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Manila Bulletin devider Business devider GT Capital's earnings jump 72% in 9 months

GT Capital's earnings jump 72% in 9 months

Published Nov 14, 2022 02:16 pm

GT Capital Holdings, Inc., the Ty family’s investment arm, posted a 72 percent jump in consolidated net income to P15 billion in the first nine months of 2022 from P8.7 billion in the same period last year.

In a disclosure to the Philippine Stock Exchange, the firm said its core net income increased 41 percent to P11.3 billion in the period under review from P8.1 billion in Jan. to Sept. last year.

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This strong growth was driven by net income contributions from Metropolitan Bank & Trust Company (Metrobank) at P23.4 billion, Toyota Motor Philippines (TMP) at P4.4 billion, and Federal Land, Inc. (Federal Land) at P4.2 billion.

GT Capital associate Metro Pacific Investments Corporation also provided support with a 25 percent rise in core net income to P11.8 billion.

“The recovery momentum of our businesses remained steady despite rising inflation, interest rates, and foreign exchange volatility. Strategic initiatives undertaken over the past years are now coming to fruition,” GT Capital President Carmelo Maria Luza Bautista said.

He added that, “Metrobank’s strong balance sheet now benefits from loan growth, margin expansion, and lower provisions. Federal Land closed its partnership with Nomura Real Estate while expanding its commercial retail space... (TMP) even increased its market dominance despite the global supply chain challenges.”

“Overall, we remain confident that our core businesses will remain resilient as we face the macroeconomic headwinds into the coming year,” Bautista noted.

Metrobank saw its net income rise by 45 percent in the first nine months of the year while earnings in the third quarter alone surged by 77 percent year-on-year to P7.8 billion.

“We improved our profitability by taking on opportunities as the economy reopened, while keeping our balance sheet strong and improving efficiency levels. Our position of strength and substantial reserves will enable us to continue supporting our customers as they navigate the impact of the global external headwinds,” said Metrobank President Fabian S. Dee.

TMP’s consolidated net income was basically flat at P4.4 billion. As with the rest of the industry, TMP’s net income was tempered by the weakening of the Philippine Peso.

“Despite supply chain disruptions, TMP is on track to achieving its announced sales goal of 162,000 units in 2022. The reopening of the economy and the loosening of consumer financing has driven stronger sales, notwithstanding price increases that were implemented to counter the weaker value of the Philippine Peso,” GT Capital Auto and Mobility Holdings, Inc. (GTCAM) Chairman Vince S. Socco said.

Federal Land reported a consolidated net income of a substantial 365 percent in net income for the first nine months of the year.

AXA Philippines’ consolidated net income amounted to P1.8 billion in January to September 2022, from P2.1 billion in the previous year.

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GT Capital Holdings Inc. Carmelo Maria Luza Bautista
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