Conglomerate SM Investments Corp. said Wednesday net income grew 26 percent in the first quarter to P10.7 billion from P8.5 billion in the same period last year on the strong performance of core banking, property and retail businesses.

SMIC said in a disclosure to the stock exchange first-quarter consolidated revenues rose 15 percent to P109 billion from P95 billion a year earlier.

“We continued to deliver double-digit growth to both our top and bottom line in the first quarter. The performance was strong across our businesses, particularly for our banks,” SMIC president Frederic DyBuncio said.

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