GT Capital attributes Q1 growth to Metrobank, TMP, AXA Philippines

Listed conglomerate GT Capital Holdings, Inc. saw its first-quarter attributable net income grow by 7.1% to PHP 7.11 billion, led by its banking, automotive, and insurance businesses.

“This was driven by the record performance of Metropolitan Bank & Trust Co. (Metrobank), the net income of which is at PHP 12 billion, Toyota Motor Philippines (TMP), which realized a net income of PHP 4 billion, and AXA Philippines Life and General Insurance Corporation (AXA Philippines) with a net income of PHP 728 million,” the company said in a statement on Thursday.

“Federal Land, Inc. (Federal Land) recorded a net income of P291 million, while associate Metro Pacific Investments Corp. (MPIC) also contributed to GT Capital’s robust performance during the period,” it added.

Combined revenues for the first-quarter period rose 6.2% to PHP 74.1 billion from PHP 69.8 billion in the corresponding period a year ago. 

“We are encouraged by the quality and persistence of our core earnings growth on top of the prior year’s historical high levels,” GT Capital President Carmelo Maria Luza Bautista said.

“These demonstrate the strength in the underlying fundamentals of GT Capital and the resiliency of the domestic economy,” he added.

At the same time, he expressed confidence that the group will sustain its early gains throughout the remainder of the year.

GT Capital has interests in banking, automotive assembly, importation, dealership, and financing, property development, life and general insurance, and infrastructure.

Its operating companies also include Toyota Financial Services Philippines Corp., Sumisho Motor Finance Corp., GT Capital Auto and Mobility Holdings, Inc., JBA Philippines, Inc., and Premium Warranty Services Philippines, Inc.

MPIC is one of the three key Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority share in BusinessWorld through the Philippine Star Group, which it controls. — Ashley Erika O. Jose