SM Investments Corp, (SMIC), the listed holding company of Sy family, recorded a 6-percent increase in consolidated net income to P42.6 billion in the first half of 2025 from a year ago, as improving macroeconomic environment boosted the growth of core banking, retail and property businesses.
Six-month revenue also rose 6 percent to P319.2 billion from P301.4 billion in the first half of 2024, SMIC said in a disclosure to the stock exchange Wednesday.
“We continue to see steady growth across our core businesses, supported by favorable macroeconomic conditions in the Philippines,” said SMIC president and chief executive Frederic DyBuncio.
“Bank lending remains strong, and consumer spending in our malls and retail stores continues to rise,” he said.
The conglomerate’s banking business contributed the largest share of earnings at 50 percent followed by property, which accounted for 28 percent and retail by 15 percent.
Portfolio investments, which include Philippine Geothermal Production Company, NEO and 2GO Group Inc., contributed 7 percent to net earnings.
Banking units BDO Unibank Inc and China Banking Corp. earlier reported higher profits in the first semester.
BDO posted a 3-percent rise in net income to P40.6 billion on the back of 7-percent increase in net interest income and a 14-percent growth in gross customer loans.
China Bank also saw net income rise 14 percent to P13 billion as net interest income jumped 15 percent to P34.9 billion.
Property unit SM Prime Holdings delivered record first-half net income of P24.5 billion, up 11 percent year-on-year on the back of increased mall rental income, real estate sales and ancillary revenues.
Meanwhile, net income from retail operations rose 10 percent to P8.4 billion, with revenues increasing 8 percent to P211.8 billion.
Department store sales rose 11 percent due to the shift in school opening to the second quarter, while food retail revenues were up 8 percent to P127.1 billion, boosted by store expansion and volume growth.
DyBuncio said the stable Philippine economy, with 5.4-percent growth in the first quarter and easing inflation, created favorable environment for corporates and consumers.
“Despite global trade uncertainties, overall sentiment remains positive, and we share that optimism for the remainder of the year,” he said.
