The Ty family’s GT Capital Holdings, Inc. posted a seven percent growth in core net income to P7.06 billion for the first quarter of 2024 from P6.56 billion in the same period last year.

In a disclosure to the Philippine Stock Exchange, the firm said consolidated net income likewise grew by seven percent to P7.11 billion from P6.64 billion in the same period of last year. 

This was driven by the record performance of Metropolitan Bank & Trust Company (Metrobank), the net income of which is at P12.0 billion, Toyota Motor Philippines (TMP), which realized a net income of P4.0 billion, and AXA Philippines Life and General Insurance Corporation with a net income of P728.0 million. 

Federal Land, Inc. recorded a net income of P291.0 million, while associate Metro Pacific Investments Corporation (Metro Pacific) also contributed to GT Capital’s robust performance during the period.

“The healthy growth rates GT Capital realized during the first quarter of 2024 are as what we expected. We are encouraged by the quality and persistency of our core earnings growth on top of the prior year’s historical high levels,” GT Capital President Carmelo Maria Luza Bautista said. 

He noted that, “These demonstrate the strength in the underlying fundamentals of GT Capital and the resiliency of the domestic economy. We thus remain confident that our Group will be able to sustain its early gains through the rest of this year.”

Metrobank’s improving profitability was driven by consistent growth of its lending portfolio, better operational efficiencies, stable asset quality and continued execution of strategies to optimize the use of capital.

TMP’s consolidated revenues grew by 5 percent to P56.2 billion during the period, while consolidated net income is at P4.0 billion. 

It registered retail sales of 49,667 units in the first three months of 2024, attaining a 10 percent growth compared to the 45,205 units sold in the same period of last year.

“TMP’s performance during the first three months of this year was driven by the favorable market acceptance of the company’s wide and varied vehicle model offerings. 

“This encourages us to continuously provide throughout the remaining months of this year and beyond ever-better passenger cars and commercial vehicles that are paired with worry-free after-sales and value chain services to tailor-fit the mobility requirements of Filipinos across the country,” TMP President Masando Hashimoto said.

Federal Land reported total revenues of P3.0 billion in the first quarter of 2024, while net income is at P291.0 million during the same period.

Metro Pacific’s consolidated core net income rose 29 percent to a record high P5.6 billion in the first quarter of 2024 compared with P4.3 billion in the same period last year.

AXA Philippines’ consolidated life and general insurance gross premiums reached P7.3 billion in the first three months of 2024, a 16 percent increase from P6.3 billion in the same period of the previous year.

The insurance company’s consolidated net income increased by three percent to P728.0 million in the first quarter of 2024 from P709.0 million in the same period last year.