Resilient consumer spending and steady banking performance drove SM Investments’ first-half results, with net income rising 6 per cent to US$766 million and revenue climbing 6 per cent to $5.74 billion.

“We continue to see steady growth across our core businesses, supported by favourable macroeconomic conditions in the Philippines,” said president and CEO Frederic DyBuncio.

He added that easing inflation and a 5.4 per cent first-quarter GDP growth provided a more supportive environment for corporates and consumers.

SM Retail recorded a 10 per cent profit increase to $151.2 million, as revenue rose 8 per cent to $3.81 billion. Food retail led growth with an 8 per cent lift to $2.29 billion, supported by higher sales in department stores and specialty formats, particularly back-to-school and health and beauty.

SM’s banking units also delivered steady growth, with BDO Unibank reporting a 3 per cent increase in net income to $731 million, while China Banking Corporation’s earnings rose 14 per cent to $234 million, driven by stronger asset yields and higher loan volumes.

The company’s property arm, SM Prime Holdings delivered an 11 per cent increase in profit to a record $441 million, driven by rental income, property sales, and ancillary revenues.

Within portfolio investments, Philippine Geothermal Production Company contributed 35 per cent of income, followed by Neo at 30 per cent and 2GO at 16 per cent.

“Despite global trade uncertainties, overall sentiment remains positive, and we share that optimism for the remainder of the year,” DyBuncio concluded.

SM Investments Corporation is a Philippine conglomerate with core businesses in retail, banking, property, and investments. Its retail arm is the country’s largest, spanning grocery, department stores, and specialty formats.