GT Capital Holdings, Inc. (GTCAP) reported a 67 percent jump in consolidated net income to P18.4 billion last year from the P11.0 billion earned in 2021. In a disclosure to the Philippine Stock Exchange, the firm said its core net income increased 45 percent to P15.9 billion last year from P11.0 billion in 2021. This growth was driven by net income contributions from Metropolitan Bank & Trust Company (Metrobank) at P32.8 billion, Toyota Motor Philippines (TMP) at P5.7 billion, Federal Land, Inc. at P4.5 billion, and AXA Philippines at P2.5 billion. GT Capital associate Metro Pacific Investments Corporation also supported the positive performance during the period with a 15 percent increase in core net income to P14.2 billion. “GT Capital accelerated its recovery momentum in 2022 reflecting the country’s strong economic growth, normalized mobility, and resurgent consumption spending,” GT Capital President Carmelo Maria Luza Bautista said. He added “Despite certain headwinds, namely higher inflation, elevated interest rates, and foreign exchange volatility, the GT Capital group of companies delivered strong results across all sectors.” “We remain optimistic with the outlook for the coming year and are confident in our strong market position in the key sectors we represent,” noted Bautista. Metrobank continued to deliver strong results as it ended 2022 with a 48 percent year-on-year increase in net income to P32.8 billion. “Backed by the strategies we initiated during the pandemic, our solid performance and the recognitions we received in 2022 reflect our efforts to support our clients’ growing needs as the economy reopens,” said Metrobank President Fabian S. Dee. TMP recorded new vehicle sales of 174,106 units in 2022, a growth of 34 percent versus 2021. This resulted in a historic record-high market share for Toyota of 50 percent. Consolidated revenues grew by 40 percent to P183.8 billion from Php131.3 billion in the previous year. But, due to the rapid and steep depreciation of the Philippine Peso versus the US Dollar in 2022, TMP’s consolidated net income dipped to P5.7 billion, compared to P6.0 billion in 2021. “To mitigate the impact of the Peso depreciation, TMP also resorted to six price increases through the year while cutting back on sales promotion expenses… The outlook for 2023 remains positive with the expected stabilization of exchange rates, the regularization of supply chains, and the robust economic growth forecasted by the government,” GT Capital Auto and Mobility Holdings, Inc. (GTCAM) Chairman Vince S. Socco said. Federal Land recorded a significant 363 percent increase in its consolidated net income from P1.0 billion in 2021 to P4.5 billion in 2022, driven by stronger reservation sales and a gain on its investment in Federal Land NRE Global, Inc. (FNG). The company posted total revenues of P15.4 billion for the year, representing a 49 percent increase from P10.4 billion in 2021. Furthermore, the property developer recorded a 74 percent growth in reservation sales to P18.5 billion in 2022 from P10.6 billion in 2021. Metro Pacific reported a consolidated core net income of Php14.2 billion for 2022, up 15 percent from P12.3 billion a year earlier. AXA Philippines’ consolidated life and general insurance gross premiums reached P28.2 billion in 2022 from P43.2 billion in 2021 due to volatility in the capital markets and limited bancassurance distribution amid geopolitical uncertainties. The insurer’s consolidated net income increased by 12 percent to P2.5 billion in 2022, from P2.3 billion in the previous year, due to lower attritional losses from its general insurance business. AXA Philippines attained life insurance sales in annualized premium equivalent of P3.9 billion in 2022 from P6.2 billion in the same period last year.