GT Capital Holdings Inc. said Thursday its banking, car and insurance businesses lifted first-quarter net income by 7 percent to P7.11 billion.
The listed investment holding company of the Ty Group record credit gains to Metropolitan Bank & Trust Co., which reported a 14 percent growth in first-quarter net income to P12.0 billion; Toyota Motor Philippines, which realized a net income of P4.0 billion as it continued to dominate the car market with a 45 percent share; and AXA Philippines Life and General Insurance Corp., whose net income increased 3 percent to P728.0 million.
GT Capital said Federal Land Inc. recorded a net income of P291.0 million while associate Metro Pacific Investments Corp. also contributed to first-quarter earnings.
“The healthy growth rates GT Capital realized during the first quarter of 2024 are as what we expected. We are encouraged by the quality and persistency of our core earnings growth on top of the prior year’s historical high level,” said GT Capital president Carmelo Maria Luza Bautista.
“These demonstrate the strength in the underlying fundamentals of GT Capital and the resiliency of the domestic economy. We thus remain confident that our Group will be able to sustain its early gains through the rest of this year,” he added.
