MANILA -- SM Investments Corp said Thursday it posted net income of P10.7 billion in the quarter ending March, up 26 percent from the same period last year.
SM's banking units accounted for 42 percent of the group's consolidated net income, followed by property with 40 percent and retail with 18 percent.
BDO Unibank, the country's largest lender, posted net income of P9.8 billion, up 66 percent. China Bank's net income reached P1.9 billion, 24 percent higher than the same period last year.
SM Prime Holdings Inc, which operates the group's property units, booked net income of P8.8 billion during the first quarter, up 16 percent.
The net income of retail units, which include SM Markets, WalterMart, Alfamart convenience stores, and other specialty stores, rose 5 percent to P2.7 billion.
The total assets grew 12 percent to P1.1 trillion at the end of March.