GT Capital Holdings Inc. expects its banking and automotive businesses to continue driving its growth in the second half of the year.
The company reported profit of P13.78 billion over revenues of P150.75 billion in the first half of the year.
The bottomline was a 17-percent decline from the reported P16.58 billion last year. Minus a P3.42- billion one-off item from last year will show that recurring profit is up 5 percent.
The reported revenue was a 2 percent increase from P148.22 billion in 2023.
“When you take a look at our portfolio and the performance in the first half of this year, the main drivers are really still going to be the core businesses around banking and automotive. We’re very encouraged by the results of the first half, and we expect that’s going to continue. We’re optimistic that will continue for the second half of the year as those will still be the primary drivers, because that’s where the fastest growth is coming from, and secondly is they have the biggest contribution to our total net income as far as GT Capital is concerned,” said George Uy-Tioco, GT Capital chief finance officer.
In Metropolitan Bank and Trust Co.’s (Metrobank) case, Uy-Tioco said its corporate and the mid-market sectors remain “very strong.”
“(Metrobank has) also seen a strong growth in the consumer sector segments primarily driven by credit cards and auto loans. It’s still going to be those core businesses with corporate and middle market basically still accounting for the lion’s share of the total loan but consumer is (also) growing very strong,” he added.
In the automotive business under Toyota Motor Philippines (TMP), Uy-Tioco noted the Philippines is one of two economies in the region where vehicle sales grew in the first half, together with Singapore.
“We grew the market by 10 percent whereas some of the more traditional robust markets, like Thailand and Indonesia and even Vietnam, basically have shrunk year-on-year. That’s an indication of just how the economy is moving in the Philippines, driving the growth,” he said.
In a statement, GT Capital last week said the earnings were supported by a “record-high” net income from Metrobank at P23.6 billion, as well as the 11.5 percent retail vehicle sales growth achieved by TMP, which led to a 7 percent increase in its revenues P113.9 billion.
The rest, realty unit Federal Land Inc. (Federal Land) posted a P775-million profit, while insurer AXA Philippines Life and General Insurance Corp. recorded a profit of P1.5 billion.
GT Capital associate Metro Pacific Investments Corp. posted a core profit of P12.5 billion.
