GT Capital H1 net income drops 11% to P16.41 billion as auto demand weakens
AI Market Summary
GT Capital reported an 11% H1 net income decline and 15% revenue drop, reflecting softer Philippine growth, high inflation, and weaker auto demand. Metrobank delivered resilient earnings with loan growth and low NPLs, partially offset by a sharp profit decline at Toyota Motor Philippines. The mixed results suggest macro headwinds for consumer-linked activity, but limited broader market transmission beyond local equities.
Impact level
● Low
Affected assets
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● Neutral
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GT Capital reported first-half net income of P16.41 billion, down 11% year on year, as revenue fell 15% to P115.4 billion. The company said a slower economy, high inflation and softer vehicle demand weighed on results, with second-quarter growth slowing to 2.3%. Net interest income rose 12.8% and gross loans expanded 12.4%, but automotive net income fell to P8.4 billion from P12.5 billion.
