GT Capital core earnings rise in 2024

Upgrade to High-Speed Internet for only ₱1499/month!

Enjoy up to 100 Mbps fiber broadband, perfect for browsing, streaming, and gaming.

Visit Suniway.ph to learn

March 27, 2025 | 12:00am

MANILA, Philippines —  GT Capital Holdings Inc. saw core profit rise by double digits last year, but recorded a slight dip in its net income due to non-recurring gains the previous year.

The listed holding company of the Ty Group  reported a consolidated net income of P28.8 billion in 2024, down by 1.7 percent from P29.3 billion in the previous year.

Excluding non-recurring gains from lot sales and incentives under the Comprehensive Automotive Resurgence Strategy program, GT Capital’s 2024 core income increased by 11 percent year-on-year.

Growth in its core earning was supported by the record high net income of operating companies Metropolitan Bank & Trust Co. and Toyota Motor Philippines (TMP) at P48.1 billion and P15.9 billion, respectively.

GT Capital’s performance was also buoyed by its associate Metro Pacific Investments Corp. (MPIC), which achieved a record high net income of P28 billion in 2024.

“GT Capital’s core net income grew by 11 percent in 2024, building on the record levels achieved the previous year. This continuous improvement reflects the group’s strong fundamentals across diversified sectors,” GT Capital president Carmelo Maria Luza Bautista said.

“We remain optimistic that our core businesses will sustain this growth momentum moving forward. This year, GT Capital is committed to pushing boundaries further and reaching new milestones,”  Bautista said.

Robust asset expansion and improving asset quality enabled Metrobank to grow its net income by 14 percent year-on-year to P48.1 billion in 2024.

The bank’s net interest income rose by 8.7 percent to P114.1 billion on the back of a strong 17 percent expansion in gross loans.

“The hard work that all Metrobankers put in growing our corporate, middle market, retail and wealth segments as well as our investments in technology and human resources and risk management initiatives continue to bear fruit. This positive momentum and our strong balance sheet set us up very well to continuously meet the growing needs of our clients and to pursue our medium-term strategies,” Metrobank president Fabian Dee said.

TMP, on its end, delivered a net income of P15.9 billion, up by 15.3 percent year-on-year.

The higher earnings was driven primarily by the increase in the automotive company’s retail sales volume at a record level of 218,019 units sold by year-end.

“Our record-breaking numbers reflect the trust and confidence that Filipinos have entrusted in our brand. This 2025, we remain committed to providing quality and reliable vehicles to our customers, ensuring that we continue to offer sustainable mobility solutions, and in turn, supporting the country’s economic progress,” TMP president Masando Hashimoto said.

GT Capital’s wholly owned property subsidiary Federal Land Inc., meanwhile, continued the expansion of its products and service offerings in 2024.

Revenues of Federal Land last year stood at P12 billion, while its net income was at P750 million.

MPIC also continued to break new record highs, with consolidated core net income climbing by 21 percent to P23.6 billion last year from P19.5 billion in 2023.

MPIC’s reported net income likewise improved to P28 billion from P20 billion due to additional non-recurring gains from its real estate business and a lower interest bill.

AXA Philippines Life and General Insurance Corp. registered a 19-percent jump in gross premiums of P30.4 billion, while its net income reached P2.5 billion.

The company continued to offer a comprehensive range of life, health and general insurance products to its customers in 2024.