SM Investments Corporation (SM Investments) posted a consolidated net income of PHP20.1 billion in the first quarter of 2025, marking a 9% increase from PHP18.4 billion in the same period last year. Consolidated revenues for the January to March period rose 6% to PHP152.0 billion, up from PHP143.7 billion in the first quarter of 2024.

Banking accounted for 51% of reported net earnings, followed by property at 29%, retail at 14% and portfolio investments at 6%.

BDO Unibank, Inc. reported net income increased to PHP19.7 billion from PHP18.5 billion in the same period last year. China Banking Corporation sustained its momentum from strong core business growth, posting PHP6.5 billion in net income, up 10% from the same period last year.

SM Prime Holdings, Inc. (SM Prime) reported net income grew 11% to PHP11.7 billion from PHP10.5 billion in the same period last year, driven by steady revenue growth, margin improvement and disciplined cost management. Total revenues rose 7% to PHP32.8 billion from PHP30.7 billion.

Malls accounted for 69% of earnings and delivered PHP8.1 billion, up 13% from PHP7.2 billion, fueled by increased foot traffic, high occupancy and growing interest in experiential offerings.

Residential earnings rose 4% to PHP2.1 billion from PHP2.0 billion, accounting for 18% of net income. The office and warehouse segment contributed 10% to total net income, with earnings rising 15% to PHP1.2 billion from PHP1.0 billion last year. Hotels and convention centers contributed 3%, posting a 17% increase to PHP362 million from PHP309 million.

"We are encouraged by the positive start to 2025. Consumer confidence remains good and our businesses are well-positioned to serve in all categories. Positive sentiment is supported by falling inflation, which was at 1.4% in April," said Frederic C. DyBuncio, President and Chief Executive Officer of SM Investments.

"We continue to monitor uncertainties in the global macroeconomic environment, but remain positive about the Philippines. SM remains focused on serving and enabling our local customers and stakeholders," Mr. DyBuncio said.