SM Investments Corp. reported a 16 percent drop in first-quarter net income to P6.24 billion from P7.42 billion achieved a year earlier, with its banking arm BDO Unibank posting a profit decline in the absence of significant trading gains.
BDO’s net income in January-March 2014 slumped 46 percent to P5.5 billion from P10 billion recorded in the same period in 2013.
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