SMIC nine-month profit rises to P64.4 billion, led by banks

SY-LED SM Investments Corp. (SMIC) posted a 6% increase in nine-month consolidated net income, driven largely by its banking business.

- Alexandria Grace C. Magno

For the January-to-September period, SMIC’s net income rose to P64.4 billion from P60.9 billion a year earlier, with banking contributing 50% of total earnings, followed by property at 28%, retail at 15%, and portfolio investments at 7%, the company said in a press release on Wednesday.

“The third quarter performance remained within our expectations. Despite the challenges brought about by adverse weather and flooding, we continued to see resilient financial performance across our businesses,” SM Investments Corp. President and Chief Executive Officer Frederic C. DyBuncio said.

“While external factors may temper overall economic growth, we maintain an optimistic outlook as we move into the fourth quarter.”