MANILA - GT Capital Holdings Inc more than doubled its net income to P8.1 billion in the first 9 months of the year, the company said Monday.
The total is 115 percent higher compared to the P3.7 billion in the same comparable period, the company told the stock exchange.
Consolidated net income is at P8.7 billion in the first 9 months of the year, up 168 percent higher compared to the P3.2 billion in the same period last year, it said.
Growth was mainly driven by Metropolitan Bank and Trust Co with a net income of P16.1 billion and Toyota Motor Philippines with its net income of P4.6 billion, GT Capital said.
Other drivers of its positive performance were Federal Land which registered stronger real estate sales and a higher net income contribution from Metro Pacific Investment Corp, it added.
"The more recent decline in reported COVID-19 cases, the lifting of mobility restrictions and the increased number of fully vaccinated individuals in key cities have resulted in a noticeable resurgence of consumer confidence," GT Capital President Carmelo Maria Luza Bautista said.
"This gradual return to pre-pandemic conditions will result in positive momentum for the last quarter of the year, paving the way for an even more robust recovery in the coming year," Bautista added.
The economy in total grew 7.1 percent in the third quarter despite the imposition of lockdowns and modified enhanced community quarantine (MECQ) in the third quarter.