Taking out the impact of divestment gains, higher bank loan loss provisions, revaluation losses, and the net retroactive effect of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act, Ayala's core profit was flat at P19.3 billion during the nine-month period. Likewise netting out divestment gains incurred in 2019, core net income translated to 83 percent of Ayala's prepandemic level.