GT Capital Holdings Inc. on Tuesday reported net income in the first nine months rising 54 percent to P23.09 billion, pushed higher by record gains from the investment holding company’s stake in the Metropolitan Bank & Trust Co. and Toyota Motor Philippines.
GT Capital, the investment holding company of the Ty Group, said Metrobank net income rose 36 percent to P31.8 billion on continued loan growth and margin expansion while Toyota Motor boosted net income by 2.6 times to P10.9 billion on record sales and market leadership.
The conglomerate also reported an earnings boost from Federal Land Inc., which posted net income 2.76 times higher to P1.9 billion on strong sales reservations while the insurer AXA Philippines increased its net income by 17 percent to P2.1 billion.
“With GDP growth beating estimates and inflation improving during the third quarter, our operating companies continue to far exceed expectations,” said GT Capital president Carmelo Maria Luza Bautista.
“With our key businesses thriving, GT Capital continues to be resilient despite persistent economic headwinds. We are hopeful that our growth momentum will help carry us forward for the rest of the year,” he said.
