Driven by its bank and automotive units, GT Capital Holdings Inc., the Ty family’s investment arm, doubled its net earnings in the first half of the year to P16.58 billion from P8.3 billion in the same period last year.

In a disclosure to the Philippine Stock Exchange, the firm said core net income jumped 106 percent to P16.61 billion in the first half of 2023 from the P8.1 billion earned in the same period of the previous year.

Earnings were driven by Metropolitan Bank & Trust Company (Metrobank), which reported a 34 percent growth in net income to P20.9 billion, and Toyota Motor Philippines (TMP), which realized a significant 147 percent surge in net income to P8 billion. 

Federal Land likewise recorded a noteworthy net income improvement of 101 percent to P1.46 billion for the period, due in part to a net gain on lot sales realized by GT Capital and Federal Land from Federal Land NRE Global (FNG). 

Furthermore, AXA Philippines attained a higher net income of P1.3 billion. GT Capital associate Metro Pacific Investments Corporation (Metro Pacific) delivered a positive performance for the period with a core net income of P9.9 billion, representing a 33 percent increase.

“Our financial results for the first half of the year reached new record levels with a 106 percent growth in core net income,” GT Capital President Carmelo Maria Luza Bautista said. 

He noted that, “our key businesses in banking, financial services, automobile, and property development delivered unprecedented gains on the back of tempered inflation, resilient consumer spending, and political stability.” 

“In comparison, our current mid-year earnings have far exceeded 2019 pre-pandemic levels by 130 percent. Despite lingering threats of rate hikes, foreign exchange volatility, and global recession, we are optimistic that our domestic economy remains somewhat insulated and that the growth momentum will help carry us forward for the rest of the year,” Bautista added.

For Metrobank, its President Fabian S. Dee said that, “as the economy further expands, we see more market opportunities that will keep our upward momentum and sustain our efforts to better serve our customers.”

TMP continued to strengthen its growth trajectory in the first six months of the year on the back of a more stable economic recovery, rising consumer spending, the stabilization of supply chains, and the revival of consumer lending by banks. 

Toyota reported retail vehicle sales of 93,575 units in the first half of 2023 from 80,090 units in the same period last year, representing a 17 percent increase. 

"The first semester of the year reflects very encouraging top line and bottom line results for TMP… Despite the levelling off of Toyota's market share, the growth prospects augur well for a continuing rise in sales, revenues, and profits," said GT Capital Auto and Mobility Holdings, Inc. (GTCAM) Chairman Vince S. Socco.

Federal Land posted total revenues of P11.8 billion in the first half of 2023, representing a 77 percent increase from P6.7 billion in the same period last year and recorded a substantial 87 percent growth in real estate sales to P10.4 billion during the half, from P5.5 billion in the same period last year. 

AXA Philippines’ consolidated life and general insurance gross premiums reached P12.9 billion in the first six months of 2023 from P15.1 billion in the same period last year, as investors remained cautious over market uncertainties.