Colombian financial conglomerate Grupo Aval (GAA.CN) reported third quarter net profit down 23.2% from a year earlier on Wednesday, landing at 929.8 billion pesos ($193.4 million), citing a higher effective tax rate and increased costs.
The company said interest income for the three months ending Sept. 30 grew 62.2% to 5.213 trillion pesos.
The conglomerate's portfolio includes Colombian banks Banco de Bogota (BBO.CN), Banco Popular (BPO.CN), Banco AV Villas (VLL.CN) and Banco de Occidente (BOC.CN).
The central bank of Latin America's fourth-largest economy has raised its benchmark interest rate to 11% - its highest level in 21 years - in continued efforts to respond to rising inflation.
Grupo Aval, controlled by business magnate Luis Carlos Sarmiento, said its consolidated portfolio grew 16.5% during the quarter compared to 3Q21.
