Riding on the national economy's consistent growth, conglomerate SM Investments Corp. (SMIC) also saw its first-quarter earnings improve by 6 percent to P18.4 billion from P17.3 billion in the same period last year.

Based on the company's latest financial report, its consolidated revenues for the January to March period also increased by 4 percent to P144 billion from P138.3 billion a year ago.

The banking business accounted for the majority or 52 percent of reported net earnings from core businesses, followed by property at 29 percent, retail at 12 percent, and portfolio investments at 7 percent.

"We continue to benefit from the country's underlying economic growth and we adapt to reflect consumers' evolving spending habits and priorities," SM Investments President and Chief Executive Officer Frederic DyBuncio said on Wednesday.

"Looking ahead, our outlook remains cautiously optimistic and our expansion is on track," DyBuncio added.

BDO Unibank, Inc. reported a net income of P18.5 billion, up 12 percent from the same period last year on the sustained performance of its core businesses.

Net interest income increased 13 percent with gross customer loans up by 13 percent.

Deposits grew 13 percent supported by low-cost Current Account/Savings Account.

China Banking Corporation booked a P5.9 billion net income for the first quarter, up 18 percent from the same period last year, on the robust growth of its core businesses.

Net interest income grew 18 percent year-on-year to P15.0 billion, driven by higher asset yields and loan volume.

SM Retail's net income stood at P3.1 billion from P3.9 billion in the same period last year.

Revenues were up 3 percent to P93.8 billion from P91.3 billion.

Revenues for Food retail increased 6 percent to P57 billion.

In Non-Food retail, revenues of the department store business were at P22.4 billion, lower by 4 percent, and revenues for specialty retail stood at P20.4 billion, lower by 1 percent, as a result of moderate spending by consumers.

SM Prime Holdings, Inc. (SM Prime) reported consolidated net income of P10.5 billion, 11 percent higher than the P9.4 billion in the same period last year.

Consolidated revenues grew 7 percent to P30.7 billion from P28.6 billion in the same period last year.

The mall business, which accounts for 59 percent of consolidated revenues, increased 7 percent to P18.2 billion.

The primary residential business group which accounts for 28 percent of consolidated revenues reported P8.5 billion revenues, 10 percent higher than the same period last year. Reservation sales were at P26.5 billion.

Portfolio investments' net income in the first quarter was driven by Atlas Mining and the NEO Group.

SM Investments expects the portfolio businesses to make a larger contribution to the Group's revenues and earnings over time.

SMIC ended the first quarter with total assets worth P1.6 trillion with a gearing ratio still at a conservative level with 33 percent net debt to 67 percent equity.