SM Investments Corp. on Friday reported a 10-percent increase in consolidated net income for 2025, to P90.5 billion from P82.6 billion a year earlier, with revenue growth backed by steady consumer spending and solid banking results.
SM Investments — the holding company of the Sy family-led SM Group — said consolidated revenues grew 4 percent to P681.7 billion from P654.8 billion in 2024.
The banking segment accounted for 49 percent of consolidated net income, followed by property at 27 percent, retail at 18 percent and portfolio investments at 6 percent.
“Our strong fourth-quarter performance reinforced our full-year results,” SM President and CEO Frederic DyBuncio said.
“This reflected resilient consumer spending, improved operational efficiencies and prudent financial management across our core businesses.”
DyBuncio said the group intended to maintain its expansion strategy while exercising disciplined capital allocation amid continued optimism about the domestic outlook.
“Looking ahead, we remain optimistic about the Philippine growth outlook, supported by easing inflation, steady employment, stable interest rates, and sustained remittance flows,” he said.
Retail arm SM Retail posted a slight 1-percent increase in net income to P21.1 billion, while revenues grew 5 percent to P458.1 billion, supported by steady performance across formats.
Department store growth was steady, backed by strong performance in the children’s category in the fourth quarter, while both food retail and specialty retail registered improvements on sustained consumer spending.
In the banking segment, BDO Unibank, Inc. delivered a record net income of P87.2 billion, up 6 percent from P82 billion in 2024. The bank logged a 9-percent rise in net interest income as gross customer loans expanded by 13 percent to P3.7 trillion and total deposits grew 10 percent.
Asset quality improved as BDO’s non-performing loan ratio declined to 1.68 percent and NPL coverage reached 133 percent.
China Banking Corp., meanwhile, recorded a 13-percent jump in net income to P28 billion, driven by a 12-percent rise in interest income as gross loans increased 13 percent to P1.1 trillion, breaching the P1-trillion mark for the first time.
Total deposits expanded 9 percent to P1.4 trillion, while its NPL ratio held steady at 1.6 percent.
Property unit SM Prime Holdings, Inc. posted a 7-percent rise in net income to P48.8 billion as consolidated revenues reached P141.1 billion. The mall segment topped revenue contributions at P85.1 billion or 60 percent of the total, followed by residential developments at P42.5 billion.
Portfolio investments were primarily driven by Philippine Geothermal Production Company and NEO buildings, which together accounted for more than half of total portfolio income, alongside contributions from 2GO and Goldilocks.
SM Investments reported total assets of P1.8 trillion as of end-2025, up 7 percent year on year, while the gearing ratio remained conservative at 30 percent net debt to 70 percent equity.
Shares of SM Investments rose P4.00, or 0.57 percent, to P705.00 apiece on Friday, outperforming the broader market, which saw the benchmark Philippine Stock Exchange index ending down 0.22 percent.
