GT Capital more than doubles core earnings to P16.6 billion in H1

MANILA, Philippines — Ty-led GT Capital Holdings Inc. reported a 106 percent growth in its core net income to P16.61 billion for the first half of the year from P8.1 billion recorded in the same period in 2022. Consolidated net income likewise surged 100 percent to P16.58 billion on strong earnings of banking arm Metropolitan Bank & Trust Co. (Metrobank); the automotive business through Toyota Motor Philippines (TMP) and property through Federal Land Inc.

Metrobank’s net income increased by 34 percent to P20.9 billion.

“Our core businesses continue to grow and benefit from our strong balance sheet,” said Metrobank president Fabian Dee.

TMP’s consolidated net income, meanwhile, increased significantly by 147 percent to P8 billion during the period, from P3.2 billion in the first six months of 2022.

“The return to a more stable economic environment, especially the stabilization of exchange rates, lowering of interest rates, and the taming of inflation, has reduced cost-push pressures that affected financial outcomes last year,” said GT Capital Auto and Mobility Holdings Inc. (GTCAM) chairman Vince Socco.

Federal Land recorded a 101 percent jump in net profit to P1.46 billion, due in part to a net gain on lot sales realized by GT Capital and Federal Land from Federal Land NRE Global (FNG).

AXA Philippines reported a higher net income of P1.3 billion while GT Capital associate Metro Pacific Investments Corp. reported a core net income of P9.9 billion, representing a 33 percent increase.

“Our financial results for the first half of the year reached new record levels with a 106 percent growth in core net income. Our key businesses in banking, financial services, automobile, and property development delivered unprecedented gains on the back of tempered inflation, resilient consumer spending, and political stability. In comparison, our current mid-year earnings have far exceeded 2019 pre-pandemic levels by 130 percent,” said GT Capital president Carmelo Maria Luza Bautista.

Bautista said “the company is optimistic that the domestic economy remains somewhat insulated and that the growth momentum will help carry us forward for the rest of the year,” despite lingering threats of rate hikes, foreign exchange volatility, and global recession.