San Miguel Corp.'s hard liquor unit booked a consolidated net income of ₱6.35 billion in the first nine months of the year, a 17 percent jump from ₱5.44 billion last year, citing price adjustments.

In a disclosure to the Philippine Stock Exchange, Ginebra San Miguel Inc. reported that consolidated revenues in January to September amounted to ₱48.17 billion, a seven percent increase from a year earlier.

Ginabra said the higher revenue was primarily driven by higher selling prices.

As a result, gross profit rose to ₱12.85 billion, up 15 percent compared to the same period last year.

Selling and administrative expenses increased by 10 percent, from ₱4.84 billion to ₱5.35 billion, primarily due to higher costs related to advertising and promotions, as well as other administrative items.

Interest expense and other financing charges increased by 14 percent, from ₱53 million to ₱60 million, mainly due to interest costs associated with long-term employee benefit obligations and bank charges.

Other income increased from ₱286 million to ₱356 million, primarily driven by net tolling revenues.

Meanwhile, Bank of Commerce, an affiliate of San Miguel, reported a 24 percent jump in net income to ₱2.75 billion in the first nine months of the year from ₱2.21 billion in the same period a year earlier.

In a disclosure to the Philippine Stock Exchange, the bank said its “robust performance” was due to “sustained growth across core revenue streams, driven by net interest income and gains from foreign exchange transactions.”

The result translated into a return on equity (ROE) of 10.63 percent. The bank cited effective strategy execution focused on the San Miguel ecosystem, optimized capital utilization, operational efficiency, and disciplined risk management.

At end-September, interest income from loans and receivables, which accounts for more than 70 percent of total interest revenue, rose 14.31 percent to ₱7.99 billion from ₱6.99 billion in the same 2024 period, reflecting sustained expansion in the bank’s lending portfolio.

Interest income from investment securities climbed 15.51 percent to ₱2.36 billion from ₱2.04 billion a year ago, primarily due to an increase in the volume of placements with higher yields.

Similarly, interest income from financial assets nearly tripled to ₱209.40 million from ₱71.77 million recorded in 2024, on the back of additional investments.

Conversely, interest income from “due from Bangko Sentral ng Pilipinas and other banks” declined 16.48 percent to ₱247.24 million from ₱296.01 million due to the impact of recent policy rate cuts. Interest income from interbank loans receivable and the special purpose rediscounting arrangement (SPURA) also dipped 4.37 percent to ₱408.25 million, compared with ₱426.89 million in 2024.