Conglomerate GT Capital Holdings Inc. said Friday its net income grew 57 percent in 2023 to P28.7 billion from P18.4 billion in 2022, driven by the substantial growth in core banking, automotive and property units.
It said in a stock exchange filing that minus one-off items, GT Capital’s 2023 core net income climbed 82 percent to a record P28.8 billion from P15.9-billion in the previous year.
“2023 was an exceptional year for the GT Capital Group of Companies. A significant level up from the previous year, our expectations were exceeded by the record-setting financial results from our core businesses: Metrobank, Toyota Motor Philippines and Federal Land,” GT Capital president Carmelo Maria Luza Bautista said.
Bautista said that after the company’s robust performance in 2023, the company was expected to have a “tempered growth” for 2024.
Compared to pre-pandemic 2019, GT Capital’s core and consolidated net income in 2023 went up by 83 percent and 41 percent, respectively.
GT Capital’s banking arm Metropolitan Bank & Trust Company (Metrobank) posted record earnings of P42.2 billion in 2023, a 28.9-percent increase from a year ago. This translated into a return on equity (ROE) of 12.5 percent, higher than 10.3 percent in 2022.
Automotive unit Toyota Motor Philippines (TMP) booked a 145-percent increase in 2023 net income to P13.8 billion from P5.7 billion in 2022 as sales rose 24 percent to P227.1 billion.
“TMP achieved a record high performance and made 2023 one of our most historic years ever. With the resumption of motorization, the continued under penetration of passenger cars in the country, and an improved supply situation, we are confident that Toyota will continue to lead the way this year. I believe we are in an ideal position to help outline and form the future of mobility in the Philippines,” TMP president Masando Hashimoto said.
Property unit Federal Land recorded a net income of P2.1 billion as revenues improved 54 percent to P20.8 billion.