earnings reports

GT Capital profits up 60% in Q1 2021 as car sales, bank income jump

Ralf Rivas
GT Capital profits up 60% in Q1 2021 as car sales, bank income jump
The significant increase in GT Capital's profits during the first quarter is driven by Metrobank and Toyota Motor Philippines

GT Capital Holdings posted a net income of P4.1 billion in the first quarter of 2021, 60% higher than the P2.5 billion it earned in the same period a year ago.

The significant increase was driven by Metropolitan Bank and Trust Company (Metrobank) and Toyota Motor Philippines’ performance.

Higher gross premium income of AXA Philippines also supported GT Capital’s performance during the period.

“Notwithstanding the recent surge in COVID-19 cases and the reimposition of the enhanced community quarantine in March, we remain optimistic for the rest of the year. We look forward to the escalated vaccine deliveries by the second half, the faster inoculation of the general public, and the reopening of more sectors of the economy,” said GT Capital president Carmelo Maria Luza Bautista.

Here is a snapshot of the conglomerate’s performance during the first quarter:

Metrobank

Metrobank’s net income surged 27% to P7.8 billion, as non-interest income rose 28% to P7.9 billion.

Fee-based income was stable, while trust fees grew 20%.

The bank’s non-performing loans ratio stood at 2.4%. It reduced provisioning for bad loans by 50% to P2.5 billion.

Toyota

Toyota Motor Philippines booked a net income of P2 billion in the first quarter, 39% higher than the P1.4 billion it earned a year ago.

Consolidated revenues stood at P33.9 billion, 18% higher than the P28.8 billion in the same period in 2020.

Vehicle sales reached 33,095 units, up 29% year-on-year.

“As quarantine restrictions are lifted, transportation and mobility will be among the essential drivers of economic recovery,” said GT Capital Auto Dealership Holdings chairman Vicente Socco.

AXA Philippines

AXA Philippines’ gross premiums increased 32% to P12.5 billion from P9.5 billion.

The insurer’s consolidated net income reached P324 million in the first quarter, lower by 11.7%.

Federal Land

Federal Land’s revenues declined 33% to P2.4 billion from P3.3 billion.

Net income also fell, from P375 million to P327 million, representing a 12.8% decrease.

Quarterly reservation sales reached P3.5 billion, from P7.9 billion in the first three months of 2020. – Rappler.com

Ralf Rivas

A sociologist by heart, a journalist by profession. Ralf is Rappler's business reporter, covering macroeconomy, government finance, companies, and agriculture.