GT Capital Holdings, Inc. reported an 18 percent growth in core net income to P4.0 billion in the first quarter of 2022 from P3.4 billion during the same period last year largely propelled its bank and car companies' stronger earnings.

In a disclosure to the Philippine Stock Exchange, the conglomerate said consolidated net income improved 7 percent to P4.4 billion in January to March 2022 from P4.1 billion in the previous year.

GT Holdings said its growth was largely driven by Metropolitan Bank & Trust Company (Metrobank), whose net income amounted to P8 billion, as well as Toyota Motor Philippines (TMP), which realized a net income of P2.1 billion.

Higher earnings contributions from AXA Philippines and from GT Capital associate Metro Pacific Investments Corporation also supported the conglomerate’s positive performance during the period.

“Our financial results show the growth momentum from last year carried over into the first three months of 2022. At these levels, we have already surpassed our first quarter 2019 pre-Covid core income by 18 percent,” GT Capital President Carmelo Maria Luza Bautista said.

He added that, “This is a very encouraging indicator. Despite the headwinds of inflation, higher interest rates, market disruptions caused by the pandemic, and the more recent geopolitical events, we are confident that our recovery momentum is sustainable.” Metrobank posted net income of P8.0 billion in the first quarter of 2022, improving the Bank’s average return on equity (ROE) to 10.3 percent.

TMP reported consolidated revenues of P42.1 billion in the first three months of 2022, from P33.9 billion in the previous year, representing a 24 percebnt growth.

Consolidated net income reached P2.1 billion during the period, from P2.0 billion in the first quarter of 2021, registering a 5 percent growth.

Federal Land, Inc. posted total revenues of P2.8 billion in the first quarter of 2022, representing a 17 percent increase from P2.4 billion in the same period last year.

Booked real estate sales amounted to P1.8 billion during the period, up 10 percent from P1.7 billion in the first three months of 2021. Furthermore, the property developer recorded a noteworthy 15 percentgrowth in reservation sales to P4.2 billion during the quarter from P3.6 billion in the same period last year.

The company reported consolidated net income of P311 million in the first three months of this year from P327 million during the same period in 2021, due to higher operating expenses.

Metro Pacific reported a consolidated core net income of P3.1 billion for the first quarter of 2022, up 23 percent from P2.5 billion a year earlier.

AXA Philippines’ consolidated life and general insurance gross premiums reached P8.2 billion in the first three months of 2022 from P12.5 billion in the same period last year.

This is due to limited bancassurance distribution during the Omicron variant surge in January and the volatility in the capital markets amid geopolitical uncertainties.

The insurer’s consolidated net income increased by 32 percent to P427 million in January to March 2022, from P324 million in the previous year, due to lower claims for natural calamity losses.

AXA Philippines attained life insurance sales in annualized premium equivalent of P1.1 billion in the first quarter of 2022 from P1.8 billion in the same period last year.