SMIC Jan-Sept profit hits P56B

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SM Investments Corp. recorded profit of P55.9 billion in the first nine months of the year, up  30 percent  from P42.9 billion in the same period last year.

Revenues grew 15 percent to P440.4 billion from P382 billion.

“Our ongoing healthy growth reflects buoyant consumer activity in malls and sustained spending in discretionary retail categories. We look forward to the fourth quarter, while continuing to monitor the impact of food prices and interest rates on consumer wallets,” said Frederic DyBuncio, SM Investments chief executive officer.

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The conglomerate said of the total bottomline, retail accounted for 18 percent; banking, 47 percent;  property, 26 percent and portfolio investments, 9 percent.

SM Retail Inc. posted profit of P13.7 billion, up 19 percent from P11.5 billion. Revenues grew 12 percent to”¯P290.6 billion from P258.4 billion.

“Same-store sales for the department store and specialty retail businesses grew 18 percent and 9 percent respectively, reflective of strong consumer spending in key categories, while store expansion also buoyed growth. Food retail performance remained positive, supported by volume growth and expansion,” the company said.

BDO Unibank Inc.  posted profit of P53.9 billion, up 34.75 percent from P40 billion backed by broad-based growth across its core businesses.

Net interest income hit P137.4 billion with customer loans growing 7.5 percent to P2.7 trillion and deposits expanding 12 percent to P3.4 trillion.

“Non-performing loan (NPL)  ratio remained stable at 1.99 percent despite the higher interest rate environment, while NPL coverage improved to 176 percent. The bank continues to set aside provisions in line with its conservative credit and provisioning policies,” SM Investments said.

China Banking Corp.  posted profit of P16.2 billion, up 10 percent, attributed to  a “robust growth from core businesses and lower loan loss provisions.”

“Net interest income grew by 16 percent to P39.2 billion as the 44 percent surge in top line revenues cushioned the nearly triple increase in interest expense,” SM Investments said.

Gross loans grew 10 percent to P765 billion, driven by the 19 percent expansion in consumer loans, particularly teachers’ loans and credit cards.

 

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