GT Capital Holdings Inc., the investment arm of the Ty family, reported a six percent dip in consolidated net income to P21.7 billion for the first nine months of 2024 from P23.1 billion in the same period last year.
In a disclosure to the Philippine Stock Exchange (PSE), the firm said that, excluding non-recurring gains from lot sales and incentives from the Comprehensive Automotive Resurgence Strategy (CARS) program in 2023, this is an eight percent increase year-on-year.
GT Capital’s performance was supported by the record setting net income of its operating companies Metropolitan Bank & Trust Company (Metrobank) and Toyota Motor Philippines (TMP) at P35.7 billion and P12.2 billion, respectively.
GT Capital associate Metro Pacific Investments Corporation also achieved a record high profit of P20.8 billion in the first nine months of this year.
“We attribute the strong performance of GT Capital in the first nine months of the year to the favourable macroeconomic environment. In particular, the stable GDP, slower inflation, and easing monetary policies during the period drove our core businesses above last year’s record levels,” GT Capital President Carmelo Maria Luza Bautista said.
He added that “we are hopeful that this momentum will be sustained through the rest of the year, supported by the seasonal holiday spending and overall positive market outlook.”
Metrobank’s net income rose by 12.4 percent to a record P35.7 billion. "Our robust results reflect our strong drive to continue supporting the growing needs of our clients, all while preserving the health of our portfolio," said Metrobank President Fabian S. Dee.
TMP attained a 12 percent net income growth in the first nine months of 2024 to a record high of P12.2 billion.
“Our solid growth in the first nine months reflected our strong market position aided by our consistently healthy retail performance.,” TMP President Masando Hashimoto said.
In the first nine months of this year, Federal Land Inc. revenues for the period were at P9.5 billion, while the property company’s net income stood at P652 million.
Metro Pacific’s consolidated core net income rose 28 percent to a record high P20.8 billion in the first nine months of 2024.
AXA Philippines Life and General Insurance Corporation reported a 16 percent growth in consolidated life and general insurance gross premiums, reaching P22.6 billion in the first nine months of 2024. These contributed to AXA Philippines consolidated net income, which came in at P2 billion.