LT Group Inc. (LTG) reported a 3% rise in net income for the first quarter of the year, reaching P7.49 billion. This increase is largely attributed to robust performance in its banking, tobacco, and liquor divisions.
Philippine National Bank (PNB) was the primary contributor, generating P3.58 billion, accounting for 48% of the group's total attributable income.
Fortune Tobacco Corp. (FTC) followed with P2.85 billion, representing 38% of the total income, while Tanduay Distillers Inc. contributed P572 million.
Other segments, including Eton Properties Philippines Inc., Asia Brewery Inc., and Victorias Milling Co., added smaller amounts to the overall earnings.
PNB and FTC Lead Earnings Growth
PNB's net income climbed 5% to P6.37 billion, driven by increased loan volumes and reduced interest costs.
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The bank's net interest income rose 6% to P13.46 billion, bolstered by higher fees from bancassurance and loans. However, it faced a net loss of P230 million from trading and investment activities.
FTC's income grew by 2% to P2.86 billion, primarily due to increased dividend income from PMFTC Inc., which recently raised cigarette prices following a tax hike.
The government’s intensified efforts against illegal tobacco trade have also contributed to a decline in illicit cigarette sales.
Tanduay's net income increased by 9% to P575 million, thanks to higher selling prices despite weaker sales volumes.
Eton Properties reported a net income of P155 million, citing improved leasing margins and lower operational costs.
In February, LTG declared a total of P3.25 billion in dividends, reflecting a payout rate of 10.4%.