No slowdown in sight for GCash as 9-month profit passes P16 billion

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November 11, 2026 | 12:00am

MANILA, Philippines — E-wallet giant GCash has reported its financial records for the first time as a listed firm, showing no signs of slowdown as its profit grew to more than P16 billion.

GCash’s parent Mynt Inc. yesterday said its profit ballooned by 17 percent to P16.45 billion as of September, from P14.02 billion a year ago.

Mynt improved its revenue by 12 percent to P67.08 billion, lifted by the expansion of its digital financial services.

Mynt’s payment solutions recorded a two-percent decline in revenue to P37.98 billion. This was overwhelmingly offset by digital financial services, rising by 38 percent to P29.1 billion, due to the growth of GCash’s loan portfolio.

GCash’s credit revenues increased by 39 percent to P28.55 billion, with its active borrower base reaching 7.8 million as of September. Borrowers account for 19 percent of monthly active users, according to Mynt.

Given this, GCash’s loan portfolio went up by 43 percent to P79.28 billion, as the e-wallet is now one of the preferred credit lines by millions of Filipinos.

However, wealth management revenues fell by seven percent to P546.2 million, attributed to the challenging economy right now.

Mynt said Filipinos are making fewer investments on insurance and savings products to survive hot inflation and a weak peso, which are sizing down their buying power.

Further, Mynt’s direct costs bloated by 21 percent to P18.45 billion, as the increase in loan book meant higher provision for credit losses. GCash’s credit provision soared by 28 percent to P12.29 billion, while funding costs for loans picked up by 33 percent to P1.38 billion.

GCash is cementing its position as the country’s largest financial technology player. The e-wallet handled P15.15 trillion in transactions in the nine months to September, as its reach continued to expand nationally.

GCash is used monthly by 42.1 million Filipinos, representing 57 percent of the adult population in the Philippines.

In October, Mynt completed its listing on the main board of the Philippine Stock Exchange, as it raised a record P60.9 billion from its initial public offering.