699
     
    Impairment loss on loan and other accounts receivable
     
     
    2,459,293
     
     
     
    993,350
     
     
     
    258,926
     
     
     
    327,833
     
     
     
    79,932
     
     
     
    -
     
     
     
    4,119,334
     
    Depreciations and amortizations
     
     
    361,621
     
     
     
    69,255
     
     
     
    45,417
     
     
     
    29,897
     
     
     
    5,881
     
     
     
    9,337
     
     
     
    521,408
     
    Commission and fee expense
     
     
    351,073
     
     
     
    94,089
     
     
     
    86,228
     
     
     
    108,572
     
     
     
    10,772
     
     
     
    (27,620
    )
     
     
    623,114
     
    Administrative Expenses
     
     
    3,035,346
     
     
     
    703,106
     
     
     
    520,204
     
     
     
    375,522
     
     
     
    119,271
     
     
     
    (240,301
    )
     
     
    4,513,148
     
    Other expense
     
     
    2,491,824
     
     
     
    390,812
     
     
     
    334,944
     
     
     
    180,186
     
     
     
    241,636
     
     
     
    64,693
     
     
     
    3,704,095
     
    Income tax expense
     
     
    970,207
     
     
     
    115,778
     
     
     
    108,914
     
     
     
    63,174
     
     
     
    440,043
     
     
     
    54,678
     
     
     
    1,752,794
     
    Total Expenses
     
     
    14,263,464
     
     
     
    3,754,534
     
     
     
    2,332,074
     
     
     
    1,508,253
     
     
     
    1,750,036
     
     
     
    (146,769
    )
     
     
    23,461,592
     
    Net income for the year
     
    Ps.
    2,132,951
     
     
    Ps.
    377,686
     
     
    Ps.
    205,694
     
     
    Ps.
    137,695
     
     
    Ps.
    563,553
     
     
    Ps.
    (255,146
    )
     
    Ps.
    3,162,433
     
     
    (1) Includes Grupo Aval, Grupo Aval Limited, Grupo Aval International Limited and ATH negocio conjunto.
     
    Statement of Financial Position
    December 31, 2016
     
     
     
    Banco de
    Bogotá S.A.
     
     
    Banco de
    Occidente S.A.
     
     
    Banco Popular
    S.A.
     
     
    Banco AV
    Villas S.A.
     
     
    Corficolombiana
    S.A.
     
     
    (2)Eliminations and
    other segments
     
     
    Total
     
    Assets
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Held-for-trading financial assets
     
    Ps.
    2,179,411
     
     
    Ps.
    645,607
     
     
    Ps.
    228,176
     
     
    Ps.
    182,936
     
     
    Ps.
    1,499,533
     
     
    Ps.
    (141,938
    )
     
    Ps.
    4,593,725
     
    Available-for-sale financial assets
     
     
    9,157,156
     
     
     
    3,991,626
     
     
     
    2,046,466
     
     
     
    1,478,433
     
     
     
    2,773,149
     
     
     
    (1,054,318
    )
     
     
    18,392,512
     
    Held-to-maturity Investments
     
     
    1,256,607
     
     
     
    542,008
     
     
     
    409,131
     
     
     
    250,980
     
     
     
    111,760
     
     
     
    -
     
     
     
    2,570,486
     
    Investments in associates and joint ventures
     
     
    3,354,551
     
     
     
    570,782
     
     
     
    9,103
     
     
     
    -
     
     
     
    932,586
     
     
     
    (3,720,375
    )
     
     
    1,146,647
     
    Loans and receivables
     
     
    97,169,521
     
     
     
    26,573,862
     
     
     
    16,016,683
     
     
     
    8,981,858
     
     
     
    3,141,864
     
     
     
    (985,056
    )
     
     
    150,898,732
     
    Other Assets
     
     
    28,313,503
     
     
     
    3,244,622
     
     
     
    2,021,585
     
     
     
    1,572,427
     
     
     
    12,045,752
     
     
     
    (726,270
    )
     
     
    46,471,619
     
    Total Assets
     
    Ps.
    141,430,749
     
     
    Ps.
    35,568,507
     
     
    Ps.
    20,731,144
     
     
    Ps.
    12,466,634
     
     
    Ps.
    20,504,644
     
     
    Ps.
    (6,627,957
    )
     
    Ps.
    224,073,721
     
    Liabilities
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Customer Deposits
     
     
    93,676,674
     
     
     
    24,176,056
     
     
     
    14,733,350
     
     
     
    9,706,084
     
     
     
    3,846,793
     
     
     
    (2,251,902
    )
     
     
    143,887,055
     
    Financial Obligations
     
     
    25,863,311
     
     
     
    5,504,607
     
     
     
    2,451,314
     
     
     
    975,300
     
     
     
    9,288,278
     
     
     
    1,433,471
     
     
     
    45,516,281
     
    Other Liabilities
     
     
    4,652,581
     
     
     
    1,496,658
     
     
     
    867,567
     
     
     
    382,166
     
     
     
    2,469,928
     
     
     
    142,263
     
     
     
    10,011,163
     
    Total Liabilities
     
    Ps.
    124,192,566
     
     
    Ps.
    31,177,321
     
     
    Ps.
    18,052,231
     
     
    Ps.
    11,063,550
     
     
    Ps.
    15,604,999
     
     
    Ps.
    (676,168
    )
     
    Ps.
    199,414,499
     
     
    Statement of Income of the year 2016
     
     
     
    (1) Banco deBogotá S.A.
     
     
    Banco de
    Occidente S.A.
     
     
    Banco Popular
    S.A.
     
     
    Banco AV
    Villas S.A.
     
     
    Corficolombiana
    S.A.
     
     
    (1), (2)Eliminations and
    other segments
     
     
    Total
     
    External Income
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Interest income
     
    Ps.
    10,481,965
     
     
    Ps.
    3,363,556
     
     
    Ps.
    2,042,878
     
     
    Ps.
    1,193,544
     
     
    Ps.
    442,398
     
     
    Ps.
    22,629
     
     
    Ps.
    17,546,970
     
    Commission and fee income
     
     
    3,957,774
     
     
     
    387,986
     
     
     
    219,717
     
     
     
    237,762
     
     
     
    63,763
     
     
     
    12,185
     
     
     
    4,879,187
     
    Participation in profit or loss associates and joint business
     
     
    (4,275
    )
     
     
    (484
    )
     
     
    388
     
     
     
    729
     
     
     
    144,407
     
     
     
    -
     
     
     
    140,765
     
    Dividends
     
     
    1,779
     
     
     
    1,150
     
     
     
    3,112
     
     
     
    2,941
     
     
     
    18,973
     
     
     
    72
     
     
     
    28,027
     
    Other Income
     
     
    1,336,185
     
     
     
    93,860
     
     
     
    183,931
     
     
     
    99,701
     
     
     
    1,647,967
     
     
     
    (19,355
    )
     
     
    3,342,289
     
     
     
    Ps.
    15,773,428
     
     
    Ps.
    3,846,068
     
     
    Ps.
    2,450,026
     
     
    Ps.
    1,534,677
     
     
    Ps.
    2,317,508
     
     
    Ps.
    15,531
     
     
    Ps.
    25,937,238
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Intersegment Income
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Interest income
     
    Ps.
    219,995
     
     
    Ps.
    2,893
     
     
    Ps.
    848
     
     
    Ps.
    6,223
     
     
    Ps.
    75,641
     
     
    Ps.
    (305,600
    )
     
    Ps.
    -
     
    Commission and fee income
     
     
    900
     
     
     
    4,386
     
     
     
    2,282
     
     
     
    13,170
     
     
     
    2,115
     
     
     
    (22,853
    )
     
     
    -
     
    Participation in profit or loss associates and joint business
     
     
    116,488
     
     
     
    118,109
     
     
     
    (1,206
    )
     
     
    (1,923
    )
     
     
    100
     
     
     
    (231,568
    )
     
     
    -
     
    Dividends
     
     
    -
     
     
     
    20,336
     
     
     
    25,293
     
     
     
    -
     
     
     
    944
     
     
     
    (46,573
    )
     
     
    -
     
    Other Income
     
     
    1,996,738
     
     
     
    62,959
     
     
     
    115
     
     
     
    1,610
     
     
     
    (79,493
    )
     
     
    (1,981,929
    )
     
     
    -
     
     
     
     
    2,334,121
     
     
     
    208,683
     
     
     
    27,332
     
     
     
    19,080
     
     
     
    (693
    )
     
     
    (2,588,523
    )
     
     
    -
     
    Total income
     
    Ps.
    18,107,549
     
     
    Ps.
    4,054,751
     
     
    Ps.
    2,477,358
     
     
    Ps.
    1,553,757
     
     
    Ps.
    2,316,815
     
     
    Ps.
    (2,572,992
    )
     
    Ps.
    25,937,238
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Expenses
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Interest expense
     
    Ps.
    4,568,469
     
     
    Ps.
    1,455,389
     
     
    Ps.
    995,070
     
     
    Ps.
    451,224
     
     
    Ps.
    947,603
     
     
    Ps.
    (25,350
    )
     
    Ps.
    8,392,405
     
    Impairment loss on loan and other accounts receivable
     
     
    1,897,902
     
     
     
    579,471
     
     
     
    229,948
     
     
     
    236,434
     
     
     
    59,176
     
     
     
    1,253
     
     
     
    3,004,184
     
    Depreciations and amortizations
     
     
    352,618
     
     
     
    64,252
     
     
     
    40,449
     
     
     
    24,787
     
     
     
    4,513
     
     
     
    (15,011
    )
     
     
    471,608
     
    Commission and fee expense
     
     
    347,612
     
     
     
    99,804
     
     
     
    83,857
     
     
     
    98,738
     
     
     
    8,970
     
     
     
    (19,453
    )
     
     
    619,528
     
    Administrative Expenses
     
     
    2,943,832
     
     
     
    632,153
     
     
     
    501,664
     
     
     
    324,787
     
     
     
    138,626
     
     
     
    (131,863
    )
     
     
    4,409,199
     
    Other expense
     
     
    2,414,696
     
     
     
    363,398
     
     
     
    293,930
     
     
     
    158,243
     
     
     
    104,944
     
     
     
    131,258
     
     
     
    3,466,469
     
    Income tax expense
     
     
    1,150,393
     
     
     
    232,292
     
     
     
    151,365
     
     
     
    79,994
     
     
     
    381,647
     
     
     
    61,218
     
     
     
    2,056,909
     
    Total Expenses
     
     
    13,675,522
     
     
     
    3,426,759
     
     
     
    2,296,283
     
     
     
    1,374,207
     
     
     
    1,645,479
     
     
     
    2,052
     
     
     
    22,420,302
     
    Net income for the year
     
    Ps.
    4,432,027
     
     
    Ps.
    627,992
     
     
    Ps.
    181,075
     
     
    Ps.
    179,550
     
     
    Ps.
    671,336
     
     
    Ps.
    (2,575,044
    )
     
    Ps.
    3,516,936
     
     
    (1) Includes Ps. 2,208,053 of income resulting from the desconsolidation of Corficolombiana.
    (2) Includes Grupo Aval, Grupo Aval Limited and Grupo Aval International Limited.
     
    December 31, 2015
     
    Statement of Income
    of the year 2015
     
    Banco de
    Bogotá S.A.
     
     
    Banco de
    Occidente S.A
     
     
    Banco Popular
    S.A.
     
     
    Banco Av
    villas S.A.
     
     
    Corficolombiana
    S.A.
     
     
    (1)Eliminations and
    other segments
     
     
    Total
     
    External Income
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Interest income
     
    Ps.
    8,511,619
     
     
    Ps.
    2,648,326
     
     
    Ps.
    1,623,643
     
     
    Ps.
    986,384
     
     
    Ps.
    304,109
     
     
    Ps.
    1,517
     
     
    Ps.
    14,075,598
     
    Commission and fee income
     
     
    3,432,513
     
     
     
    394,039
     
     
     
    180,302
     
     
     
    218,769
     
     
     
    58,610
     
     
     
    -
     
     
     
    4,284,233
     
    Participation in profit or loss associates and joint business
     
     
    178,243
     
     
     
    20,674
     
     
     
    2,002
     
     
     
    1,523
     
     
     
    27,956
     
     
     
    -
     
     
     
    230,398
     
    Dividends
     
     
    417
     
     
     
    2,638
     
     
     
    2,534
     
     
     
    1,909
     
     
     
    26,113
     
     
     
    -
     
     
     
    33,611
     
    Other Income
     
     
    706,302
     
     
     
    105,337
     
     
     
    162,605
     
     
     
    90,644
     
     
     
    1,263,449
     
     
     
    195,244
     
     
     
    2,523,581
     
     
     
    Ps.
    12,829,094
     
     
    Ps.
    3,171,014
     
     
    Ps.
    1,971,086
     
     
    Ps.
    1,299,229
     
     
    Ps.
    1,680,237
     
     
    Ps.
    196,761
     
     
    Ps.
    21,147,421
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Intersegment income
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Interest income
     
    Ps.
    (32,382
    )
     
    Ps.
    2,570
     
     
    Ps.
    633
     
     
    Ps.
    2,467
     
     
    Ps.
    30,274
     
     
    Ps.
    (3,562
    )
     
    Ps.
    -
     
    Commission and fee income
     
     
    471
     
     
     
    4,752
     
     
     
    3,091
     
     
     
    11,895
     
     
     
    2,693
     
     
     
    (22,902
    )
     
     
    -
     
    Participation in profit or loss associates and joint business
     
     
    (1,439
    )
     
     
    75,227
     
     
     
    (1,229
    )
     
     
    (2,055
    )
     
     
    178,305
     
     
     
    (248,809
    )
     
     
    -
     
    Dividends
     
     
    2,105
     
     
     
    25,127
     
     
     
    30,989
     
     
     
    -
     
     
     
    -
     
     
     
    (58,221
    )
     
     
    -
     
    Other Income
     
     
    207,102
     
     
     
    75,435
     
     
     
    148
     
     
     
    1,493
     
     
     
    1,482
     
     
     
    (285,660
    )
     
     
    -
     
    Total Segments income
     
    Ps.
    175,857
     
     
    Ps.
    183,111
     
     
    Ps.
    33,632
     
     
    Ps.
    13,800
     
     
    Ps.
    212,754
     
     
    Ps.
    (619,154
    )
     
    Ps.
    -
     
    Total income
     
     
    13,004,951
     
     
     
    3,354,125
     
     
     
    2,004,718
     
     
     
    1,313,029
     
     
     
    1,892,991
     
     
     
    (422,393
    )
     
     
    21,147,421
     
     
     
     
    Banco de
    Bogotá S.A.
     
     
    Banco de
    Occidente S.A
     
     
    Banco Popular
    S.A.
     
     
    Banco Av
    villas S.A.
     
     
    Corficolombiana
    S.A.
     
     
    Eliminations and
    other segments
     
     
    Total
     
    Expenses
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Interest expense
     
    Ps.
    3,211,117
     
     
    Ps.
    989,836
     
     
    Ps.
    583,151
     
     
    Ps.
    273,944
     
     
    Ps.
    607,989
     
     
    Ps.
    85,422
     
     
    Ps.
    5,751,459
     
    Loan and other accounts receivable
     
     
    1,323,338
     
     
     
    544,143
     
     
     
    63,180
     
     
     
    188,895
     
     
     
    8,468
     
     
     
    (274
    )
     
     
    2,127,750
     
    Depreciations and amortizations
     
     
    358,517
     
     
     
    61,396
     
     
     
    39,130
     
     
     
    22,571
     
     
     
    5,810
     
     
     
    788
     
     
     
    488,212
     
    Commission and fee expense
     
     
    327,250
     
     
     
    151,038
     
     
     
    54,774
     
     
     
    85,195
     
     
     
    18,013
     
     
     
    (14,324
    )
     
     
    621,946
     
    Administrative Expenses
     
     
    2,508,967
     
     
     
    586,050
     
     
     
    465,226
     
     
     
    302,765
     
     
     
    90,812
     
     
     
    (75,034
    )
     
     
    3,878,786
     
    Other expense
     
     
    2,168,527
     
     
     
    352,957
     
     
     
    276,905
     
     
     
    155,355
     
     
     
    73,262
     
     
     
    27,606
     
     
     
    3,054,612
     
    Income tax expense
     
     
    1,047,656
     
     
     
    195,606
     
     
     
    173,060
     
     
     
    108,704
     
     
     
    330,889
     
     
     
    23,055
     
     
     
    1,878,970
     
    Total Expenses
     
     
    10,945,372
     
     
     
    2,881,026
     
     
     
    1,655,426
     
     
     
    1,137,429
     
     
     
    1,135,243
     
     
     
    47,239
     
     
     
    17,801,735
     
    Net income for the year
     
    Ps.
    2,059,579
     
     
    Ps.
    473,099
     
     
    Ps.
    349,292
     
     
    Ps.
    175,600
     
     
    Ps.
    757,748
     
     
    Ps.
    (469,632
    )
     
    Ps.
    3,345,686
     
     
    (1)
    Includes Grupo Aval, Grupo Aval Limited and Grupo Aval International Limited.
     
    Main eliminations of total income, expenses, assets and liabilities between segments with the corresponding consolidated entries at the level of Grupo Aval are:
     
    ·
    Loans with financial obligations of entities mainly from non financial sector.
     
    ·
    Investments in term deposits and outstanding bonds of in other segments.
     
    ·
    Investments in subordinates elimination and record of non- controlling interests.
     
    ·
    Expenses and incomes for commissions.
     
    31.5
    Analysis of Revenues by Products and Services
     
    Grupo Aval’s revenues are analyzed by products and services, in the statement of income.
     
    31.6
    Income by Country
     
    Grupo Aval’s revenues for each individual country for which revenues are significant, are the following during the years ended December 31, 2017, 2016 and 2015:
     
     
     
    December 31, 2017
     
     
    December 31, 2016
     
     
    December 31, 2015
     
    Colombia
     
    Ps.
    18,789,167
     
     
    Ps.
    18,548,030
     
     
    Ps.
    15,749,556
     
    Panamá
     
     
    1,410,766
     
     
     
    1,333,843
     
     
     
    1,293,132
     
    Costa Rica
     
     
    2,752,109
     
     
     
    2,598,446
     
     
     
    1,778,560
     
    Guatemala
     
     
    1,132,646
     
     
     
    1,084,436
     
     
     
    1,027,948
     
    Other countries
     
     
    2,539,337
     
     
     
    2,372,483
     
     
     
    1,298,225
     
    Total Consolidated Revenues
     
    Ps.
    26,624,025
     
     
    Ps.
    25,937,238
     
     
    Ps.
    21,147,421
     
     
    The foregoing analysis is based on the customer's domicile. Income from off- shore entities of Colombian customers are reported as income from Colombia. The revenues include income for interest, fees, commissions and other operating income.
     
    31.7
    Non current assets by Country
     
    Grupo Aval’s non current assets for each individual country for which non current assets are significant, are as follows as at December 31, 2017 and 2016:
     
    December 31, 2017
     
     
     
    Own – use Property, plant
    and equipment, net
     
     
    (*) Intangible assets
     
    Colombia
     
    Ps.
    4,635,899
     
     
    Ps.
    5,868,867
     
    Panamá
     
     
    203,824
     
     
     
    3,657,236
     
    Costa Rica
     
     
    366,800
     
     
     
    89,343
     
    Guatemala
     
     
    98,778
     
     
     
    16,714
     
    Other countries
     
     
    494,696
     
     
     
    1,231,744
     
    Total
     
    Ps.
    5,799,997
     
     
    Ps.
    10,863,904
     
     
    (*) see notes 16 to 18.
     
    December 31, 2016
     
     
     
    Own – use Property, plant
    and equipment, net
     
     
    (*) Intangible assets
     
    Colombia
     
    Ps.
    4,702,347
     
     
    Ps.
    5,496,699
     
    Panamá
     
     
    208,727
     
     
     
    3,681,756
     
    Costa Rica
     
     
    376,984
     
     
     
    113,009
     
    Guatemala
     
     
    97,798
     
     
     
    14,110
     
    Other countries
     
     
    513,393
     
     
     
    1,059,718
     
    Total
     
    Ps.
    5,899,249
     
     
    Ps.
    10,365,292
     
     
    (*) see notes 16 to 18.
     
    During the years ended December 31, 2017, 2016 and 2015, Grupo Aval’s reported no concentration of revenue in customers with more than a 10% share of revenue from ordinary activities.