SMIC nets P20.1B in Q1, led by banking businesses

Interior of The Podium Mall, SM Prime’s Premium Shopping Destination in Mandaluyong

MANILA, Philippines — SM Investments Corp. (SMIC), the country’s largest conglomerate, posted a 9-percent growth in its first-quarter net income to P20.1 billion as consumption improved.

The Sy family-led company said in a regulatory filing on Wednesday its revenues during the period had likewise climbed by 6 percent to P152 billion.

“Consumer confidence remains good and our businesses are well-positioned to serve in all categories,” SMIC president and CEO Frederic DyBuncio said in their disclosure.

DyBuncio added that falling inflation likewise contributed to positive consumer sentiment.

Banking accounted for 51 percent of earnings, followed by property at 29 percent, retail at 14 percent and portfolio investments at 6 percent.

READ: SMIC launches P60-B share buyback program

Q1 growth seen across the board

SM Retail’s net income expanded by 18 percent to P3.6 billion, driven by spending across all categories.

BDO Unibank Inc.’s bottom line rose by 7 percent to P19.7 billion, buoyed by its lending business.

Meanwhile, China Banking Corp. recorded a 10-percent jump in earnings to P6.5 billion, also due to higher loan demand, which offset increased interest expenses.

Real estate giant SM Prime Holdings Inc. netted P11.7 billion during the period, up by 11 percent on higher gains from its malls.

As of end-March, SMIC’s total assets stood at P1.7 trillion.