GT Capital lifted by banking, property, infra units
The Ty family conglomerate GT Capital Holdings Inc. grew profits in the first nine months of the year by 72 percent to P15 billion amid the broad recovery of business activity in the postpandemic era.
Revenues from January to September also climbed 43 percent to nearly P180 billion, GT Capital said in a stock exchange filing on Monday.
The holding company saw strong earnings growth from banking unit Metropolitan Bank & Trust Co. (Metrobank), Federal Land Inc. and associate Metro Pacific Investment Corp. Profits at Toyota Motor Philippines and AXA Philippines declined.
“The recovery momentum of our businesses remained steady despite rising inflation, interest rates and foreign exchange volatility,” GT Capital president Carmelo Maria Luza Bautista said in the filing.
“Overall, we remain confident that our core businesses will remain resilient as we face the macroeconomic headwinds into the coming year,” he added.
Bautista underscored the resiliency of the banking segment, citing Metrobank’s “strong balance sheet now benefits from loan growth, margin expansion and lower provisions.”
Metrobank ended the nine-month period with profits of P23.4 billion, up 45 percent.
The lender grew net interest earnings by 10 percent to P62.1 billion while credit expenses was reduced by 43 percent.
“We improved our profitability by taking on opportunities as the economy reopened, while keeping our balance sheet strong and improving efficiency levels,” Metrobank president Fabian Dee said in the filing.
