Grupo Aval Acciones Y Valores S.A. (NYSE:AVAL) Q2 2020 Earnings Conference Call - Final Transcript
Aug 28, 2020 • 10:00 am ET
Welcome to Grupo Aval's second quarter 2020 consolidated results conference call. My name is Hilda, 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. 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 as holding company of the Aval financial conglomerate. The consolidated financial information included in this document is presented in accordance with IFRS as currently issued by the IASB. Details of the calculations of non-GAAP measures such as ROAA and ROAE, among others, are explained when required in this report.
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. Actual results and events may differ materially from those anticipated herein. As a consequence of changes in general economic and business conditions, changes in interest and currency rates, and other risks described from time to time in our filings with the Registro Nacional de Valores y Emisores and the SEC. Recipients of this document are responsible for the assessment and use of the information provided herein. Matters described in this presentation and our knowledge of them may change extensively and materially over time, but we expressly disclaim any obligation to review, update or correct the information provided in this report, including any forward-looking statement, and do not intend to provide any update for such material developments prior to our next earnings report.
The content of this document and the figures included herein are intended to provide a summary of the subjects discussed rather than a comprehensive description. When applicable, in this document, we refer to billions as thousands of millions.
At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. I will now turn the call over to Mr. Luis Carlos Sarmiento Gutierrez, Chief Executive Officer. Mr. Sarmiento Gutierrez, you may begin.
Luis Carlos Sarmiento Gutierrez
Thank you very much, Hilda. Good morning and thank you all for joining our second quarter 2020 conference call. I truly hope that all of you have managed to stay healthy during these harrowing months. As expected and due to the coronavirus pandemic and the associated worldwide quarantines, the second quarter of this year was one of sharp deceleration and economic contraction. Consequently, our results were negatively affected when compared to previous periods. The quarantine will be lifted next week, and we expect that things will start to go back to normal. It is uncertain, though, how long it will be before we can say that things in fact are normal.
Today, I would like to touch on the following points: a macro review of the economy during the second quarter of 2020; an update of the actions