Core businesses lift GT Capital net earnings
GT CAPITAL Holdings, Inc. more than doubled its consolidated net income to P16.61 billion from P8.1 billion in the first half of the year, driven by its core businesses.
“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,” GT Capital President Carmelo Maria Luza Bautista said in a statement on Monday.
“[We] are optimistic that our domestic economy remains somewhat insulated, and that the growth momentum will help carry us forward for the rest of the year,” Mr. Bautista added.
GT Capital’s banking unit, Metropolitan Bank & Trust Co., recorded a 34.1% rise in net income for the period to P20.9 billion driven by asset expansion, higher margins, and growth from fees.
The bank’s net interest income rose by 27% to P50.6 billion on the back of an increase in net interest margin to 3.9% and an 8.6% rise in gross loans.
“Our core businesses continued to grow and benefit from our strong balance sheet,” Metrobank President Fabian S. Dee said. “[W]e see more market opportunities that will keep our upward momentum and sustain our efforts to better serve our customers.”
The holding firm’s automotive arm Toyota Motor Philippines Corp. more than doubled its consolidated net income to P8 billion from P3.2 billion. Its revenues reached P106.4 billion, up 25% from P85 billion.
It reported retail sales of 93,575 units for the semester, rising 17% from 80,090 units the prior year.
“[Toyota] remains the country’s number one automotive brand with a 47.5% overall market share in the first half of 2023,” it said.
Additionally, its wholly owned subsidiary Federal Land, Inc. doubled its consolidated net income to P1.5 billion from P727 the prior year.
The property unit saw a 77% surge in revenues to P11.8 billion from P6.7 billion in the same period last year.
Its associate Metro Pacific Investments Corp. (MPIC) booked a consolidated core net income of P9.9 billion, 33% higher than P7.5 billion the prior year.
“Improved financial and operating results at MPIC’s holdings delivered a 27% increase in contribution from operations, mainly driven by the strong performance of the power generation business and higher water tariff for the water concession,” the company said.
Meanwhile, AXA Philippines saw an 18% increase in consolidated net income to P1.3 billion from P1.1 billion for the six-month period.
Its consolidated life and general insurance gross premiums fell to P12.9 billion from P15.1 billion in the same period last year, as investors remained cautious over market uncertainties.
The insurance firms saw life insurance sales at an annualized premium of P1.9 billion from P2.1 billion.
GT Capital shares went up by 0.38% to P524 apiece on Monday. — Adrian H. Halili
