GT Capital sustains growth in earnings

GT Capital Holdings Inc., the listed holding company of the Ty Group, delivered higher earnings in the first half, driven by the record-high net income of its banking arm and robust vehicle sales from its automotive business.

- RICHMOND MERCURIO

The conglomerate reported a net income of P13.8 billion in the first semester, a five percent growth excluding the extraordinary gains of P3.42 billion booked last year.

The company said its earnings in the first semester were supported by the all-time high net income of Metropolitan Bank & Trust Co. (Metrobank) at P23.6 billion as well as the 11.5-percent retail vehicle sales growth by Toyota Motor Philippines (TMP), which led to P113.9 billion in revenues.

"Coming off the record performance in 2023, GT Capital continued to show positive growth in the first half of 2024.

During the first six months of 2024, GT Capital continued to deliver sustained performance in our key businesses, particularly Metrobank's considerable net income growth and TMP's record retail sales volume of 104,350 units for six months," GT Capital president Carmelo Maria Luza Bautista said.