Zobel conglomerate Ayala Corporation reported a 42 percent jump in core net income to P31 billion in the first nine months of 2023 compared to the same period last year due to the strong results of its real estate, banking, and renewable energy businesses. In a disclosure to the Philippine Stock Exchange (PSE), the firm said its year-to-date core net income is already at par with its full year 2019 (pre-pandemic) net income.
“Despite macroeconomic and geopolitical headwinds, our outlook remains intact as we look to end the year with profits exceeding pre-COVID levels,” said Ayala President and CEO Cezar P. Consing. He noted that, “we continue to build on our solid nine-month results and rationalize our portfolio wherever it makes sense to do so.” Among its businesses, Bank of the Philippine Islands' net earnings rose 26 percent to P38.6 billion due to sustained loan growth, margin expansion, and reduced provisions. Ayala Land’s net income grew 38 percent to P18.4 billion driven by sustained gains in its property development and commercial leasing businesse