SM Investments Corp. (SM Investments) reported a consolidated net income of P60.9 billion for the first nine months, a nine percent increase from P55.9 billion a year ago.

Consolidated revenues also grew by five percent, reaching P462.5 billion, up from P440.4 billion in the previous period.

“We continued to see good growth across our businesses in the third quarter, particularly in banking. With inflation easing, we remain positive. An improving macroeconomic environment should help both our businesses and consumers moving forward,” Frederic C. DyBuncio, president and CEO, SM Investments, said.

Of the total net income, banking accounted for the largest share at 50 percent while property accounted for 27 percent. Retail pitched in 15 percent while portfolio investments contributed eight percent.

Retail levels off

SM Retail reported its net income at P12.8 billion, from P13.7 billion in the previous period.

Retail revenues grew four percent to P301.8 billion from P289.9 billion in the previous period.

Department store performance saw normalization of margins, which remain higher than pre-pandemic levels.

Food retail performance remained positive, with revenue growth of seven percent, supported by better volumes and expansion. Specialty store performance was strong in discretionary categories such as health & beauty and fashion.