Earnings during the first three months of 2025 grew faster than 6 percent a year ago, driven by its banks that delivered 51 percent of earnings. This was followed by property at 29 percent, retail at 14 percent, and portfolio investments at 6 percent.
The P1.1-trillion holding company said reported total revenues of 6 percent to P152 billion
SM’s CEO wary of uncertainties, positive on Philippines’ growth
“We are encouraged by the positive start to 2025. Consumer confidence remains good and our businesses are well-positioned to serve in all categories. Positive sentiment is supported by falling inflation, which was at 1.4 percent in April,” said SM president and CEO Frederic C. DyBuncio.
“We continue to monitor uncertainties in the global macroeconomic environment, but remain positive about the Philippines. SM remains focused on serving and enabling our local customers and stakeholders,” he added.
Banking more profitable than ever
BDO Unibank earned P19.7 billion, up from P18.5 billion, as loans and service fees continued to grow.
China Bank also delivered strong results, posting P6.5 billion in profit, up 10 percent, with net interest income rising 14 percent to P17.1 billion on higher loan demand and better returns.
Total loans across both banks hit P954 billion, up 19 percent, while total deposits rose 8 percent to P1.3 trillion.
Steady property business
SM Prime’s profit rose 11 percent to P11.7 billion, with revenues reaching P32.8 billion, up 7 percent. Malls led the way, earning P8.1 billion, up 13 percent, thanks to higher foot traffic and demand for leisure activities.
Residential earnings hit P2.1 billion, up 4 percent, while offices and warehouses earned P1.2 billion, rising 15 percent. Hotels and convention centers brought in P362 million, up 17 percent.
Retail, portfolio units hold ground
SM Retail posted an 18 percent jump in profit to P3.6 billion, with total sales at P100.3 billion, up 7 percent. Food retail rose 8 percent to P61.5 billion, while department stores and specialty shops gained 6 to 7 percent, lifted by spending in fashion and beauty.
SM’s portfolio investments added 6 percent to earnings. Key contributors included NEO (38 percent), Philippine Geothermal (36 percent), and Belle Corp. (11 percent).
