SM Investments Corporation (SM Investments), the country's leading conglomerate, reported its consolidated net income grew 33% to PHP17.3 billion in the first quarter from PHP13.0 billion in the same period last year.

Consolidated revenues in the January to March period increased 21% to PHP138.2 billion, from P113.8 billion in the same period last year.

Banking accounted for 47% of reported net earnings from core businesses, followed by property at 26%, retail at 17% and portfolio investments at 10%.

BDO Unibank, Inc. reported a net income of PHP16.5 billion, up 41% from the same period last year. China Banking Corporation booked a PHP5.0 billion net income for the first quarter, up 3% from the same period last year.

SM Prime Holdings, Inc. (SM Prime) registered a consolidated net income of PHP9.4 billion, 27% higher than the PHP7.4 billion in the same period last year. This is on the back of a 20% growth in consolidated revenues to PHP28.7 billion from PHP23.9 billion. Consolidated operating income rose to PHP13.9 billion, 30% higher than last year's PHP10.7 billion.

SM Prime's Philippine mall business, which accounts for 54% of its consolidated revenues, recorded an 88% increase in revenues to PHP15.4 billion in the first quarter of 2023 from PHP8.2 billion in the first quarter of 2022. The rental income of local malls increased 72% to PHP13.0 billion with the increase in tenant sales and foot traffic and the full charging of rental fees implemented since the second half of 2022.

Revenues of its residential business group, led by SM Development Corp. (SMDC), was lower by 29% to PHP8.5 billion partly due to canceled sales. SMDC's sales take-up rose 15% to PHP35.8 billion.

Revenues of offices, hotels, and convention centers grew 59% to PHP3.2 billion.