GCash Parent Mynt Lifts Nine-Month Profit 17.4% to P16.5B

GCash parent Mynt has reported a 17.4% rise in nine-month net income to P16.5 billion (about $262 million), its first set of results since a record listing on the Philippine Stock Exchange in October. The figures, released on 9 November, show profit growth picking up sharply after a slower first half.

Net income growth for the January to September period compares with 7.3% in the first half. Mynt’s net income margin for the nine months stood at 24.5%.

GCash parent Mynt posts record quarter

Adjusted revenue for the nine months rose 12.2% to P67.1 billion (about $1.07 billion), up from 9.8% growth in the first half.

Third-quarter adjusted revenue reached a record P24 billion (about $381 million), up 16.6% from a year earlier. Quarterly net income also hit an all-time high of about P5.6 billion, up 43.3%, according to figures shared on the company’s earnings call.

GCash averaged 42.1 million monthly active users in the third quarter, up 9.7%. Daily transactions averaged 64.4 million over the nine months, a 16% rise.

The payments business remains the engine. Gross transaction value in Payment Solutions climbed 23.1% to P15.1 trillion (about $240 billion) in the nine months.

Lending drives the growth story

Lending is growing faster still. Mynt’s loan portfolio expanded 43.3% to P79.3 billion (about $1.26 billion) by the end of September, with 7.8 million active borrowers.

Asset quality held steady. The non-performing loan ratio was 4.8% at the end of September, broadly unchanged from the previous quarter.

Chief Financial Officer Evelyn Ng pointed to both segments as sources of future growth, saying significant headroom remains in lending and payments.

Profitability is set to dip in the final quarter. “We expect our fourth quarter margin to be lower compared to the third quarter and end at high teens,” Ng said on the earnings call, adding that the guidance “already factors the one-time IPO expenses as well as seasonal expenses.”

A record listing sets the bar

The initial public offering by GCash parent Mynt raised about P60.9 billion (about $967 million) including the overallotment option. The company sold 8.03 billion shares at P6.60 each.

It is the largest IPO in Philippine history, ahead of Monde Nissin’s P52.2 billion offering in 2021. The company also describes it as the biggest IPO in Southeast Asia since 2021.

The shares closed flat at the offer price of P6.60 on their debut on 21 October, valuing Mynt at about P442 billion (about $7 billion). The company entered the exchange as its seventh-largest listed firm by market capitalisation, with more than 20 global and domestic cornerstone investors.

Investors welcomed the first results. Mynt shares rose about 5.9% to P7.05 after the release, their highest level since listing.

Mynt is backed by Globe Telecom, Ayala Corp and Ant International, and is led by President and CEO Martha Sazon.

Why the numbers matter

The results give public investors their first look at how GCash is performing as part of a listed company. The shares made a flat debut, and some investors had doubts about the growth outlook. Faster revenue and profit growth in the third quarter offer an early answer.

The figures also show how far digital finance has spread in the Philippines. A user base of more than 42 million and a loan book that grew by more than 40% in a year point to growing demand for mobile payments and credit.

For investors across Southeast Asia, GCash parent Mynt is now a key listed benchmark for fintech valuations. The sector remains active, with lender Salmon securing $140 million earlier this month. Mynt’s performance could influence how other digital finance firms in the region are valued if they come to market.

“We believe the success of our business is rooted in our vision of Finance for All,” Ng said.

Also Read: Jio Platforms IPO Lists at 21% Premium in India’s Biggest Share Sale | Baht Stablecoin Rules Due March 2027 as BoT Pauses FX Licences

What to watch next

The fourth quarter will carry the one-off IPO expenses and seasonally higher costs, which were not part of the nine-month figures. Those costs will show up in the full-year results.

Investors will also track whether loan growth can continue at its current pace without a rise in bad loans. The non-performing loan ratio, steady at 4.8%, will be a key figure in the next report.