GT Capital doubles first semester 2023 profits to P16.6B

MANILA  -The Ty family conglomerate GT Capital Holdings Inc. saw profits during the first six months of 2023 soar to a historic high on strong contributions from its major business units.

The banking, automotive, property, insurance and infrastructure giant said net income from January to June this year doubled to P16.6 billion from year-ago level.

“Our financial results for the first half of the year reached new record levels with a 106-percent growth in core net income,” GT Capital president Carmelo Maria Luza Bautista said in a statement.

GT Capital is the holding company of No. 2 lender Metropolitan Bank & Trust Co. (Metrobank), Toyota Motor Philippines (TMP), Federal Land and AXA Philippines. It is also one of the largest shareholders of Metro Pacific Investments Corp., the owner of Manila Electric Co., water services, toll roads, hospitals and railways.

Bautista said the strength of the company’s businesses, backed by resilient consumer spending, allowed the holding firm to exceed 2019 prepandemic earnings by 130 percent during the period.

“Despite lingering threats of rate hikes, foreign exchange volatility, and global recession, we are optimistic that our domestic economy remains somewhat insulated and that the growth momentum will help carry us forward for the rest of the year,” Bautista said in the statement.

During the first semester, Metrobank reported a 34-percent jump in net income to P20.9 billion as its loans portfolio and lending rates rose.

“Our core businesses continued to grow and benefit from our strong balance sheet,” said Metrobank 0resident Fabian S. Dee.

TMP’s net income shot up 147 percent to P8 billion while revenues reached P106.4 billion, up 25 percent. Retail vehicle sales rose 17 percent to 93,575 units during the six-month period.

“The return to a more stable economic environment, especially the stabilization of exchange rates, lowering of interest rates, and the taming of inflation, has reduced cost-push pressures that affected financial outcomes last year,” Vince Socco, chair of GT Capital Auto and Mobility Holdings, said in the statement.

READ: GT Capital keeps top credit score for P4-B fixed-rate bonds

Federal Land also closed the period with a profit of P1.5 billion, up 101 percent, while revenues jumped 77 percent to P11.8 billion. Reservation sales, an indicator of future revenue, increased 16 percent to P9.8 million.

During the second quarter of 2023, it launched a new residential tower in Quantum Residences in Pasay City and in Siena Towers in Marikina City.

Federal Land also announced plans to build ten township projects in Luzon and Visayas under Federal Land Communities.

AXA Philippines booked an 18 percent net income increase to P1.3 billion despite lower life insurance sales. Metro Pacific ended the period with a core profit of P9.9 billion, up 33 percent over the same period last year.