Conglomerate Ayala Corp. said Wednesday it recorded core net income of P36.7 billion in the first nine months of 2024, up 19 percent year-on-year on the back of positive performance by core banking, real estate, telecommunication and power generation businesses.
It said in a disclosure to the stock exchange that including one-off items, net income increased 5 percent to P34 billion.
“Ayala’s growth is being sustained by the strong performances of our core businesses. We continue to manage our younger businesses to get them to sustainable trajectories in the near-term. We strive to build a simpler, more collaborative and more connected Ayala.,” Ayala president and chief executive Cezar Consing said.
Bank of the Philippine Islands posted a record-high P48 billion in reported net income, up 24 percent due to sustained growth in loans, fee income and net interest margin (NIM) expansion. Ayala Land Inc. booked a 15-percent growth in net income to P21.2 billion on resilient residential demand and consumer activity, while Globe’s core net income improved 19 percent to P17.6 billion.
