Profits for Colombia's Grupo Aval up 23% in second quarter
Adds details on interest income in paragraph 2, net interest margin in paragraph 4, cost of risk in paragraph 5
BOGOTA, Aug 14 (Reuters) -Colombian financial conglomerate Grupo Aval GAA.CN reported on Wednesday a nearly 23% rise in its second-quarter net profit, climbing to 204.3 billion Colombian pesos ($50.9 million).
Meanwhile, the company's interest income between April and June was up by about 22% to total 1.9 trillion pesos, according to its quarterly results report. The boost was driven by a 4.7% decrease in total interest expenses and a 1.2% increase in total interest income.
Grupo Aval's portfolio includes Colombian banks Banco de Bogota BBO.CN, Banco Popular BPO.CN, Banco AV Villas VLL.CN, Banco de Occidente BOC.CN, Corporacion Financiera Colombiana and pension fund Porvenir.
Its net interest margin, the difference between what the bank earned on loans and doled out in deposits, stood at 3.4%.
In the report, the conglomerate specified that its cost of risk in the period stood at 2.1%, or down 83 basis points from the first quarter.
($1 = 4,013.8200 Colombian pesos)
Reporting by Nelson Bocanegra and Brendan O'Boyle; Editing by Sandra Maler and David Alire Garcia
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