GT Capital 2022 profit jumped 67%

MANILA, Philippines  -Infrastructure and banking drove up 2022 net income of Ty family-led GT Capital Holdings by 67 percent to P18.4 billion, helping the conglomerate reclaim most of its prepandemic profitably. Earnings last year were equivalent to to over 90 percent of its net income in 2019.

“GT Capital accelerated its recovery momentum in 2022 reflecting the country’s strong economic growth, normalized mobility, and resurgent consumption spending,” GT Capital president Carmelo Maria Luza Bautista said in a statement.

“Despite certain headwinds, namely higher inflation, elevated interest rates, and foreign exchange volatility, the GT Capital group of companies delivered strong results across all sectors,” he added.

GT Capital is the holding company of the family’s flagship assets such as banking giant Metropolitan Bank & Trust Co. (Metrobank), Toyota Motor Philippines, Federal Land Inc. and AXA Philippines Inc.

It also owns a 15.2-percent stake in Manuel Pangilinan-led infrastructure group Metro Pacific Investments Corp., which owns Manila Electric Co., Maynilad Water Services Inc. apart from toll road, healthcare and railway assets.

“We remain optimistic with the outlook for the coming year and are confident in our strong market position in the key sectors we represent,” Bautista said. Core earnings for GT Capital also rose 45 percent to P15.9 billion last year, the company said. Metrobank saw profits jump 48 percent to P32.8 billion last year.

“Backed by the strategies we initiated during the pandemic, our solid performance and the recognitions we received in 2022 reflect our efforts to support our clients’ growing needs as the economy reopens,” Fabian Dee, Metrobank president, said in the statement.

“With our strong balance sheet and highly capable team of Metrobankers, we stand ready to continue to be the trusted partner of all our stakeholders for the long term,” he added.

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GT Capital lifted by banking, property, infra units