SMIC net income up in H1 2022

BUSINESS conglomerate SM Investments Corp. (SMIC) reported a 27-percent increase in net income overall for the first half of 2022.

Consolidated revenues also rose by 23 percent to P238.5 billion in the first six months from P193.5 billion in the same period last year. In terms of net earnings, its banking subsidiaries accounted for 48 percent, followed by property at 26 percent, retail at 20 percent and portfolio investments at 6 percent.

SM’s retail businesses reported revenues of P163.7 billion and net income of P7 billion in the first half of 2022, higher by 18 percent from P138.2 billion, and higher by 91 percent from P3.6 billion, respectively, in the same period last year, driven by higher foot traffic in retail outlets and malls.

For the property sector, SM Prime Holdings Inc. (SM Prime) reported a 21-percent increase in consolidated net income to P14.1 billion from P11.6 billion in the same period last year, with a 13-percent increase in consolidated revenues to P46.3 billion in 2022 from P41.1 billion last year.

SM Prime’s Philippine mall revenues grew 92 percent to P20.6 billion from P10.7 billion. In addition, mall rental income grew 80 percent to P18.6 billion from P10.3 billion.

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SM Development Corp. (SMDC) reported P18.2 billion revenues, 25 percent lower than P24.5 billion in the same period last year.

SMDC’s reservation sales grew 49 percent totaling 12,327 units sold this year, which is an 8-percent increase with a value of P59.4 billion in the first half of 2022 from P55.1 billion year on year.

SM Prime’s other businesses reported a 49-percent growth in revenues to P4.5 billion from P3 billion. Its office leasing business reported P2.8-billion revenues, 14 percent higher than in 2021, while the hotels and convention centers business reported P1.7-billion revenues, 205 percent higher in the same period last year.

In banking, BDO Unibank Inc. delivered P23.9 billion in net income in the first six months, up 12 percent on strong results across its core businesses.

Net interest income and fee income continued the bank’s growth trajectory, driving pre-provision operating profits higher by 18 percent, while customer loans increased by 9 percent, funded by an 11-percent rise in current account savings account deposits.

China Banking Corp. also posted good results with P10.1 billion in net income, up 39 percent compared to the same period last year, driven mainly by higher net interest income and core fee income, as well as lower provisions.

Its net interest income rose 16 percent to P22 billion on the back of stronger top line revenues and steady movement in interest expense. Outstanding loans increased by 14 percent to P655 billion on the back of significant growth in both corporate and consumer loans. Total deposits increased 14 percent to P945 billion as the bank sustained a 14-percent year-on-year buildup in current and savings accounts.