GT Capital exceeded prepandemic earnings in Q1

Ty family-led conglomerate GT Capital Holdings Inc. exceeded prepandemic core earnings in the first quarter given the strong recovery of its businesses, led by Metropolitan Bank & Trust Co. and Toyota Motor Philippines (TMP).

GT Capital said recurring profits from January to March reached P4 billion, up 18 percent year-on-year. Consolidated net income rose 7 percent to P4.4 billion.

GT Capital president Carmelo Maria Luza Bautista said the quarterly core profit was 18 percent above earnings in the first quarter of 2019.

“Our financial results show the growth momentum from last year carried over into the first three months of 2022,” Bautista said in a statement on Tuesday.

“Despite the headwinds of inflation, higher interest rates, market disruptions caused by the pandemic, and the more recent geopolitical events, we are confident that our recovery momentum is sustainable.”

Metrobank recorded an P8-billion profit in the first quarter as loans rose 5 percent while expenses for bad debts were reduced.

“We are encouraged by the sustained pick-up in economic activities as Metrobank stands ready to support our clients in their funding plans and investment needs,” Metrobank president Fabian Dee said.

TMP also booked a profit of P2.1 billion during the quarter, rising by 5 percent, outpacing the industry.

TMP sold 12 percent more vehicles to 37,230 year-on-year while the entire market grew sales by 1 percent to 75,194 units.

TMP controls 49.5 percent of the automotive market.

“The first quarter of 2022 saw a sustained rise in vehicle sales for both the industry and Toyota,” said Vince Socco, chair of GT Capital Auto and Mobility Holdings.

Federal Land’s net income dipped to P311 million on higher expenses. INQ