Third-quarter net income surged by 97 percent to ₱3.9 billion, driven by strong performances in banking, power, and property, while total revenues and other income expanded by 34 percent to ₱86.8 billion.
Management’s view
“The net income in the first nine months of 2024 was at a record-high for comparative periods,” said FDC president and CEO Rhoda A. Huang.
“The strong performance was across the group’s business segments, and we look forward to sustaining this growth trajectory for the balance of the year,” she added.
Segment contributions
Banking revenue increased 29 percent to ₱38.2 billion, real estate grew 27 percent to ₱21.8 billion, and power soared 66 percent to ₱18.7 billion.
Hospitality also saw a 39-percent rise to ₱2.9 billion, benefiting from tourism recovery.
Banking, power
EastWest Bank’s revenue grew by 23 percent, driven by a 17-percent boost in consumer loans, pushing net interest margins to 8.1 percent from 7.7 percent last year.
Non-interest income also climbed 39 percent, reflecting increased banking transactions.
FDC Utilities, Inc. (FDCUI) saw a 66 percent jump in revenues, benefiting from strong energy sales linked to the Mindanao-Visayas interconnection project.
Property
The real estate segment, including Filinvest Land and Filinvest REIT, recorded a 27-percent revenue increase from higher residential sales and mall rentals.
Filinvest Hospitality Corp.’s revenue surged 39 percent, thanks to a rebound in domestic tourism and higher hotel occupancy.
