SM Investments Corp. (SM Investments) reported a consolidated net income of P20.1 billion in the first quarter of 2025, a 9 percent increase from P18.4 billion in the same period last year, driven by strong performances across its banking, property, and retail businesses.
Consolidated revenue for the January-to-March period rose 6 percent year-on-year to P152.0 billion from P143.7 billion.
“We are encouraged by the positive start to 2025,” said Frederic C. DyBuncio, president and CEO of SM Investments. He cited resilient consumer sentiment and easing inflation—down to 1.4 percent in April—as supporting growth. “We remain focused on serving and enabling our local customers and stakeholders,” he added.
Banking contributed 51 percent of the group’s earnings, followed by property at 29 percent, retail at 14 percent, and portfolio investments at 6 percent.
SM Retail posted an 18 percent rise in net income to P3.6 billion, with revenue growing 7 percent to P100.3 billion. Food retail revenue increased 8 percent to P61.5 billion, while non-food retail posted solid gains across department and specialty stores, supported by discretionary spending in health, beauty, and fashion.
BDO Unibank earned P19.7 billion, up from P18.5 billion, on double-digit loan growth and higher fee income. China Banking Corp. saw its net income rise 10 percent to P6.5 billion, underpinned by a 14 percent increase in net interest income. Combined gross loans reached P954 billion, while total deposits grew 8 percent to P1.3 trillion.
SM Prime Holdings saw its net income rise 11 percent to P11.7 billion, with revenues up 7 percent to P32.8 billion. Malls remained the largest contributor at P8.1 billion, while residential and office segments also posted solid gains. Hotels and convention centers grew earnings 17 percent to P362 million.
Income from SM’s portfolio investments was led by NEO (38 percent), Philippine Geothermal Production Company (36 percent), and Belle Corporation (11 percent).
SM Investments ended the quarter with total assets of P1.7 trillion and maintained a conservative gearing ratio of 31 percent net debt to 69 percent equity.
