SM Investments Corporation, the flagship of the Sy family, posted a 27 percent growth in consolidated net income to P12 billion in the first quarter of 2022 from P9.5 billion in the same period last year.

In a disclosure to the Philippine Stock Exchange, the firm said its consolidated revenues in the first quarter increased 16 percent to P112.1 billion from P96.9 billion in the same period last year.

“Our financial performance in the first quarter showed continued recovery momentum with accelerating revenue and net income growth,” SM Investments President and CEO Frederic C. DyBuncio said.

He noted that, “As a group we are delivering pre-pandemic performance, with strong recovery continuing in our businesses that were hardest hit by the pandemic. While there are still headwinds from geopolitical risks, we continue to see consumer confidence gaining momentum.”

Banks accounted for 49 percent of SM Investments’ consolidated net income, followed by property at 29 percent and retail at 16 percent. Portfolio investments contributed 6 percent.

“Our portfolio investments provide us good growth opportunities as we continue to look for further investments in high growth areas in the Philippines,” DyBuncio added.

Growth in SM’s portfolio investments was led by Atlas Consolidated Mining and Development Corporation which reported a 191 percent jump in net income to P1.22 billion for the first quarter, boosted by higher production and higher metal prices.

SM Retail reported first quarter revenues of P74.5 billion, higher by 6 percent compared to P70.0 billion in the same period last year.

Overall retail revenues are 94 percent of pre-pandemic revenues, indicating pent-up demand especially for non-food items since the fourth quarter of last year with the easing of alert levels.

Specialty stores in particular performed well with revenues up 11 percent and net income higher by 52 percent. Food retail remained stable, reflective of underlying consumer resilience.

Overall, retail net income grew 61 percent to P2.6 billion from P1.6 billion the previous year.

SM Prime Holdings, Inc. (SM Prime) reported consolidated net income at P7.4 billion in the first quarter, up 15 percent from P6.5 billion in the same period last year.

BDO Unibank, Inc. (BDO) posted a 13 percent increase in net income to P11.7 billion in the first quarter, driven by the bank’s core businesses.

China Banking Corporation (China Bank) recorded net profits of P4.9 billion in the first quarter of 2022, 37 percent more compared to the same period last year.