GT Capital Holdings, Inc., the investment arm of the Ty family, reported a 60 percent jump in consolidated net income to P4.1 billion in the first quarter of 2021 from the P2.5 billion it earned in the same period last year.
In a disclosure to the Philippine Stock Exchange, the conglomerate reported a core net income of P3.4 billion for the first quarter of 2021, a 19 percent increase from P2.8 billion during the same period last year.
“This was driven primarily by Metropolitan Bank & Trust Company (Metrobank), whose net income amounted to P7.8 billion, as well as Toyota Motor Philippines (TMP), which realized a net income of P2.0 billion,” GT Capital said.
Higher gross premium income from AXA Philippines also supported GT Capital’s performance during the period.
“The solid performance of Metrobank and the strong rebound in the auto business led to significant earnings growth for GT Capital in the first quarter,” GT Capital President Carmelo Maria Luza Bautista said.
He noted that, “Notwithstanding the recent surge in COVID-19 cases and the reimposition of the Enhanced Community Quarantine in March, we remain optimistic for the rest of the year.”
“We look forward to the escalated vaccine deliveries by the second half, the faster inoculation of the general public, and the re-opening of more sectors of the economy. Such positive developments will allow the Group to build on its growth momentum from the first quarter,” Bautista said.
Metrobank’s net income rose 27 percent year-on-year to P7.8 billion in the first quarter of 2021, driven by a 28 percent rise in non-interest income to P7.9 billion.
TMP booked consolidated revenues of P33.9 billion in the first quarter of 2021, from P28.8 billion in the previous year, representing an 18 percent growth. Consolidated net income reached P2.0 billion from P1.4 billion in the first quarter of 2020, registering a hefty 39 percent growth.
Federal Land, Inc. booked total revenues of P2.4 billion in the first quarter of 2021, down from P3.3 billion in the same period last year. Reservation sales for the quarter dropped to P3.5 billion from Php7.9 billion in the first three months of 2020.
Lease revenues amounted to P349 million during the period from P428 million in the first three months of 2020. Federal Land reported a consolidated net income of P327 million during the period, from P375 million in the previous year, due to construction and sales activity restrictions during the quarantine period.
Metro Pacific Investments Corporation reported a consolidated core income of P2.5 billion for the first three months of 2021, down 26 percent from P3.4 billion in the same period last year.
AXA Philippines’ consolidated life and general insurance gross premiums increased by 32 percent to P12.5 billion in the first quarter of 2021, from P9.5 billion in the same period last year driven by the life segment, which rose 42 percent year-on-year.
The insurer’s consolidated net income reached P324 million for January to March 2021, from P367 million in the previous year.