GT Capital Holdings, Inc. (GT Capital) reported a 7% increase in core net income to P7.06 billion in the first quarter of 2024 from P6.56 billion the previous year. The conglomerate's consolidated net income increased by 7% to P7.11 billion from P6.64 billion in the same period the previous year. This was driven by the record performance of Metropolitan Bank & Trust Company (Metrobank), with a net income of P12.0 billion; Toyota Motor Philippines (TMP), with a net income of P4.0 billion; and AXA Philippines Life and General Insurance Corporation (AXA Philippines), with a net income of P728.0 million. Federal Land, Inc. (Federal Land) earned a net income of P291.0 million, while Metro Pacific Investments Corporation (Metro Pacific) also contributed to GT Capital's strong performance throughout the period.
“The healthy growth rates GT Capital realized during the first quarter of 2024 are as what we expected. 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,” GT Capital President Carmelo Maria Luza Bautista said. Metropolitan Bank & Trust Company (Metrobank) recorded net earnings of P12.0 billion in the first quarter of 2024, up 14.5% year on year. This resulted in a return on equity (ROE) of 13.7%, up from 13.1% the year before. The bank's rising profitability was underpinned by continuous loan portfolio growth, improved operating efficiencies, stable asset quality, and the continued implementation of capital-optimization policies. “As we remain focused on sustaining the Bank’s profitability, our strong commitment to our customers is at the center of our growth strategy. 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,” said Metrobank President Fabian S. Dee. The bank's net interest income reached P28.7 billion in the first three months of 2024, up 15.4% from the same period the previous year. This was helped by the continuous growth of its gross loans, which increased by 12.1% year over year. The non-performing loans (NPL) percentage fell to 1.7% from 1.8% in the first quarter of 2023. The bank's NPL cover remains strong at 174.1%, providing a significant buffer against any possible risks to the loans. Capital ratios remain among the highest in the sector, with a capital adequacy ratio of 16.8% and a Common Equity Tier 1 (CET1) ratio of 16.0%, both far over the legal minimum. Total consolidated assets increased by 10.7% to P3.2 trillion, ranking second among the country's private universal banks. Toyota Motor Philippines (TMP) consolidated revenues increased by 5% to P56.2 billion for the period, with a consolidated net income of P4.0 billion. The country's top automotive firm reported retail sales of 49,667 units in the first three months of 2024, a 10% increase over the 45,205 units sold in the same period last year. In contrast, the Philippine automobile sector achieved retail vehicle sales of 110,196 units from January to March 2024, an 11.7% increase from 98,622 units in 2023. TMP maintained its market dominance, accounting for 45.1% of the market over 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. 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,” TMP President Masando Hashimoto explained. GT Capital’s wholly-owned property subsidiary Federal Land, Inc. (Federal Land) remains committed to its vision for continued growth. Earlier this year, it re-introduced Riverpark, a 600-hectare multi-use, masterplanned community in General Trias, Cavite. Yume, a Japanese inspired village within Riverpark, was launched late last year. Yume is the first residential horizontal project of Federal Land’s joint venture with Nomura Real Estate, known as Federal Land Nomura Global, Inc. (FNG), within Riverpark. Moreover, FNG introduced The Observatory, a 4.5 hectare mixed-use community in Mandaluyong. Federal Land also launched Meadowcrest, a new 48-hectare neighborhood community along the Sta. Rosa-Tagaytay growth corridor. A major relaunch and estate improvements for the Met Park community in the Bay Area in Pasay are also included in the pipeline with the intent to further bolster the Federal Land Communities product line. The property company reported total revenues of P3.0 billion in the first quarter of 2024, while net income is at P291.0 million during the same period. Metro Pacific Investments Corporation's (Metro Pacific) Consolidated Core Net Income increased 29% to a new high of P5.6 billion in the first quarter of 2024, compared to P4.3 billion in the same period last year. Metro Pacific's holdings improved their financial and operating outcomes, resulting in a 20% rise in contribution from operations to P6.8 billion. This was mostly due to large increases in electricity sales at Meralco and billed volumes at Maynilad Water, which were accompanied by higher pricing. Among the company's major activities, Power contributed the most, at P4.4 billion, or 64% of Net Operating Income ("NOI"), while Toll Roads and Water contributed P1.4 billion and P1.4 billion, respectively, representing 42% of NOI. AXA Philippines Life and General Insurance Corporation's (AXA Philippines) consolidated life and general insurance gross premiums totaled P7.3 billion in the first three months of 2024, up 16% from P6.3 billion in the same period the previous year. The insurance company's consolidated net income rose by 3% to P728.0 million in the first quarter, up from P709.0 million in the first quarter of 2023. GT Capital is a listed major Philippine conglomerate with interests in market-leading businesses across banking, automotive assembly, importation, dealership, and financing, property development, life and general insurance, and infrastructure. Its operating companies comprise of Metropolitan Bank & Trust Company (Metrobank), Toyota Motor Philippines Corporation (TMP), Toyota Financial Services Philippines Corporation (TFSPH), Sumisho Motor Finance Corporation (Sumisho), GT Capital Auto and Mobility Holdings, Inc. (GTCAM), JBA Philippines, Inc. (JBA-P), Premium Warranty Services Philippines, Inc. (Premium Warranty), Federal Land, Inc. (Federal Land), Philippine AXA Life Insurance Corporation (AXA Philippines), and Metro Pacific Investments Corporation (MPIC).
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