Ty family-led conglomerate GT Capital Holdings Inc. reported higher earnings in the first six months of the year, buoyed by the record-high income of its banking unit, Metropolitan Bank and Trust Co. (Metrobank).
GT Capital on Thursday said its net income was up by 5 percent to P13.8 billion.
This excludes a nonrecurring gain of P3.42 billion recognized last year. If this is included, GT Capital’s earnings would have gone down by 17 percent.
Revenues, meanwhile, inched up by 1.7 percent to P150.75 billion.
READ: For Metrobank, it’s Christmas in August as it forecasts ‘banner’ year
“We remain encouraged by the strong core business fundamentals of GT Capital and the resiliency of the domestic economy,” GT Capital president Carmelo Maria Luza Bautista said in a statement, adding that they expected seasonal demand in the latter half of the year to further boost growth.
Metrobank did the heavy lifting for the conglomerate after it posted a record P23.6-billion net income in the January to June period, up by 13 percent.
Net interest income at the country’s second largest private bank grew by 14.6 percent to P58 billion, buoyed by an increase in car loans.
Return on equity improved to 13.3 percent from 12.9 percent previously.
Despite an increase in sales, automotive arm Toyota Motor Philippines saw its earnings decline by 6.1 percent to P7.53 billion due mainly to foreign exchange losses.Revenues inched up by 7 percent to P113.9 billion, driven by an 11.5-percent growth in retail unit sales.As of end-June, Toyota sold 104,530 units as more customers bought its Vios and Wigo sedan models.
At the same time, the net income of real estate arm Federal Land Inc. fell by 46.2 percent to P775 million on lower sales.
Real estate sales tumbled by 31.2 percent to P4 billion. Federal Land did not launch new projects during the period, and its joint venture firms had few available units, thus resulting in lower take-up from potential clients.
AXA Philippines Life and General Insurance Corp. reported a 13-percent increase in consolidated life and general insurance gross premiums to P14.6 billion.
AXA’s net income jumped by 15 percent to P1.5 billion on higher time deposit placements and bond rates.