BDO Unibank Inc. turned out to be the prime growth driver of SM Investment Corp.’s (SMIC) net income in 2013, which rose 11 percent to P27.4-billion.
Comparative net income for 2012 was P24.7 billion, SMIC said.
BDO’s strong performance in 2013 was driven by increased earnings from its core businesses and trading gains. It posted a record net income of P22.6 billion for 2013, up 56 percent from the P14.5-billion profit recorded in 2012.
In a disclosure to the Philippine Stock Exchange on Monday, the bank said it also exceeded its P20.4-billion earnings guidance for 2013.
BDO ended 2013 with P1.3 trillion in total deposits, an increase of 44 percent from the previous year. In 2013, BDO opened 52 new branches nationwide.
“With the Philippine economy expected to sustain its growth momentum this year, BDO is fully equipped to realize the promising growth opportunities in its customer segments by capitalizing on its established business franchise and wide distribution network,” the bank said in its disclosure.
Meanwhile, total SMIC assets increased by 13 percent to P632.9 billion.
“SMIC’s full-year earnings for 2013 reflect the overall progressive economic environment of the country which, however, is tempered by competitive dynamics and the effects of continuous climate change,” SMIC President Harley Sy said.
SM Prime Holdings Inc. contributed the next biggest share of 36 percent, or P9.86 billion, to the 2013 income of SMIC.
Property branch SM Prime’s net income also increased by 8 percent to P16.3 billion.
In terms of retail operations, SM Retail recorded profits of P5.6 billion, sourced from its 241 stores nationwide including department stores, food stores, supermarkets, hypermarkets, SaveMore stores, and Walter Mart stores.
“SMIC is constantly evolving to take advantage of the enormous opportunities that are made available by a fast emerging economy. SMIC will remain focused on its core businesses of retail, property and banking with portfolio investments in high-growth emerging sectors,” Sy said.