Grupo Aval Acciones y Valores S.A. (NYSE:AVAL) Q3 2022 Earnings Conference Call November 17, 2022 9:00 AM ET
Company Participants
Luis Carlos Sarmiento Gutierrez - Chief Executive Officer
Diego Fernando Solano Saravia - Chief Financial Officer
Conference Call Participants
Nicolas Riva - Bank of America
Yuri Fernandes - JPMorgan
Julian Ausique - Davivienda
José Cuenca - Citigroup
Daniel Mora - Credicorp Capital
Operator
Welcome to the Third Quarter 2022 Consolidated Results under IFRS Conference Call. My name is Richard and I will be your operator for today's call. Grupo Aval Acciones y Valores S.A., Grupo Aval is an issuer of securities in Colombia and in the United States SEC. As such, it is subject to compliance with securities regulation in Colombia and applicable US Securities Regulation.
Grupo Aval is also subject to the inspection and supervision of the superintendency of finance at holding company of the Aval Financial conglomerate. The Consolidated Financial information included in this document is presented in accordance with IFRS is currently issued by the IASB. Details of the calculations of non-IFRS measures, such as ROAA and ROAE among others are explained when required in this report.
Banco de Bogotá executed a spin-off over 75% equity stake in BAC Holding International Corp. BHI. to his shareholders, and Grupo Aval subsequently spun-off its equity interest to its shareholders on March 29, 2022. Prior to the spin-off, Banco de Bogotá was the direct parent of BHI. Grupo Aval has retained indirect stake of approximately 17.2% in BHI, representing our proportional interests in the 25% equity stake in BHI, retained by Banco de Bogotá. This interest in BHI is reported as discontinued operations for reporting periods prior to the spin-off and will be reported under the share of profit of equity accounted investees net of tax, equity method line item for subsequent periods.
As a result, for comparability purposes, we have prepared and presented a supplemental unaudited pro forma financial information for the nine months ended September 30, 2021. That assumes the spin-off was completed on January 1, 2021. The supplemental unaudited pro forma financial information does not purport to be indicative of our results of operations or financial position at the relevant transactions occurred on the dates assumed and does not project our results of operations or financial position for any future period or date.
The pro forma financial information is unaudited and the completion of the external audit for the year-ended December 31, 2022 may result in adjustments to the unaudited pro forma financial information presented herein, and any such adjustments may be material. This report includes forward-looking statements. In some cases, you can identify these forward-looking statements by words such as may, will, should, expects, plans, anticipates, believes, estimates, predicts potential or continue, or the negative of these and other comparable words.