SM Investments Corp., the holding firm of the Sy family, on Wednesday reported consolidated net income growing 33 percent to P17.3 billion in the first quarter from P13 billion last year.
Consolidated revenue for period increased 21 percent to P138.2 billion, from P113.8 billion last year.
“This year has started well, continuing the strong momentum of 2022. We are well positioned for continued growth and prepared for any macroeconomic uncertainties. Meanwhile the whole group is pushing ahead with regional expansion plans to serve more Filipinos,” SMIC president and CEO Frederic C. DyBuncio said.
Banking accounted for 47 percent of net earnings from core businesses, followed by property at 26 percent, retail at 17 percent and portfolio investments at 10 percent.
BDO Unibank Inc. reported net income of P16.5 billion, up 41 percent from the same period last year on the back of solid loan and deposit growth, robust fee-income generation and improved asset quality.
China Banking Corp. booked a P5 billion net income for the same period, up 3 percent from last year, driven by robust asset base expansion, strong net interest income and lower credit provisions.
SM Prime Holdings Inc. registered consolidated net income of P9.4 billion, 27 percent higher than only P7.4 billion in the same period last year. Consolidated revenue grew 20 percent to P28.7 billion from P23.9 billion.
SM Retail net income grew 51 percent to P3.9 billion from P2.6 billion. Revenue was up 22 percent to P91.2 billion from P74.5 billion as consumer purchasing power stabilized despite higher inflation.
Its department store business proved strong as improving employment continued to support spending. Food retail was likewise strong with constant spending on food essentials. Specialty retail growth was also driven by discretionary spending on fashion, accessories and sports items.
Portfolio investments continued to contribute to revenues and net income, gaining momentum from the turnarounds from last year.
SM Investments expects the portfolio businesses to make a bigger contribution to the group’s revenues and earnings over time, the company said.
