GT Capital Holdings Inc., the holding firm of the Ty group, said its income rose 67 percent in 2022 to P18.4 billion from P11 billion in the previous year, mainly from the good performance of its banking unit.
Metropolitan Bank and Trust Co. had an income of P32.8 billion; Toyota Motor Philippines Inc.’s was at P5.7 billion; Federal Land Inc., at P4.5 billion; and AXA Philippines, P2.5 billion.
GT Capital associate Metro Pacific Investments Corp.’s core net income rose 15 percent to P14.2 billion.
“GT Capital accelerated its recovery momentum in 2022, reflecting the country’s strong economic growth, normalized mobility and resurgent consumption spending. Despite certain headwinds, namely higher inflation, elevated interest rates and foreign exchange volatility, the GT Capital group of companies delivered strong results across all sectors. We remain optimistic with the outlook for the coming year and are confident in our strong market position in the key sectors we represent,” GT Capital president Carmelo Maria Luza Bautista said.
Metrobank delivered strong results with a 48 percent year-on-year increase in net income to P32.8 billion on the back of better corporate and consumer lending businesses, healthy fee income, subdued operating expense growth and lower provisions amid stable asset quality.
For the October to December 2022 period alone, the bank’s earnings rose to P9.3 billion, a 55-percent increase from a year ago.
“Backed by the strategies we initiated during the pandemic, our solid performance and the recognition we received in 2022 reflect our efforts to support our clients’ growing needs as the economy reopens. With our strong balance sheet and highly capable team of Metrobankers, we stand ready to continue to be the trusted partner of all our stakeholders for the long term,” Metrobank president Fabian S. Dee said.
Toyota Philippines recorded new vehicle sales of 174,106 units last year, a growth of 34 percent from the previous year. The auto market, on the other hand, posted sales of 348,200 units or a growth of 24 percent. This resulted in a record-high market share for Toyota of 50 percent.
In line with the rise in retail sales, consolidated revenues grew by 40 percent to P183.8 billion from P131.3 billion in the previous year. The primary drivers for sales growth in the past year were the continued launching of new or refreshed products as well as a comparably strong supply of both locally produced and completely-built-up units from Thailand, Indonesia and Japan.
Due to the rapid and steep depreciation of the peso versus the US dollar last year, Toyota’s consolidated net income dipped to P5.7 billion from P6 billion in 2021.
Federal Land, meanwhile, recorded a four-fold jump in net income to P4.5 billion from P1 billion in 2021, driven by stronger reservation sales and a gain on its investment in Federal Land NRE Global Inc.
The company posted total revenues of P15.4 billion for the year, a 49- percent increase from P10.4 billion in 2021.
Reservation sales rose 74 percent to P18.5 billion from P10.6 billion in 2021.
Federal Land launched two new projects in 2022, the Aki Tower in February and Mitsukoshi BGC in November.
Aki Tower is the third residential tower of The Seasons Residences located in Federal Land’s master-planned community, Grand Central Park in Bonifacio Global City.
On the other hand, Mitsukoshi BGC, which was announced in 2018, had its soft opening last November 2022. It is well on its way to full operations this year. This is a project of Sunshine Fort Bonifacio, a partnership with Federal Land, Isetan Mitsukoshi Holdings Ltd. and Nomura Real Estate Development Co. Ltd., and is also home to The Seasons Residences.
AXA Philippines’ consolidated life and general insurance gross premiums reached P28.2 billion in 2022 from P43.2 billion in the same period last year, due to volatility in the capital markets and limited bancassurance distribution amid geopolitical uncertainties.
The insurer’s consolidated net income increased by 12 percent to P2.5 billion last year from P2.3 billion in the previous year, due to lower attritional losses from its general insurance business.
