Grupo Aval’s Third-Quarter Profit Decline and Link to Itaú Costs Unconfirmed
Key Facts
It was not possible to verify a decline in Grupo Aval’s profit in the third quarter of 2026 or that Itaú costs were behind it, as the group’s official results page does not show a report for that quarter. The reports listed for 2026 cover only the first and second quarters, according to Grupo Aval’s listing. The page therefore provides no official third-quarter figures that could confirm the direction of profit or measure the change from an earlier period. It also contains nothing to show that Grupo Aval acquired Itaú or incurred costs related to a deal of that kind. The account of a profit decline and the explanation attributed to acquisition costs remain unconfirmed in light of the available official information.
By contrast, Itaú Unibanco announced its third-quarter 2026 results on November 3, according to its disclosure. The bank said the period’s results included the quarter-to-quarter change in the results of its retail business in Colombia, which was sold in July 2026. The disclosure concerns Itaú Colombia’s operations and does not in itself establish that Grupo Aval reported a decline in profit or that integration expenses weighed on its net income. The timing of the sale also shows that the Colombian retail business had been sold before the third-quarter results were announced. The bank said the calculation of the impact included "the quarter-to-quarter change in the result of retail operations in Colombia, which were sold in July 2026."
Itaú’s disclosure reported an exceptional restructuring item for Itaú Colombia’s retail business of 291 million Brazilian reais in the third quarter of 2026, alongside 133 million Brazilian reais in goodwill amortization. These figures relate to Itaú’s results, as reported in its disclosure, and are not reported data on Grupo Aval’s profit. The disclosure available here does not identify these items as integration costs arising from a Grupo Aval acquisition, so they cannot be attributed to the group. The group’s official results source also provides no third-quarter figure among the reports shown for 2026 that would allow a quarterly comparison. Accordingly, the reported items provide context for Itaú’s results alone, not a substantiated explanation of Grupo Aval’s performance.
Grupo Aval’s listing shows reports for the first and second quarters of 2026, without a third-quarter report among the materials displayed. This defines what can be attributed to the group’s disclosures so far: first-half data is available on the page, while third-quarter results are not shown. Itaú’s investor-relations calendar lists February 3, 2027, as the release date for its fourth-quarter 2026 results. That date applies to Itaú’s fourth-quarter results announcement and does not specify when Grupo Aval will publish its results. Until Grupo Aval releases an official third-quarter disclosure, the available evidence contains no figures proving a decline in its profit or linking it to Itaú costs.