Bank, auto units temper GT Capital profit dip

The banking and automotive units helped offset a decline in GT Capital Holdings Inc.’s nine-month earnings, which dipped 6 percent year-on-year. In the absence of a big gain that helped lift the Ty family-led company last year, income dropped to P21.7 billion.

On Thursday, GT Capital also said its top line inched up by 5 percent to P235.16 billion, buoyed by a record-high net income at Metropolitan Bank and Trust Co. (Metrobank) and Toyota Motors Philippines.

Metrobank booked a 12.4-percent rise in earnings to P35.7 billion, making the country’s second-largest private bank ready to breach its full-year record of P42.2 billion in 2023.

Gross loans expanded by 15.6 percent, driven by growth in consumer and commercial loans. As a result, net interest income climbed by 11 percent to P85.7 billion.

Toyota ended the period with P12.2 billion in earnings, up 12 percent due to higher retail sales.

The company sold 159,088 units, another “historic record,” due to high demand for the Vios, Wigo, Hilux and Innova models.

“Our solid growth in the first nine months reflected our strong market position, aided by our consistently healthy retail performance,” Toyota Philippines president Masando Hashimoto said.

Real estate business down

At the same time, however, the real estate business under Federal Land Inc. recorded a 64-percent drop in sales to P4.24 billion due to “significant” lot sales recognized last year.

Rent income expanded by 11 percent to P1.2 billion on higher retail and office occupancy.

As a result, net income fell by 65 percent to P652.1 million.

Metro Pacific Investments Corp., where GT Capital holds a minority stake, saw its net income surge by 28 percent to a record P20.8 billion, owing to Manila Electric Co. and Maynilad Water Services Inc.

AXA Philippines Life and General Insurance Corp.’s consolidated life and general insurance gross premiums climbed by 16 percent to P22.6 billion.

“We attribute the strong performance of GT Capital in the first nine months of the year to the favorable macroeconomic environment,” GT Capital president Carmelo Maria Luza Bautista said in a statement. “We are hopeful that this momentum will be sustained through the rest of the year, supported by the seasonal holiday spending and overall positive market outlook.”