Manila: Favorable macroeconomic environment boosted SM Investments Corporation's (SM Investments) net income in the first six months this year to PHP42.6 billion, up by six percent. The listed firm, in a disclosure with the Philippine Stock Exchange (PSE), posted PHP319.2 billion consolidated revenues as of end-June this year.

According to Philippines News Agency, SM Investments president and chief executive officer Frederic DyBuncio highlighted the steady growth across the company's core businesses, attributing it to supportive macroeconomic conditions in the Philippines. DyBuncio noted the Philippine economy's 5.4 percent growth in the first quarter and the easing of inflation to its lowest level since 2019, which fostered a supportive environment for both corporates and consumers. Despite global trade uncertainties, the overall sentiment remains optimistic for the rest of the year.

The company reported that banking accounted for half of its net earnings in the first half of the year. DyBuncio emphasized the robustness of bank lending and the rising consumer spending in SM Investments' malls and retail stores. Property emerged as the second contributor to the income jump, accounting for 28 percent of the total, followed by retail at 15 percent and portfolio investments at 7 percent.

Specifically, the net income of SM Retail rose 10 percent to PHP8.4 billion, BDO Unibank Inc. by 3 percent to PHP40.6 billion, and SM Prime Holdings, Inc. (SM Prime) by 11 percent to a record-high PHP24.5 billion.