SM Investments net income down 48%

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SM INVESTMENTS Corp. (SMIC) has ended 2020 with a net income of P23.4 billion, 48 percent lower than P44.6 billion in 2019.

Consolidated revenues stood at P394.2 billion from P502.0 billion in 2019.

The banking and property businesses accounted for 55 percent and 33 percent of net income while retail contributed 12 percent. SM Retail Inc., which consists of non-food (The SM Store and specialty stores) and food stores, reported revenues at P296.8 billion, 19 percent lower than P366.8 billion in 2019. Its net income was lower by 67 percent at P4.1 billion.

SM Prime Holdings, on the other hand, recorded a net income of P18.0 billion from P38.1 billion in 2019.

Revenues were at P81.9 billion from P118.3 billion in 2019. BDO Unibank Inc. posted a net income of P28.2 billion from P44.2 billion in 2019 due mainly to pre-emptive provisions of P30.2 billion set aside against potential delinquencies from the pandemic.

The bank’s net interest income grew 12 percent to P133.7 billion. China Banking Corp., meanwhile, reported a net income of P12.1 billion, 20 percent higher compared to 2019. Its net interest income grew 30 percent to P33.8 billion. (PR)