GT Capital profit up 24% in H1

The Ty family’s flagship conglomerate GT Capital Holdings saw profits jump 24 percent to P8.3 billion in the first half of the year, driven by the strong earnings recovery of Metropolitan Bank & Trust Co. (Metrobank). 

The company said core net income during the period was also up 39 percent to P8.1 billion. 

Federal Land Inc. and the company’s holdings in Metro Pacific Investments Corp. pushed profits higher. 

Slower earnings were seen in the insurance unit and automotive giant Toyota Motor Philippines (TMP), despite the latter hitting P85 billion in revenue, up 33 percent. 

GT Capital President Carmelo Maria Luza Bautista said gains tracked the broader Philippine economy, which bounced higher from the previous year with the loosening of pandemic restrictions. 

“Given the gradual return to normalcy, greater mobility, resurgent consumption, and the new administration’s pronouncements in support of sustained economic growth policies, we are confident that our group will fare very well for the rest of the year,” Bautista said. 

From January to June, Metrobank booked a net income of P15.6 billion, up 33 percent, on higher interest earnings and lower expenses. 

“The continued improvement in the bank’s performance cements our strategy as we enable various customers and businesses as economic activities accelerate,” Metrobank president Fabian Dee said. 

GT Capital said subsidiary Federal Land’s net income rose 15 percent to P676 million as revenues expanded by 11 percent to P5.7 billion. 

Federal Land earlier sealed new venture with top Japanese property developer Nomura Real Estate Development Co. to build Japanese “smart” cities and townships in Luzon and Cebu. 

Metro Pacific, an infrastructure and utilities giant, saw core profits in the first half rise 24 percent to P7.5 billion on the first half. 

TMP, the country’s top automotive group said sales jumped 26 percent from January to June versus 11 percent for the industry. TMP said market share stood at 51.4 percent during the period. 

Despite higher sales, net income dipped lower to P3.4 billion from P3.5 billion in the same period last year as the company cited “higher inflation and foreign exchange volatility.”

“With the continuing economic recovery, higher mobility, and the return to normalcy, we are on track to achieve our sales volume targets for 2022,” GT Capital Auto and Mobility Holdings Inc. chair Vince S. Socco said. 

AXA Philippines’ net income also slowed to P1.1 billion from P1.4 billion in the first semester of 2021. Total life and general insurance gross premiums contracted 31.7 percent to P15.1 billion due to “limited bancassurance distribution during the alert level 3 lockdown in January and the volatility in the capital markets amid geopolitical uncertainties.” 

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