Slower growth slackened GT Capital H1 profit

MANILA, Philippines — GT Capital Holdings Inc. saw its consolidated net income decrease by 11 percent in the first half of 2026 as weaker economic activity weighed on some of its core businesses.

On Friday, the Ty family-led conglomerate said it booked P16.41 billion in consolidated net income from January to June. This went down from P18.42 billion in the same period last year.

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GT Capital linked the decline to a broader economic slowdown, with Philippine gross domestic product growth easing to 2.3 percent in the second quarter amid high inflation, weaker consumer confidence and moderated government spending.

“GT Capital’s first half results reflect the impact of a slower macroeconomic environment,” company president Carmelo Maria Luza Bautista said.

“Nevertheless, we will approach the second half of the year with a continued focus on disciplined execution of our strategic priorities,” Bautista added.

Among its key businesses, Metropolitan Bank & Trust Co. booked a steady P24.9 billion in net income.

READ: Metrobank first-half income rose to P24.9B

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Metrobank’s net interest income increased by 12.8 percent to P67.7 billion while net interest margin remained at 3.7 percent.

Metro Pacific Investments Corp., meanwhile, saw its core net income grow by 6 percent to P16 billion.

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Toyota Motor Philippines Corp. recorded P8.4 billion in net income as revenues contracted by 15 percent to P115.4 billion.

On the property side, Federal Land Inc. completed 866 units and turned over 723 units during the first half. Its retail portfolio also saw higher foot traffic at Mitsukoshi BGC.

AXA Philippines posted a 31-percent increase in gross premiums to P21.8 billion. Total Life premiums rose 32 percent to P19.6 billion, while its non-life business grew gross written premiums by 16 percent to P2.4 billion.

Despite the earnings decline, the Japan Credit Rating Agency recently assigned GT Capital a foreign currency long-term issuer rating of “A-” with a “stable” outlook. INQ