Metrobank, Toyota Philippines Lead GT Capital Results Growth in Q1

GT Capital Holdings, Inc. increased its core net income by 7% to PHP 7.06 billion in the first quarter from PHP 6.56 billion in the same period last year.

GT Capital Holdings, Inc. increased its core net income by 7% to PHP 7.06 billion in the first quarter from PHP 6.56 billion in the same period last year.

The conglomerate’s consolidated net income also grew by 7% year over year to PHP 7.11 billion from PHP 6.64 billion in the same period of last year, GT Capital said in its most recent earnings release.

The growth was driven by the record performance of Metropolitan Bank & Trust Company (Metrobank), according to the release. Toyota Motor Philippines (TMP), AXA Philippines Life and General Insurance Corporation, and Metro Pacific Investments Corporation also contributed to the group’s first-quarter results.

“The healthy growth rates GT Capital realized during the first quarter of 2024 are as what we expected,” GT Capital President Carmelo Maria Luza Bautista said. “We are encouraged by the quality and persistency of our core earnings growth on top of the prior year’s historical high levels. 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.”

Metrobank Net Earnings Rise by 14.5%

Metrobank reported net earnings of PHP 12.0 billion in the quarter, a year-over-year increase of 14.5%. This was driven by consistent growth of its lending portfolio, better operational efficiencies, stable asset quality and continued execution of strategies to optimize the use of capital, according to the release.

“As we remain focused on sustaining the Bank’s profitability, our strong commitment to our customers is at the center of our growth strategy,” Metrobank President Fabian Dee said. “We will consistently offer tailored financial solutions that directly address the needs and goals of those we serve to help them build a more prosperous future.”

The bank’s net interest income reached PHP 28.7 billion, growing by 15.4% in the first three months of 2024 compared to the same period in 2023. Gross loans increased 12.1% year over year, while its non-performing loans (NPLs) ratio eased to 1.7% from 1.8% in the first quarter of last year. The bank’s NPL cover remains robust at 174.1%, “a substantial buffer against any potential risks to the loan portfolio,” it said.

Metrobank’s total consolidated assets expanded by 10.7% to PHP 3.2 trillion, the second highest among the country’s private universal banks, it noted.

Toyota Philippines Contributes PHP 4 Billion

Automotive giant Toyota Motor Philippines (TMP) posted net income of PHP 4.0 billion, while its consolidated revenues rose 5% to PHP 56.2 billion in the quarter.The company marked retail sales of 49,667 units in the first quarter, a 10% increase  compared to the 45,205 units sold in the same period of last year. TMP maintained its market dominance with a 45.1% market share for the period. 

“TMP’s performance during the first three months of this year was driven by the favorable market acceptance of the company’s wide and varied vehicle model offerings,” TMP President Masando Hashimoto said. “This encourages us to continuously provide throughout the remaining months of this year and beyond ever-better passenger cars and commercial vehicles that are paired with worry-free after-sales and value chain services to tailor-fit the mobility requirements of Filipinos across the country.”

Metro Pacific Soars with 29% Earnings Increase

Metro Pacific reached a record-high PHP 5.6 billion in consolidated core net income, a year-over-year increase of 29% compared to PHP 4.3 billion in the first quarter of 2023. Improved financial and operating results from Metro Pacific’s holdings delivered a 20% increase in contribution from operations to PHP 6.8 billion. 

Metro Pacific’s results were mainly driven by strong growth in energy sales at Meralco and billed volumes at Maynilad Water, complemented by higher tariffs. Among the company’s core businesses, Power contributed the largest at PHP 4.4 billion or 64% of net operating income (NOI), while Toll Roads and Water contributed PHP 1.4 billion and PHP 1.4 billion, respectively, representing 42% of NOI. 

Insurance firm AXA Philippines reported consolidated life and general insurance gross premiums of PHP 7.3 billion for the first quarter, a 16% increase from PHP 6.3 billion in the same period of the previous year. The company’s consolidated net income increased by 3% to PHP 728.0 million in the first quarter, growing by 3% from PHP 709.0 million in the first quarter of 2023. 

GT Capital’s wholly-owned property subsidiary Federal Land, Inc. posted net income of PHP 291.0 million for the quarter, with total revenues of PHP 3.0 billion.