MANILA – SM Investments Corp (SMIC) said its net income grew 6 percent in the first quarter to P18.4 billion from P17.3 billion in the same period last year.  

The Sy-led conglomerate disclosed to the stock market that its consolidated revenues for the January to March period increased 4 percent to P144 billion.

Banking accounted for 52 percent of reported net earnings from core businesses, with BDO Unibank's reported net income growing 12 percent to P18.5 billion, and China Banking Corp booking a P5.9 billion net income, up 18 percent.  

SM Prime Holdings, the group's property arm and the biggest mall operator in the Philippines, meanwhile reported consolidated net income of P10.5 billion, 11 percent higher than in the same period last year, the company said.

SM Retail’s net income meanwhile slipped to P3.1 billion from P3.9 billion in the same period last year.

“We continue to benefit from the country’s underlying economic growth and we adapt to reflect consumers’ evolving spending habits and priorities,” said SM Investments President and CEO Frederic DyBuncio.

SMIC's expansion is on track and the company is "cautiously optimistic" about the year, DyBuncio said.