Net income of SM investments increases by 25% to P77 billion in 2023

Business.(Business File photo)

SM INVESTMENTS Corp. (SMIC) reported its net income grew 25 percent to P77 billion in 2023 from P61.7 billion in 2022. Consolidated revenues increased 11 percent to P616.3 billion from P553 billion last year.

In terms of net income contribution, banking provided the largest share at 47 percent, while property accounted for 25 percent, retail contributed 19 percent and portfolio investments delivered nine percent.

SM Retail Inc., which consists of grocery, department store and specialty retail, reported revenues of P415 billion, up 10 percent on consistent growth across key segments.

Net income increased 11 percent to P19.9 billion.

SM Prime Holdings posted a P40 billion consolidated net income in 2023, up 33 percent from P30.1 billion the past year. Consolidated revenues reached P128.1 billion, higher by 21 percent than last year’s P105.8 billion.

BDO Unibank Inc. delivered a net income of P73.4 billion in 2023 from P57.1 billion in 2022, from growth across its core businesses.

Net interest income grew to P186.4 billion as gross customer loans grew by nine percent to P2.85 trillion with growth across all market segments. / PR


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