(14 August 2023. Makati City, Philippines.) GT Capital Holdings, Inc. (GT Capital/ GTCAP) disclosed today a 106% growth in its core net income to Php16.61 billion for the first half of 2023 from Php8.1 billion in the previous year. The conglomerate’s consolidated net income increased 100% to Php16.58 billion in the first six months of 2023 from Php8.3 billion in 2022. Earnings were driven by Metropolitan Bank & Trust Company (Metrobank), the net income of which increased by 34% to Php20.9 billion, and Toyota Motor Philippines (TMP), which realized a significant net income growth of 147% to Php8.0 billion. Federal Land (Federal Land) likewise recorded a noteworthy net income improvement of 101% to Php1.46 billion for the period, due in part to a net gain on lot sales realized by GT Capital and Federal Land from Federal Land NRE Global (FNG). Furthermore, AXA Philippines attained a higher net income of Php1.3 billion. GT Capital associate Metro Pacific Investments Corporation (Metro Pacific) delivered a positive performance for the period with a core net income of Php9.9 billion, representing a 33% increase.

“Our financial results for the first half of the year reached new record levels with a 106% growth in core net income. Our key businesses in banking, financial services, automobile, and property development delivered unprecedented gains on the back of tempered inflation, resilient consumer spending, and political stability. In comparison, our current mid-year earnings have far exceeded 2019 pre-pandemic
levels by 130%. Despite lingering threats of rate hikes, foreign exchange volatility, and global recession, we are optimistic that our domestic economy remains somewhat insulated and that the growth momentum will help carry us forward for the rest of the year.” GT Capital President Carmelo Maria Luza Bautista said.