SM’s total assets rose 7 percent to P1.1 trillion, while gearing ratio stood at 45 percent net debt to 55 percent equity.

SM Investments Corp. booked 26 percent higher net earnings in the January to September period, to P33.1 billion from P26.2 billion in the same period last year, propelled by the double-digit growth in its banking and property subsidiaries.

The Sy-led listed firm said consolidated revenues also rose 14 percent to P350.7 billion from P307.4 billion last year.

Our core businesses continue to deliver notable performance led by banking and property. We are satisfied with our financial results as these reflect the continued growth in our core businesses, SM president Frederic DyBuncio was quoted as saying in a disclosure to the local bourse.

For the first nine months, SM’s banking unit BDO Unibank Inc. accounted for 44 percent of SM’s net earnings, followed by SM Prime Holdings Inc. at 39 percent and SM Retail Inc. at 17 percent.

SM’s total assets rose 7 percent to P1.1 trillion, while gearing ratio stood at 45 percent net debt to 55 percent equity.

BDO registered 49 percent higher net income in the period, to P32.1 billion, with net interest income rising to P88.5 billion. This is aided by a 6 percent increase in customer loans to P2.1 trillion and a 3 percent growth in total deposits, to P2.4 trillion.

On the other hand, China Banking Corp.’s net income grew 21 percent to P6.7 billion supported by net interest income growth of 9 percent to P18.7 billion.

SM Prime’s net profits improved 18 percent to P27.6 billion, with consolidated revenues rising 14 percent to P85 billion. Mall revenues expanded eight percent to P42 billion, while revenues from the residential business led by SM Development Corp. climbed 26 percent to P31.9 billion.

Lastly, SM Retail’s net income declined 1 percent to P7.8 billion due to the new accounting standards, Philippine Financial Reporting Standards 16, which took effect this year.

Without the new standards, net income rose 8 percent as total revenues increase 12 percent to P253.9 billion.