Slower economic growth, elevated inflation, and softer consumer demand weighed on GT Capital Holdings Inc.’s businesses, pulling consolidated net income down 10 percent to P23.3 billion in the first nine months of 2026, even as its banking and automotive units continued to generate substantial earnings.
The conglomerate attributed the weaker performance to domestic and global uncertainties, with Philippine gross domestic product growth slowing to 2.1 percent in the third quarter. Inflation accelerated to 7.8 percent in October, bringing the year-to-date average to 5.6 percent.
However, GT Capital did not provide a breakdown of the earnings decline by business segment, making it difficult to determine which operations contributed most to the drop.
Its major operating companies continued to post substantial profits. Metropolitan Bank & Trust Co. (Metrobank) earned P36.3 billion, Toyota Motor Philippines Corp. (TMP) recorded P11 billion, while associate Metro Pacific Investments Corp. (MPIC) reported core net income of P24.8 billion.
“While the macroeconomic environment remained challenging in the third quarter, our operating companies stayed resilient and in line with expectations,” GT Capital President Carmelo Maria Luza Bautista said.
He cited the group’s diversified portfolio, solid balance sheet, and prudent financial management as buffers against economic headwinds.
Metrobank’s earnings were supported by stronger lending, improving margins, and fee income. Net interest income rose 11.9 percent to P102.7 billion, while net interest margin improved to 3.9 percent from 3.7 percent a year earlier.
Gross loans expanded 13 percent, led by a 14.2-percent increase in institutional lending as businesses financed investments and working capital requirements. Consumer loans grew 8.9 percent, supported by credit cards and mortgages.
Asset quality remained healthy, with the bank’s nonperforming loan ratio at 1.9 percent, below the industry’s 3.4 percent. Its capital adequacy ratio stood at 14.5 percent and common equity Tier 1 ratio at 13.8 percent.
TMP, meanwhile, posted revenues of P176.3 billion and net income of P11 billion as an industry-wide slowdown in vehicle sales tempered performance. It nevertheless retained its market leadership with 151,457 units sold and a 49.3-percent market share in the first nine months.
Electrified vehicles accounted for 11.8 percent of its sales, up 37 percent year-on-year.
Beyond banking and automotive, GT Capital’s property and insurance businesses continued to advance their operations. Federal Land progressed residential, commercial, and hospitality projects, while AXA Philippines grew gross premiums 20 percent to P32.6 billion and posted net income of P2 billion.
