1H 2023 Earnings Briefing
August 9, 2023
SMIC 1H 2023 Consolidated Results
- Strong consumer sentiment on the back of a positive economic environment
- Conservative gearing and strong balance sheet maintained
- Portfolio investments contribute 10% of total earnings
Portfolio
Investments
SM Investments | 1H 2023 | Chg |
Revenues | 286.3 | 18% |
Earnings | 36.5 | 32% |
Assets | 1,507.8 | 2% |
Net Debt:Total Equity | 36 : 64 | |
Figures in PHP B except percentages |
10%
Retail
17%
Net Income 47%
Mix
26%Banking
Property
1
Banking - BDO
- Earnings momentum sustained
- 1H 2023 ROCE at 15.1%
- Improving asset quality
- NPL ratio stable
- NPL Cover at 174%
- Comfortable capital position
BDO | 1H 2023 | Chg |
Net Income | 35.2 | 47% |
Net Interest Inc. | 89.5 | 29% |
Other Income | 38.2 | 11% |
Gross Loans | 2,665.3 | 8% |
Deposits | 3,295.8 | 12% |
NIM | 4.65% | |
NPL Ratio | 1.95% | |
CET 1 | 13.9% | |
CAR | 15.0% | |
Figures in PHP B except percentages |
2
Banking - China Bank
China Bank | 1H 2023 | Chg |
Net Income | 10.8 | 7% |
Net Interest Inc. | 25.5 | 16% |
Other Income | 1.7 | -48% |
Gross Loans | 745.0 | 11% |
Deposits | 1,121.0 | 19% |
NIM | 4.23% | |
NPL Ratio | 2.23% | |
CET 1 | 15.2% | |
CAR | 16.1% | |
Figures in PHP B except percentages |
- Growth driven by robust core business and maintained good asset quality ratios
- NPL at 2.2%
- NPL coverage at 122%
- Double digit ROE of 15.9%
- Cost-to-Incomeratio at 50.0% despite higher investments in technology and manpower
- Strong capital ratios
3
Retail
SM Retail | Revenue | Chg | NI | Chg |
Total Retail | 188.9 | 15% | 8.4 | 21% |
SM Store | 48.2 | 27% | 1.3 | 45% |
Specialty | 42.7 | 18% | 3.4 | 29% |
Food Group | 110.3 | 10% | 4.8 | 16% |
Figures in PHP B except percentages |
- Strong consumer demand boosted by macro environment improving inflation and record low unemployment
- Net income grew by 21% driven sales growth in Non-Food discretionary categories sales, both in SM Store and Specialty Stores
- Non-foodsales through other channels at 8.6%, led by Call-to-Deliver
4
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Disclaimer
SM Investments Corporation published this content on 09 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 August 2023 07:38:01 UTC.