AYALA Corp. reported on Friday a 5-percent increase in its net income to P8 billion in the first quarter from P7.7 billion in the same period last year on the strong performance of three of its subsidiaries.

In a disclosure, the listed conglomerate said telecommunications arm Globe Telecom Inc., property unit Ayala Land Inc. and banking subsidiary Bank of the Philippine Islands (BPI) saw their contributions to the parent grow by 44 percent, 15 percent and 5 percent, respectively.

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