SM Investment first quarter net income up 5 percent to P9.5 billion

ABS-CBN News

Posted at May 05 2021 02:36 PM

MANILA – SM Investments Corp said Wednesday its consolidated net income for the first quarter of the year rose 5 percent to P9.5 billion compared to P9 billion in the same period last year.

Consolidated revenues from January to March reached P96.9 billion, down 13 percent from P111.2 billion in the same period last year, the Sy-led group said in a disclosure to the stock exchange.

Banking accounted for 54 percent of the reported net profit followed by property and retail, SMIC said.

BDO Unibank Inc’s net income was up 19 percent for the first quarter to P10.4 billion while China Banking Corp’s net income rose 61 percent to P3.6 billion, SMIC said.

“As our businesses adapt to a challenging operating environment and broader economic uncertainties, we continue to innovate and find new ways to service our customers’ needs. We have reduced our operating costs and are benefiting from the high levels of cost efficiency that we focused on during the last twelve months,” SMIC President and Chief Executive Officer Frederic C. DyBuncio said. 

The SM group earlier announced it would vaccinate employees for free. Select branches of SM Supermalls also partnered with the government to serve as vaccination sites.

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