SM Investments Corp. (SMIC), the listed holding company of the Sy family, delivered a solid start to the year with its consolidated net income growing 33 percent to P17.3 billion in the first quarter on robust contributions across all business units as consumers continued to open their wallets.
Consolidated revenues jumped 21 percent to P138.2 billion.
“This year has started well, continuing the strong momentum of 2022. We are well positioned for continued growth and prepared for any macroeconomic uncertainties,” said SMIC president and CEO Frederic C. DyBuncio.
Given its strong performance, SMIC is going full blast with its regional expansion to reach and serve more Filipinos, he added.
BDO Unibank, the banking arm of the Sy family, delivered impressive financial results with a 41% surge in net income, reaching P16.5 billion. The bank attributed this substantial growth to several key factors, including healthy loan and deposit growth, robust fee-income generation, and improved asset quality.
China Banking Corp. also demonstrated its strength in the market by reporting a three percent increase in earnings to hit P5 billion on the back of its robust asset base expansion, strong net interest income, and lower credit provisions.
SM Prime Holdings, the property arm of the SM Group, achieved a remarkable 27 percent jump in profit to P9.4 billion, fueled by a 20 percent expansion of revenues.
Notably, revenues from the Philippine mall business saw an 88 percent surge, reaching P15.4 billion.
The remarkable growth in rental income of local malls, which soared by 72 percent to P13 billion, can be attributed to increased tenant sales, foot traffic, and the full implementation of rental fees since the second half of 2022.