SM Investments Corp. (SMIC) reported that its nine-month profit increased, driven by the sustained performance of its banking and property businesses, which helped the conglomerate navigate challenges from weather and flooding.

In a statement on Wednesday, Nov. 12, the Sy family-led holding company said it posted a consolidated net income of ₱64.4 billion in January to September , compared with ₱60.9 billion in the same period a year earlier.

At end-September, consolidated revenues climbed to ₱482.3 billion from ₱462.5 billion.

“The third quarter performance remained within our expectations," Frederic C. DyBuncio, SMIC president and chief executive officer, said.

“Despite the challenges brought about by adverse weather and flooding, we continued to see resilient financial performance across our businesses,” he added.

DyBuncio maintained an optimistic outlook, saying the company will “maintain an optimistic outlook as we move into the fourth quarter” despite external factors that may temper overall economic growth.

Banking accounted for the largest share of SM Investments’ net income at 50 percen, followed by property (28 percent), retail (15 percent), and portfolio investments (seven percent).

BDO Unibank, Inc. (BDO) recorded a net income of ₱63.1 billion, increasing from ₱60.6 billion last year, on the back of sustained core business performance.

Net interest income expanded eight percent as gross customer loans grew 14 percent to ₱3.5 trillion, showing broad-based growth across all market segments.

Deposits expanded 10 percent, with a Current Account/Savings Account (CASA) ratio of 67 percent. Asset quality remained stable, with a Non-Performing Loan (NPL) ratio of 1.77 percent and NPL coverage at 134 percent.

China Banking Corp. posted a net income of ₱20.2 billion, up 10 percent year-on-year, driven by robust core businesses. Net interest income rose 15 percent to ₱53.5 billion.

Gross loans increased 14 percent to ₱994.0 billion, reflecting strong corporate and consumer demand. Deposits rose nine percent to ₱1.4 trillion, securing a stable funding base. NPL cover was 123 percent, higher than the industry average.

SM Prime Holdings, Inc. (SM Prime) reported nine-month profit of ₱37.2 billion, an increase of 10 percent from ₱33.9 billion a year earlier, driven by the higher contributions from the mall and convention center segments.

Total revenues rose four percent to ₱103.4 billion. Malls were the largest revenue source, increasing seven percent to ₱61.0 billion due to the addition of leasable space and higher tenants. Hotels and Convention Centers registered the strongest revenue growth at nine percent to ₱6 billion on the back of higher MICE (meetings, incentives, conventions, and exhibitions) bookings.

The residential segment, however, eased two percent to ₱32.6 billion, attributed to slower revenue recognition from mid-segment developments.

SM Retail reported a slight decline in net income to ₱12.2 billion from ₱12.8 billion in the previous period. However, revenues grew five percent to ₱318.1 billion.

DyBuncio attributed the lower net income to an earlier school opening in June, which shifted some spending from the third to the second quarter.

Despite the shift, specialty retail spending grew in health and beauty, fashion, and kids categories. Food retail revenue grew seven percent, supported by store expansions.

Portfolio investments were primarily driven by Philippine Geothermal Production Co. (30 percent), NEO (26 percent), and 2GO (12 percent). 2GO revenues increased six percent, with net income rising 65 percent, supported by its travel and logistics businesses.

SM Investments' total assets increased four percent to ₱1.8 trillion. Gearing ratio remained conservative with 31 percent net debt to 69 percent equity.