PASAY CITY — SM Investments Corporation (SM Investments), the holding company of the SM group, reported a 10 percent increase in its consolidated net income to ₱90.5 billion in 2025 from ₱82.6 billion last year. Consolidated revenues also grew 4 percent to ₱681.7 billion from ₱654.8 billion last year.
“Our strong fourth quarter performance reinforced our full year results,” said Frederic C. DyBuncio, president and chief executive officer of SM Investments. “This reflected resilient consumer spending, improved operational efficiencies, and prudent financial management across our core businesses.”
Banking contributed the largest share of consolidated net income at 49 percent, followed by property at 27 percent, retail at 18 percent, and portfolio investments at 6 percent.
“Looking ahead, we remain optimistic about the Philippine growth outlook, supported by easing inflation, steady employment, stable interest rates, and sustained remittance flows that underpin household incomes and provincial market expansion. The Group will maintain its expansion strategy and disciplined capital allocation, while continuing to strengthen its ecosystem to serve more customers across the country,” DyBuncio added.
Retail
SM Retail reported net income slightly up 1 percent to ₱21.1 billion. Retail revenues grew five percent to ₱458.1 billion from ₱434.5 billion last year.
“Department store growth remained steady, driven by strong performance in the kids category in the fourth quarter. Food retail benefited from sustained spending on essential items. Specialty retail spending saw growth across health and beauty, fashion, kids, and home categories, while the stationery section performed well due to increased gadget purchases,” DyBuncio said.
Department store revenues grew three percent while food retail revenues increased 7 percent. Specialty retail revenues rose four percent.
Banking
BDO Unibank, Inc. (BDO) delivered a record net income of ₱87.2 billion, an increase of 6 percent from ₱82.0 billion last year, driven by the solid performance of its core businesses.
Net interest income grew 9 percent as gross customer loans climbed 13 percent to ₱3.7 trillion, supported by double-digit growth across all market segments. Total deposits expanded 10 percent, with a Current Account/Savings Account (CASA) ratio of 68 percent.
Asset quality improved, with the Non-Performing Loan (NPL) ratio declining to 1.68 percent. NPL coverage stood at 133 percent.
China Banking Corporation reported net income grew 13 percent to a record ₱28 billion, driven by the bank’s core businesses. The bank’s core lending business served as the main driver, with interest income climbing 12 percent to ₱105.2 billion.
Gross loans, which hit the ₱1 trillion mark for the first time, increased 13 percent to ₱1.1 trillion on strong demand from both the corporate and consumer segments. Deposits grew 9 percent to ₱1.4 trillion, supported by a current account and savings account ratio of 48 percent.
The Non-Performing Loan (NPL) ratio was steady at 1.6 percent, with an NPL coverage ratio of 109 percent, well above the industry average.
Property
SM Prime Holdings, Inc. reported its net income expanded to ₱48.8 billion in 2025, up 7 percent from ₱45.6 billion the previous year. Growth was driven by stronger commercial property revenues and disciplined cost management.
Consolidated revenues reached ₱141.1 billion, slightly higher than ₱140.4 billion in the previous year. The mall segment contributed ₱85.1 billion, accounting for 60 percent of total revenues, followed by residential at 30 percent (₱42.5 billion), hotels and convention centers at 6 percent (₱8.5 billion), and offices and warehouses at 4 percent (₱5.4 billion).
Portfolio Investments
The portfolio investments’ performance was driven by Philippine Geothermal Production Company and NEO buildings, which together contributed 56 percent of total portfolio income, followed by 2GO and Goldilocks, with a combined 20 percent contribution.
Balance Sheet
Total assets of SM Investments increased 7 percent to ₱1.8 trillion. The gearing ratio remained conservative at 30 percent net debt to 70 percent equity. PR