GT Capital Holdings Inc., the Ty family conglomerate, reported that its consolidated net income rose 54 percent to P23.09 billion in the first nine months of 2023 from the P14.95 billion earned in the same period last year, boosted by its banking and automotive businesses.

In a disclosure to the Philippine Stock Exchange (PSE), the firm said its core net income more than doubled, soaring 105 percent to P23.25 billion in January to September 2023 from P11.33 billion during the same period last year. 

“The difference between GT Capital’s consolidated and core net income is from the conglomerate’s pro-rated share in its associate Metro Pacific Investments Corporation’s (Metro Pacific) non-recurring expenses during the period,” the company explained.

GT Capital’s core net income was driven by Metropolitan Bank & Trust Company (Metrobank) and Toyota Motor Philippines (TMP). In addition, Federal Land, Inc. (Federal Land), along with AXA Philippines, supported the holding company’s positive results.

Furthermore, a higher net income contribution from associate Metro Pacific also contributed to GT Capital’s healthy performance in the first nine months of 2023. 

Metrobank’s continued loan growth and margin expansion, TMP’s record sales levels and market leadership, and Federal Land’s strong reservation sales all likewise drove GT Capital’s notable core net income growth during the period. 

Compared to the first nine months of pre-Covid 2019, the holding company’s consolidated and core net income for the same period this year are already significantly higher at 53 percent and 94 percent, respectively.

“With GDP growth beating estimates and inflation improving during the third quarter, our operating companies continue to far exceed expectations,” said GT Capital President Carmelo Maria Luza Bautista.

He noted that, “Metrobank continued its record-setting pace during the quarter. Toyota Motor Philippines’ sales volume is on track to over-achieve its targets for 2023. Federal Land’s reservation sales and core income are at an all-time high.”

“With our key businesses thriving, GT Capital continues to be resilient despite persistent economic headwinds. We are hopeful that our growth momentum will help carry us forward for the rest of the year,” Bautista added.

Metrobank booked a record net income of P31.8 billion in the nine months ended September 2023, 36 percent higher year-on-year, driven by asset expansion, improving margins, and healthy non-interest income growth.

“The sustained growth of the Bank shows that we remain strong and resilient despite the unpredictable market conditions. We will continue to work on keeping our sound capital and liquidity positions as we look for more market opportunities,” Metrobank President Fabian S. Dee said.

TMP’s consolidated net income zoomed 159 percent to P10.9 billion in the first nine months of this year, from P4.2 billion in the previous year. It’s record performance during the period was supported by the improving sales of its newly launched hybrid electric vehicle models, along with the easing of supply chain issues that were felt the previous year. 

“We are very encouraged by the 25% growth in the automotive market in the first three quarters of 2023. This is a strong indication of the return to motorization that is an essential enabler of economic growth in the country,” TMP President Atsuhiro Okamoto explained.

He added that, “Toyota is on track to achieve a new all-time sales high in 2023, beating its 183,908 unit record back in 2017. Growth is seen across all its model lines with sales of electrified vehicles experiencing significant gains.”

Federal Land recorded a core net income of P1.9 billion from January to September 2023, up 176 percent from P679 million during the same period last year.

MPIC reported a consolidated core net income of P16.2 billion for the first nine months of 2023, up 37 percent from P11.8 billion a year earlier. 

AXA Philippines’ consolidated life and non-life gross premiums for the period declined to P19.5 billion from January to September of 2023, from P22.5 billion in the previous year but consolidated net income improved to P2.1 billion from P1.8 billion.