Insider Spotlight
For its first earnings report since listing, InsiderPH learned that the GCash parent reported P16.5 billion in net income for January to September 2026, up 17.4 percent year on year. Adjusted revenues increased 12.1 percent to P67.1 billion.
The growth ceiling argument
The results challenge the view that GCash’s scale had left limited opportunities for expansion. Profit growth accelerated from 7.3 percent in the first half, while revenue growth picked up from 10 percent.
Third-quarter adjusted revenues reached P24 billion, up 16.6 percent. Mynt said quarterly revenues and net income hit record levels, although it did not disclose a separate third-quarter profit figure.
More than user acquisition
Monthly active users increased 9.7percent to 42.1 million in the third quarter. Existing users were also transacting more, with daily average transactions rising 16 percent to 64.4 million during the nine-month period.
Payment solutions gross transaction value climbed 23.1 percent to P15.1 trillion. That gives Mynt another source of growth beyond adding accounts: increasing how frequently customers use its services.
Lending adds momentum
The loan book expanded 43.3 percent to P79.3 billion, with 7.8 million active borrowers at end-September. The nonperforming loan ratio held at 4.8 percent, broadly unchanged from the previous quarter.
The next test
The report covers operations before Mynt’s listing, providing investors with evidence that growth was accelerating heading into its P60.9-billion IPO.
Maintaining that pace is the next test. Fourth quarter results will include one-time IPO expenses and seasonally higher costs, which were absent from the nine-month figures.
For now, the numbers undermine the claim that GCash has exhausted its growth opportunities. Mynt is increasing its user base, deepening payment activity and expanding credit—the same businesses on which its next phase of growth depends.
— Edited by Daxim L. Lucas
