MANILA - Ayala Corp said on Friday its core net income grew 18 percent in 2022 to P27 billion on the back of strong contributions from BPI and Ayala Land.
BPI net income grew 66 percent to P39.6 billion due to higher interest rates, lower provisions and gains from a property sale, among others, while Ayala Land profits jumped 52 percent to P18.6 billion due to commercial sales and leasing resurgence, the company told the stock exchange.
Globe's net income grew 46 percent to P34.6 billion while ACEN profits more than doubled to P13.1 billion, Ayala Corp said.
"Our full year results demonstrate the strength and diversification of our portfolio. If 2022 was marked by revenge spending on the part of consumers, 2023 may well see the resurgence of the economy as a whole," Ayala President and CEO Cezar Consing said.
"With strengthening macro, our businesses should get back to or exceed pre-pandemic levels in 2023," he added.