MANILA, Philippines — Conglomerate GT Capital Holdings Inc. reaped the benefits of a reopened Philippine economy, as resurgent consumer demand helped the company withstand quickening inflation and rising borrowing costs.
The Ty-led company posted a net income of P18.4 billion, which surged 67% year-on-year in 2022. Hefty contributions from its various segments — mostly from the banking business — lifted the company’s bottom-line.
“Despite certain headwinds, namely higher inflation, elevated interest rates, and foreign exchange volatility, the GT Capital group of companies delivered strong results across all sectors,” Carmelo Maria Luza Bautista, company president, said.
Broken down, Metropolitan Bank & Trust Company’s net income surged 48% year-on-year to P32.8 billion in 2022. The bank cited larger hauls from its lending segment and fee-based income, among others.
Toyota Motor Philippines saw total vehicle sales grow 34% on-year in 2022. Despite this, consolidated net income succumbed to the peso’s depreciation in the same period, inching down 5% on-year to P5.7 billion.
Meanwhile, GT Capital’s property subsidiary, Federal Land Inc. saw its fortunes improve in 2022. Consolidated net income skyrocketed 363% on-year to P4.5 billion, due in part to resurgent reservation sales and investment gains.
The conglomerate’s insurance segment, AXA Philippines, turned in a choppy performance in the past year. Consolidated life and general insurance gross premiums plunged 34.7% year-on-year to P28.2 billion in 2022, but its net income improved as the company took in smaller attritional losses from its business.
Shares in GT Capital ended Friday’s morning trade up 0.1%. — Ramon Royandoyan