Economy · August 7, 2022

SMIC net profit up in the first half of 2022

COMMERCIAL conglomerate SM Investments Corp. (SMIC) recorded an overall 27% increase in net profit for the first half of 2022.

Consolidated revenues also increased 23% 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 bank branches accounted for 48%, followed by real estate at 26%, retail at 20% and portfolio investments at 6%.

SM’s retail business reported revenues of £ 163.7 billion and net profit of £ 7 billion in the first half of 2022, up 18% from £ 138.2 billion and £ 91 respectively. % compared to £ 3.6 billion in the same period last year, driven by the increase in foot traffic in retail outlets and shopping centers.

For the real estate sector, SM Prime Holdings Inc. (SM Prime) recorded a 21% increase in consolidated net profit to P14.1 billion from P11.6 billion in the same period last year, an increase of 13%. of consolidated revenues to P46.3 billion in 2022 from P41.1 billion last year.

SM Prime’s Philippine shopping mall revenue grew 92% to £ 20.6 billion from £ 10.7 billion. In addition, shopping center rental income grew 80% to £ 18.6 billion from £ 10.3 billion.

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SM Development Corp. (SMDC) posted sales of £ 18.2 billion, 25% less than £ 24.5 billion in the same period last year.

SMDC’s booking sales grew by 49% to a total of 12,327 units sold this year, an 8% increase to a value of £ 59.4bn in the first half of 2022 from £ 55.1bn. pounds year after year.

SM Prime’s other businesses recorded 49% revenue growth from P4.5 billion from P3 billion. Its office leasing business recorded revenues of P2.8 billion, 14% more than in 2021, while the hotel and convention center business recorded revenues of P1.7 billion, 205% more in the same period of the year. Last year.

In the banking sector, BDO Unibank Inc. made a net profit of 23.9 billion pounds in the first six months, up 12% thanks to positive results in its core businesses.

Interest margin and fee and commission income continued the bank’s growth trajectory, driving forward-looking operating profits to an 18% increase, while customer loans increased by 9%, funded by an 11% increase. deposits in savings current accounts.

China Banking Corp. also performed well with P10.1 billion in net profit, up 39% over the same period last year, mainly driven by higher interest margin and base fees, as well as lower provisions. .

Its net interest income climbed 16 percent to £ 22 billion on the back of higher topline revenues and the steady movement of interest expense. Outstanding loans increased 14% to £ 655 billion on the back of significant growth in business and consumer lending. Total deposits increased 14% to £ 945 billion as the bank sustained a 14% year-over-year build of checking and savings accounts.