Interest rates, vehicle sales rev up GT income

MANILA, Philippines — Higher interest income from lending and improved car sales helped lift the first-quarter net profits of GT Capital Holdings Inc. by 7 percent to P7.11 billion, signaling a strong start after ending last year with a record-high bottom line.

On Thursday, the conglomerate founded by George Ty reported that its total revenues in the first three months of the year grew by 6 percent to P74.1 billion.

The net earnings of banking arm Metropolitan Bank & Trust Co. (Metrobank) rose by 14.5 percent to P12 billion on the back of lending portfolio expansion.

READ: Metrobank earned P12B in Q1 driven by robust lending

Metrobank’s net interest income climbed by 15.4 percent to P28.7 billion.

The bank’s capital adequacy ratio and common equity tier 1 ratio stood at 16.8 percent and 16 percent, respectively, which are both above minimum regulatory requirements

Toyota Motor Philippines (TMP), meanwhile, sold nearly 50,000 units in the first quarter, showing a 10-percent growth from the previous year.

Consolidated revenues up 5%

Consolidated revenues, as a result, were up 5 percent to P56.2 billion for the period. The Japanese brand accounted for 45.1-percent market share from January to March.

“TMP’s performance during the first three months of this year was driven by the favorable market acceptance of the company’s wide and varied vehicle model offerings,” TMP President Masando Hashimoto said.

READ: Vehicle sales jumped 15.5% in January

AXA Philippines Life and General Insurance Corp. saw its net income rise by 3 percent to P728 million in the quarter as gross premium climbed 16 percent to P7.3 billion.

Meanwhile, property arm Federal Land Inc. recently launched a 600-hectare (ha) multi-use hub in General Trias, Cavite. Other projects in the pipeline include a 4.5-ha mixed-use community in Mandaluyong City and a 48-ha neighborhood community along the Sta. Rosa-Tagaytay corridor.

Metro Pacific Investments Corp., where GT capital owns a 20-percent stake, improved its core net income by 29 percent to P5.6 billion in the first quarter due to better energy sales at Manila Electric Co. and billed volumes at Maynilad Water.

GT Capital president Carmelo Maria Luza Bautista said they “remain confident that our group will be able to sustain its early gains through the rest of this year.”