SM Investments Corporation (SM Investments) reported a 9 percent year-on-year increase in consolidated net income for the first nine months of 2024, reaching P60.9 billion, up from P55.9 billion in the same period last year. Consolidated revenue also grew by 5 percent to P462.5 billion.
The growth was primarily driven by strong performance in the banking and property sectors. The banking segment, which accounted for 50 percent of the company’s net income, saw significant contributions from BDO Unibank (BDO) and China Banking Corporation (China Bank). BDO reported a 12 percent increase in net profit to P60.6 billion, supported by robust growth in its loan portfolio and deposits. China Bank also posted a 13 percent increase in net income, reaching P18.4 billion.
The property segment was another key contributor, with SM Prime Holdings posting a 12 percent rise in net income to P33.9 billion, driven by a strong performance in its mall and residential businesses.
However, the retail division experienced a slight decline in net income, though revenues grew by 4 percent, largely due to strong performance in food retail and specialty stores.
SM Investments remains optimistic about its future prospects, citing easing inflation and a positive macroeconomic outlook as key drivers for continued growth across its diverse business segments.
