Total revenues climbed to P319.2 billion from P301.4 billion, as the group benefited from strong consumer demand and easing inflation.
Management’s view
“We continue to see steady growth across our core businesses, supported by favorable macroeconomic conditions in the Philippines,” said Frederic C. DyBuncio, president and CEO of SMIC.
“Bank lending remains strong, and consumer spending in our malls and retail stores continues to rise,” he added.
SM remains steady despite external headwinds
“The Philippine economy was steady at 5.4 percent growth in the first quarter, while inflation has eased to its lowest level since 2019, creating a more supportive environment for both corporates and consumers,” DyBuncio continued.
"Despite global trade uncertainties, overall sentiment remains positive, and we share that optimism for the remainder of the year,” he said.
Retail, banking lead the way
Retail net income rose 10 percent to P8.4 billion on the back of an 8 percent revenue increase to P211.8 billion, fueled by back-to-school demand and strong food sales.
On the banking front, BDO booked P40.6 billion in earnings, up 3 percent, while China Bank posted a 14 percent jump to P13 billion as loans and deposits expanded across segments.
Property hits record, portfolio units grow
SM Prime’s net income hit a record P24.5 billion, up 11 percent, powered by higher rental income and new mall openings. Malls made up 69 percent of SM Prime’s earnings, with residential and warehouse segments also contributing steady gains.
Meanwhile, investments in firms like Philippine Geothermal and NEO strengthened SM’s portfolio income, reinforcing its long-term diversification strategy.
—Edited by Miguel R. Camus
