GT Capital Holdings Inc. said Friday consolidated net income grew 67 percent in 2022 to P18.4 billion from P11 billion in 2021 on the back of positive performance from banking and property subsidiaries.
Core net income also went up by 45 percent year-on-year to P15.9 billion.
GT Capital president Carmelo Maria Luza Bautista said the group managed to accelerate its recovery momentum in 2022 on strong economic growth, normalized mobility and resurgent consumption spending.
“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,” Bautista said.
“We remain optimistic with the outlook for the coming year and are confident in our strong market position in the key sectors we represent,” he said.
Banking unit Metropolitan Bank & Trust Company posted net income of P32.8 billion in 2022, up 48 percent from a year ago on better corporate and consumer lending businesses, healthy fee income, subdued operating expense growth and lower provisions amid stable asset quality.
Toyota Motor Philippines Inc. registered a P5.7-billion net income last year, slightly lower than P6 billion in 2021 following the deprecation of the peso against the US dollar.
Automotive sales improved 34 percent year-on-year to 174,106 units, with the launching of new and refreshed products and strong supply of both locally-produced and completely-built-up units from Thailand, Indonesia and Japan.
“The outlook for 2023 remains positive with the expected stabilization of exchange rates, the regularization of supply chains and the robust economic growth forecasted by the government,” GT Capital Auto and Mobility Holdings Inc. chairman Vince Socco said.
GT Capital’s wholly-owned property subsidiary Federal Land Inc. recorded a 363-percent increase in consolidated net income to P4.5 billion from P1 billion in 2021, driven by stronger reservation sales and a gain on its investment in Federal Land NRE Global Inc.
Insurance firm AXA Philippines posted a net income of P2.5 billion as consolidated life and general insurance gross premiums reached P28.2 billion in 2022.
