Ayala Corp. Jan.-Sept. net income up 19%

Ayala Corp., the Philippines’ oldest conglomerate, on Wednesday reported a 19% growth in its net income for the first nine months of 2024, driven mainly by the performance of the company’s core units during the period.

In a regulatory filing, Ayala said its core net income grew to P36.7 billion, while its reported net income, which includes one-off items, increased by 5% to P34 billion.

“Ayala’s growth is being sustained by the strong performance of our core businesses. We continue to manage our younger businesses to get them to sustainable trajectories in the near-term,” Ayala president and chief executive officer Cezar Consing said.

Its banking unit, Bank of the Philippine Islands (BPI), reported a 24% increase in its net income to P48 billion, as net interest income rose 22% to P93.9 billion. Revenues grew by 25% to P125.8 billion.

The real estate business under Ayala Land Inc. (ALI) saw a 15% growth in its net income to P21.2 billion, as property demand and consumer activity drove revenues up 27% to P125.2 billion.

The telecommunications unit Globe Telecom Inc. posted a 19% increase in its core net income to P17.6 billion, while ACEN grew its net income by 24% to P8.1 billion.

The Ayala Group in February said it will lower its capital spending by 10% this year from the P264-billion program in 2023, with the bulk set to finance its maturing loans.

—VAL, GMA Integrated News