What: SM Investments reported a 33% growth in its net income to PHP17.3 billion in Q1 2023 driven by strong performances from its banking, property, and retail businesses.

Why it is important: The positive results of the conglomerate, which is invested in market-leading businesses in retail, banking, and property, reflect the resilience of consumer demand in the Philippines despite the challenges brought by the pandemic.

SM Investments, the country's largest conglomerate, reported a 33% increase in its consolidated net income to PHP 17.3 billion in Q1 2023, compared to PHP13.0 billion in the same period last year. The conglomerate's revenues in the January to March period rose 21% year-on-year to PHP 138.2 billion.

Meanwhile, the banking segment of the group accounted for 47% of reported net earnings from core businesses, followed by property at 26%, retail at 17%, and portfolio investments at 10%. BDO Unibank, Inc. reported a net income of PHP16.5 billion, up 41% year-on-year, while China Banking Corporation recorded a PHP5.0 billion net income for the first quarter, up 3% from the same period last year.

SM Prime Holdings, Inc. registered a consolidated net income of PHP9.4 billion, 27% higher than the PHP7.4 billion in the same period last year. SM Retail's net income grew 51% year-on-year to PHP3.9 billion, while revenues were up 22% year-on-year to PHP91.2 billion.

SM Investments Q1 net income grows 33%