Ayala Corporation’s net income expanded 20 percent in the first quarter of the year to ₱6.9 billion driven by the robust results of its banking and real estate businesses, as well as the solid earnings of its emerging businesses in power and industrial technologies.
Strong equity earnings from its businesses, which climbed 18 percent year-on-year to reach ₱8.5 billion, lifted the conglomerate’s performance during the period. This was led by equity earnings from the Bank of the Philippine Islands and Ayala Land, which expanded 27 percent and 18 percent, respectively. In addition, Ayala’s emerging businesses posted higher equity earnings, particularly AC Energy and AC Industrials, expanding 26 percent and 22 percent, respectively.
On a quarter-on-quarter basis, Ayala’s net income climbed 9 percent from the fourth quarter of 2016 on the back of the robust performance of its banking business.