GT Capital Holdings Inc., the investment arm of the Ty family, reported a two-percent dip in consolidated net income to ₱28.8 billion for 2024, from the ₱29.3 billion it earned in 2023, due to non-recurring gains in the previous year.
Excluding non-recurring gains from lot sales and incentives under the Comprehensive Automotive Resurgence Strategy (CARS) program, GT Capital’s 2024 core net income increased by 11 percent from 2023.
The conglomerate said its growth momentum was sustained by the record net incomes of operating companies Metropolitan Bank & Trust Co. (Metrobank) and Toyota Motor Philippines (TMP).
GT Capital’s performance was also supported by its associate Metro Pacific Investments Corp. (MPIC), which achieved a record-high net income of ₱28 billion in 2024.
“GT Capital’s core net income grew by 11 percent in 2024, building on the record levels achieved the previous year. This continuous improvement reflects the group’s strong fundamentals across diversified sectors,” said GT Capital President Carmelo Maria Luza Bautista.
He added that, “We remain optimistic that our core businesses will sustain this growth momentum moving forward. This year, GT Capital is committed to pushing boundaries further and reaching new milestones.”
Metrobank’s net income rose 14 percent year-on-year to a record ₱48.1 billion in 2024, supported by robust asset expansion and improving asset quality. This translated to a 13-percent return on equity, higher than the 12.5 percent recorded in the same period last year.
“The hard work that all Metrobankers put in growing our corporate, middle market, retail and wealth segments as well as our investments in technology and human resources and risk management initiatives continue to bear fruit,” said Metrobank President Fabian S. Dee.
He noted that, “This positive momentum and our strong balance sheet set us up very well to continuously meet the growing needs of our clients and to pursue our medium-term strategies.”
TMP’s net income grew 15.3 percent in full-year 2024 to ₱15.9 billion, primarily driven by a nine-percent increase in the automotive company’s retail sales volume, which reached a record level of 218,019 units sold by year-end, comprising 46 percent of the domestic auto industry’s 473,842 total sales.
“In my first year as president of TMP, I have been able to witness first-hand the strength and potential of the Philippine automotive industry,” TMP President Masando Hashimoto said.
He noted that, “Our record-breaking numbers reflect the trust and confidence that Filipinos have entrusted in our brand. This 2025, we remain committed to providing quality and reliable vehicles to our customers, ensuring that we continue to offer sustainable mobility solutions, and in turn, supporting the country’s economic progress.”
Federal Land Inc. reported that earnings fell to ₱750 million from the core net income of ₱2.1 billion in 2023, as revenues dropped to ₱12 billion from ₱20.8 billion.
MPIC continued to break new record highs, with consolidated core net income rising 21 percent to ₱23.6 billion in 2024, compared with ₱19.5 billion in 2023.
Reported net income rose faster to ₱28 billion from ₱20 billion, owing to additional non-recurring gains from MPIC’s real estate business and a lower interest bill.
AXA Philippines Life and General Insurance Corp. (AXA Philippines) reported a 19 percent increase in gross premiums to ₱30.4 billion. Its 2024 net income declined to ₱2.5 billion from ₱2.6 billion in the previous year.