Philippines: GCash Parent Mynt Lifts 9-Month Profit 17% to ₱16.5 Billion as Loans Jump 43%
Mynt, the company behind the Philippines’ biggest e-wallet GCash, made a net profit of ₱16.5 billion (Philippine pesos) in the first nine months of 2026, up 17.4% from a year earlier. It is the first set of results since Mynt listed on the Philippine Stock Exchange in October, and lending, not payments, did most of the heavy lifting.
Key facts
- Profit: net income of ₱16.5 billion for January to September, up 17.4%, faster than the 7.3% growth reported for the first half.
- Revenue: ₱67.1 billion, up about 12%, with a record ₱24 billion in the third quarter alone (up 16.6%).
- Loans: GCash’s loan book reached ₱79.3 billion, up 43%, with 7.8 million active borrowers at the end of September.
- Users: 42.1 million monthly active users in the third quarter, up 9.7%, making an average of 64.4 million transactions a day.
- Volume: about ₱15.1 trillion moved through GCash payments over the nine months.
Lending is now the growth engine
GCash started life as a mobile wallet for sending money and paying bills. It is now increasingly a lender. According to a breakdown reported by The Philippine Star, revenue from digital financial services such as loans rose 38% to ₱29.1 billion, while revenue from payment services slipped 2% to just under ₱38 billion. Credit products include small cash loans and buy-now-pay-later style credit that users can tap inside the app.
Roughly one in five monthly active users now borrows through GCash. That growth comes with costs: the bigger loan book pushed up provisions for possible bad loans, and direct costs rose about 21%. Mynt’s chief financial officer, Evelyn Ng, said the company still sees a lot of room to grow in both payments and lending, and that the stock market listing lets ordinary Filipino investors share in that growth.
Not every line grew. Wealth management revenue, from products such as insurance and investments sold in the app, fell 7%, which Mynt linked to a tougher economy, high inflation and a weaker peso.
Why it matters
GCash is one of Southeast Asia’s largest e-wallets. Its 42.1 million monthly users equal about 57% of Filipino adults, so its numbers are a useful guide to how digital money is spreading in a country where many people still have no traditional bank account. The results show that the money in a super-app increasingly comes from credit, not from payment fees, which are under pressure as banks and wallets compete on cheaper transfers.
That shift raises the stakes for the regulator, Bangko Sentral ng Pilipinas (BSP), the Philippine central bank. Fast-growing consumer credit inside apps needs strong checks on affordability and fraud, especially as scams in the Philippines have increasingly targeted e-wallets. Earlier this week GCash said the cost of fighting fraud is one reason it keeps a ₱10 fee on some transfers.
The results also matter for investors in the region. Mynt’s IPO raised up to ₱60.9 billion, described as the largest share sale in Philippine history and the biggest in Southeast Asia since 2021. Profitable growth after listing supports the case that large wallet businesses in emerging Asian markets can make money, which could encourage other fintech firms in the region to consider listings.
What to watch
- Fourth-quarter results: they will include one-off IPO expenses and seasonally higher costs, so full-year profit growth may look slower.
- Loan quality: whether bad loans stay under control as the loan book keeps growing above 40% a year.
- Payments revenue: whether GCash can return payment fees to growth while banks and rival wallets push free transfers.
Related on FinDeskAsia: Philippines: GCash says fraud costs keep its ₱10 transfer fee · How Malaysia’s e-wallet market compares
Sources: InsiderPH (November 2026), Daily Tribune (November 2026), The Philippine Star (November 2026)
