Ayala Corp. delivered a solid first quarter with net income growing 45 percent to P7.8 billion on robust contributions from its real estate and banking businesses due to improved economic activity.
The partial sale of the data center business of its telco unit, which generated P8.5 billion, also boosted Ayala’s first quarter results.
Ayala Land’s earnings rose 14 percent to ₱3.2 billion due to the strong recovery of its shopping centers and hotels and resorts.
Bank of the Philippine Islands saw its profit surge 60 percent to ₱8 billion on higher net interest income, lower loan loss provisions, and normalized tax expenses.
“This encouraging development enables us to continue pursuing our investment programs and deploying capital into various growth initiatives in the Ayala group,” said Ayala president Fernando Zobel de Ayala.