Softer bank, property earnings pull Ayala core profit down by 6%

Ayala Corp.’s core net income fell 6 percent to P34.5 billion in the first nine months of 2026 as weaker earnings from its banking and property businesses and lower non-operating income weighed on the conglomerate.

On Thursday, the conglomerate said steady core earnings from Globe Telecom Inc., a higher contribution from AC Energy and Infrastructure Corp. (ACEIC) and narrower losses from emerging businesses cushioned the decline.

Ayala traced the drop in nonoperating income to lower Manila Water Co. dividends after it completed the transfer of the first batch of the preferred shares it sold.

A smaller stake in Mynt following Mitsubishi Corp.’s 2025 investment in AM 50 Ventures Inc. also weighed down on income.

Reported net income fell 22 percent to P36.3 billion. The year-earlier figure included a one-off remeasurement gain on AM 50 Ventures.

“Our results reflect the benefits of strengthening and rebalancing the portfolio over the past several years,” said Ayala CEO Cezar Consing.

More resilient

“Improving contributions from our growth platforms, narrowing losses from emerging businesses and disciplined capital allocation are helping build a more resilient earnings base,” said Consing.

Bank of the Philippine Islands’ net income slipped 3 percent to P48.9 billion.

Loans grew 14 percent to P2.7 trillion and fee income rose 16 percent to P32.5 billion, but higher provisions and operating expenses weighed on earnings.

Ayala Land Inc.’s net income dropped 18 percent to P17.5 billion as property development revenues fell 24 percent to P57.6 billion.

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Leasing and hospitality revenues rose 8 percent to P37.8 billion, partly offsetting the decline.

Record revenues

Globe’s core net income was broadly flat at P15.5 billion as higher nonoperating charges, mainly interest costs, tempered gains from record gross service revenues.

Mynt, the operator of e-wallet GCash, grew its net income by 17 percent to P16.5 billion.

ACEIC, the parent company of ACEN Corp., posted a 62-percent increase in net income to P6.9 billion. This was thanks to stronger thermal plant earnings, foreign exchange gains and net one-off gains at ACEN.

Ayala’s consolidated net debt rose 13 percent from end-2025 to P722.9 billion. Its consolidated net debt-to-equity ratio increased to 0.86 times from 0.79 times.