Ty-led conglomerate GT Capital Holdings Inc. reported 40 percent higher net income in the first nine months of the year, to P15.3 billion from P10.9 billion last year, propped up by net income growth in the banking and automotive businesses.
GT Capital said core net income also rose 20 percent to P12.4 billion as Metropolitan Bank & Trust Co.’s (Metrobank) net income rise 29 percent to P21.6 billion in the third quarter. Toyota Motor Philippines (TMP), on the other hand, recorded 13 percent higher net income to P7.5 billion.
Additionally, consolidated revenues rose three percent to P159.1 billion in the first nine months.GT Capital attributed the growth to higher auto sales from TMP due to lower inflation, better interest rate environment and the pick-up in consumer confidence; gains on the redemption of shares from previously held assets; and higher contributions from the net profit of associates Metrobank and Sumisho Motor Finance Corp.
Aside from Metrobank and TMP, property developer Federal Land, Inc. also saw its net income rise 8 percent to P1 billion in the first nine months due to growth in residential reservation sales and lease revenues.
Metro Pacific Investments Corp.’s core net income climbed three percent to P12.5 billion due to improved financial and operating results in Manila Electric Co., Maynilad Water Services, Inc., traffic growth in toll roads and strong patient numbers in Metro Pacific Hospitals.
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Lastly, insurance company AXA Philippines booked 24 percent higher net income, to P2.6 billion, as consolidated life and non-life gross premiums reach P23.4 billion in the first nine months from P28 billion in the same period in 2018.
GT Capital president Carmelo Maria Luza Bautista said the company is banking on higher gross domestic product growth, benign inflation, increased infrastructure spending, favorable exchange rate, stronger consumer confidence and a lower interest rate environment to further propel its operations by next year.
“All told, it’s clear that we would have opportunities in this scenario for Metrobank to pick up in loan growth, continued strong margins despite the single digit growth in volume sales in TMP (and) broader coverage in terms of AXA products,” Bautista said in a briefing in Bonifacio Global City on Thursday, adding that these factors could also fuel MPIC’s and Federal Land’s project roll-out for 2020.
