• Metrobank, Toyota drive GT Cap profit to P7.7B

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    The banking and automotive business of the Georgy Ty-led group GT Capital Holdings Inc. drove the group’s profit all the way up to P7.7 billion during the first nine months of the year.

    GTCap reported to the Philippine Stock Exchange on Thursday that its con-solidated net income from January to September 2013 grew by 44 percent to P7.7 billion from the P5.3 billion attained in the same period last year, while its revenues surged 362 percent to P77.2 billion from P16.7 billion in 2012.

    GT Cap’s revenue and profit growth during the period resulted from larger net income contributions from Metropo-litan Bank and Trust Co. (Metrobank) and Toyota Motor Philippines Corp. (TMP).

    “GT Capital’s strong per-formance is a result of inherent growth within the key sectors where its component companies operate, together with our consolidation strategy, which continues to create value through synergy,” Arthur Ty, GT Capital chairman, said.

    Metrobank, the group’s bank-ing unit, reported a consolidated net income of P20.7 billion for the first nine months of 2013, doubling the P10.2 billion it recorded in the same period last year.

    According to the group, key performance drivers for Metro-bank include steady growth in its core revenues, robust expansion in treasury and investment activities, and an increase in other net interest income.

    Meanwhile, TMP, the coun-try’s dominant automotive company, realized a net income of P3.2 billion during the same period, up 26 percent from the P2.6 billion it earned last year, as it sold 55,334 vehicles during the period.

    However, Global Business Power Corp. (GBPC) reported a net income of P1.6 billion from January to September this year, lower compared to the P2.1 billion it earned in the same period last year.

    The nine-month income of GT Cap’s property arm Federal Land Inc., on the other hand, soared 93 percent to P847 million, while AXA Life In-surance Corp., the group’s insurance firm, increased its net income to P1 billion, up 59 percent from the P653 million it posted last year.

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