Banking, property drive SM Investments' profit

Strong contributions from its banking and property businesses bolstered the earnings of SM Investments Corp. (SMIC) in the nine months ending September.

-  RICHMOND MERCURIO

The investment holding company of the Sy family reported a nine-percent rise in net income to P60.9 billion from P55.9 billion in the first three quarters of 2023.

Revenues generated for the period rose by five percent to P462.5 billion from last year's P 440.4 billion.

Banking accounted for the largest share of SMIC's total income at 50 percent, followed by property at 27 percent.

Retail contributed 15 percent of the group's net income, while portfolio investments pitched in eight percent.

"We continued to see good growth across our businesses in the third quarter, particularly in banking," SMIC president and CEO Frederic Dy Buncio said.