Conglomerate Ayala Corp. reported a 55-percent increase in core net income in the first half of 2023, lifted by solid contributions from banking, property and power generation businesses.
Ayala said in disclosure to the stock exchange Friday first-half core net income amounted to P20.5 billion, or 38 percent higher than the pre COVID levels.
Ayala president and chief executive Cezar Consing said the positive results from Bank of the Philippine Islands, Ayala Land Inc. and ACEN Corp. compensated for the P2.4 billion one-off provisions booked by AC Industrials. Including one-off items, the conglomerate’s net income was up 13 percent to P18.4 billion.
“For the balance of the year, we will build on our solid first-half results and continue to recycle capital wherever it makes sense to do so,” Consing said.
BPI’s net earnings grew 23 percent to P25.1 billion driven by average asset base expansion, margin growth and reduced provisions, while ALI’s profit jumped 41 percent to P11.4 billion as its property development and commercial leasing businesses registered higher revenues. ACEN’s net profit jumped 94 percent to P4.2 billion on higher net generation from a stronger wind regime and increased operating capacity.
