GT Capital doubled earnings on bank, auto firms

MANILA  -The Ty family’s GT Capital Holdings saw core profits from January to September this year soar 105 percent to P23.25 billion on strong contributions from banking, car sales and property.

The company’s nine-month performance in 2023 exceeded core earnings during the 2019 prepandemic period by 94 percent, the listed conglomerate said in a stock exchange filing on Tuesday.

Driving earnings growth was Metropolitan Bank & Trust (Metrobank), Toyota Motor Philippines, Federal Land Inc. and AXA Philippines.

Also bolstering income was infrastructure unit Metro Pacific Investments Corp., which owns Manila Electric Co. and operates North Luzon Expressway and Subic Clark Expressway.

“Metrobank continued its record-setting pace during the quarter. Toyota Motor Philippines’ sales volume is on track to overachieve its targets for 2023. Federal Land’s reservation sales and core income are at an all-time high,” GT Capital president Carmelo Maria Luza Bautista said in the filing.

“With our key businesses thriving, GT Capital continues to be resilient despite persistent economic headwinds. We are hopeful that our growth momentum will help carry us forward for the rest of the year,” he added.

During the nine-month period, Metrobank booked a record high profit of P31.8 billion, up 36 percent, while Toyota Motor Philippines recorded a 159 percent profit spike to P10.9 billion.

“We are very encouraged by the 25 percent growth in the automotive market in the first three quarters of 2023. This is a strong indication of the return to motorization that is an essential enabler of economic growth in the country,” said Atsuhiro Okamoto, president of Toyota Motor Philippines.

Federal Land said core profit jumped 176 percent to P1.9 billion during the period while total revenues grew 6 percent to P13.2 billion. AXA Philippines booked a net income of P1.8 billion, up 16.7 percent.