JG Summit core profit lifted by bank merger

By Brix Lelis

May 09, 2024 12:24 am

JG Summit Holdings Inc.'s core income nearly tripled to P12.6 billion in the first quarter of 2024 from P4.4 billion the year before, a result it said was driven by the robust growth of the food, real estate and air transport businesses.

The first-quarter result was also boosted by a P7.9-billion gain from the January 1 merger of Robinsons Bank Corp. with the Ayala Group's Bank of the Philippine Islands, the conglomerate said in a filing on Wednesday.

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