GT Capital says first quarter core net income breaches pre-pandemic Q1 level

ABS-CBN News

Posted at May 17 2022 11:44 AM

MANILA - GT Capital on Tuesday said its core net income jumped 18 percent in the first quarter driven by Metrobank and Toyota Motor Philippines.

Core net income totaled P4 billion for the first quarter from P3.4 billion in the same period last year, GT Capital said in a statement.

GT Capital President Carmelo Maria Luza Bautista said the total also surpassed the firm's first quarter 2019 pre-pandemic core income by 18 percent.

Consolidated net income, meanwhile, rose 7 percent to P4.4 billion for the first 3 months, the company said.

Metrobank's net income reached P8 billion, while Toyota booked P2.1 billion for the period. 

Higher earnings contribution from AXA Philippines and GT Capital associate Metro Pacific Investment Corp supported the positive performance, it said.

"Our financial results show the growth momentum from last year carrier over into the first three months of 2022," Bautista said.

"This is a very encouraging indicator. Despite the headwinds of inflation, higher interest rates, market disruptions caused by the pandemic, and the more recent geopolitical events, we are confident that our recovery momentum is sustainable," he added.

Federal Land is also among the companies under GT Capital's portfolio.

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