Fintech PR

SM Investments grows net income by 25% to PHP 77 billion in 2023

Published

9 months ago

March 5, 2024

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PASAY CITY, Philippines, March 5, 2024 /PRNewswire/ — SM Investments Corporation (SMIC) reported its net income grew 25% to PHP77.0 billion in 2023 from PHP61.7 billion in 2022.

Consolidated revenues increased 11% to PHP616.3 billion from PHP553.0 billion last year.

“SM’s performance as a group last year reflected our ability to stay close to our customers and address their needs regardless of uncertain economic conditions,” said SM Investments President and Chief Executive Officer Frederic C. DyBuncio.

“A key success driver was the healthy spending patterns of Filipino consumers in both essential and discretionary purchases, particularly in fashion, dining and entertainment,” he added.

In terms of net income contribution, banking provided the largest share at 47%, while property accounted for 25%, retail contributed 19% and portfolio investments delivered 9%.

Retail

SM Retail Inc., which consists of grocery, department store and specialty retail, reported revenues of PHP415.0 billion, up 10% on consistent growth across key segments. Net income increased 11% to PHP19.9 billion.

As essential spending continued to be steady, revenues from SM’s Food Group (SM Markets, WalterMart and Alfamart) grew 7%, which contributed almost half of total retail revenue growth. With continuing efficiencies in operations, net income for the food segment increased 21%.

The SM Store revenues increased 16% and specialty retail revenues grew 11%, driven by spending on fashion, health and beauty, pets, toys and other discretionary items.

“This sustained growth is reflective of the spending power of Filipinos. Through our diverse range of brands, we cater to the many needs and wants of our consuming public,” Mr. DyBuncio added.

SM continued to expand its retail footprint to a total of 3,853 retail outlets at the end of 2023. Out of the total 419 new stores opened during the year, 89% were located in provincial areas, reflective of SM’s strategy to tap into growth opportunities in emerging cities in the regions.

Property

SM Prime Holdings posted a PHP40.0 billion consolidated net income in 2023, up 33% from PHP30.1 billion the past year. Consolidated revenues reached PHP128.1 billion, higher by 21% than last year’s PHP105.8 billion.

SM’s mall business, which accounts for 56% of consolidated property revenues, grew 30% in revenues to PHP71.9 billion in 2023 from PHP55.4 billion in 2022. Mall rental income increased by 24% to PHP61.3 billion.

SM’s residential business, led by SM Development Corporation (SMDC), reported an increase in revenues by 8% to PHP43.1 billion. Reservation sales stood at PHP102 billion in 2023, translating to more than 21,000 residential units sold in 2023.

Other key businesses, consisting of offices, hotels, and convention centers, reported an increase of 26% in revenues to PHP13.1 billion.

Banking

BDO Unibank, Inc. delivered a net income of PHP73.4 billion in 2023 from PHP57.1 billion in 2022, from growth across its core businesses. Net interest income grew to PHP186.4 billion as gross customer loans grew by 9% to PHP2.85 trillion with growth across all market segments.

Total deposits increased by 11 % to PHP3.57 trillion, with CASA ratio at 72%. Asset quality continued to improve with non-performing loan (NPL) ratio declining to 1.85% and NPL coverage increasing to 185% with the bank’s conservative provisioning policy.

China Banking Corporation achieved net income of PHP22.0 billion in 2023, up 15% from 2022, bolstered by higher core business revenues. Net interest income increased 17% to PHP53.5 billion as the strong growth in loans and investments offset the significantly higher interest expense. Gross loans grew by 10% to PHP791 billion, with the share of consumer loans to the total loan portfolio now at 23%. On the funding side, total deposits were higher by 11% to PHP1.2 trillion with CASA ratio at 48%.

With the improving economic conditions, the bank reduced loan loss provisions to PHP1.2 billion. Asset quality was stable with a 2.5% non-performing loan (NPL) ratio while NPL coverage remained sufficient at 104%.

Portfolio Investments

SM’s share of the net earnings of its portfolio investment companies grew 6% in 2023 driven by buoyant passenger volumes in 2GO’s shipping business, the leisure and entertainment business of Belle Corp., and growth in Goldilocks Bakeshop.

“Our portfolio companies continue to present solid potential as we invest in emerging sectors that positively impact the economy,” Mr. DyBuncio added.

Balance Sheet

The total assets of SM grew 7% to PHP1.6 trillion. SM maintains a healthy balance sheet with a conservative gearing ratio of 33% net debt to 67% total equity.

About SM Investments Corporation

SM Investments Corporation is one of the leading Philippine companies that is invested in market-leading businesses in retail, banking, and property. It also invests in ventures that capture high growth opportunities in the emerging Philippine economy.

SM’s retail operations are the country’s largest and most diversified, consisting of grocery stores, department stores and specialty retail stores. SM’s property arm, SM Prime Holdings, Inc., is the largest integrated property developer in the Philippines with interests in malls, residences, offices, hotels, and convention centers as well as tourism-related property developments. SM’s interests in banking are in BDO Unibank, Inc., the country’s largest bank, and China Banking Corporation, the fourth largest private domestic bank.

For more information, please visit www.sminvestments.com

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Fintech PR

MarketsandMarkets Appoints Milan Rao as Chief Operating Officer and Chief Revenue Officer, Strengthening Apex Leadership in Line with Ambitious Growth Plans

Published

4 minutes ago

November 25, 2024

CISION (PR Newswire)

marketsandmarkets-appoints-milan-rao-as-chief-operating-officer-and-chief-revenue-officer,-strengthening-apex-leadership-in-line-with-ambitious-growth-plans

DELRAY BEACH, Fla., Nov. 25, 2024 /PRNewswire/ — MarketsandMarkets, a prominent Indian-origin startup recognized by Forbes as one of ‘America’s Best Management Consulting Firms 2023’, has appointed Milan Rao as its Chief Operating Officer (COO) and Chief Revenue Officer (CRO). Milan’s appointment comes as the company continues to scale its innovative AI-based knowledge platform and consulting capabilities and strengthens its apex leadership team, in preparation for its future growth trajectory.

Milan has joined MarketsandMarkets from a distinguished career in the industry, bringing over 25 years of expertise in driving operational excellence and revenue growth at global firms. He has held leadership roles at top-tier organizations, such as Wipro, GE Healthcare and Airtel, where he was instrumental in spearheading transformation strategies for clients in diverse sectors. Milan also has extensive experience in scaling startups and working with PE firms in accelerating growth for start-ups in high-potential markets.

Sandeep Sugla, Founder and CEO of MarketsandMarkets, expressed his enthusiasm for Milan’s appointment: “We are thrilled to partner with Milan in this leadership role. His wealth of experience across large global firms and start-ups is a perfect fit to drive our growth and scale ambitions, globally. Milan’s expertise will be invaluable, as we continue our mission to enable businesses to identify and capitalize on megatrends, such as AI, clean-tech, IoT, and blockchain, which will create transformative opportunities across industries like Technology, IT, Semiconductors, Healthcare, Life Sciences, Energy, Chemicals, Industrial and Automotive sectors.”

Milan’s leadership will be critical in navigating the ongoing global disruptions caused by these megatrends. According to MarketsandMarkets, new revenue sources amounting to approximately USD 25 trillion are expected to emerge by 2030, creating significant growth potential for clients. His dual role as COO and CRO will see him overseeing operational efficiencies, while driving sustainable revenue growth through innovative market strategies and partnerships.

“I’m excited to have joined a company that is at the forefront of identifying and analyzing real-time megatrend impacts across major sectors,” said Milan. “MarketsandMarkets’ AI-based platform is unique in its ability to provide actionable insights to global leaders, enabling them to adapt to and benefit from disruptive shifts. I look forward to building on this foundation and helping our 13,000 global clients stay ahead of the curve in an increasingly dynamic business environment.”

Milan holds an MBA from IIM Calcutta and a bachelor’s degree in computer science from IIT, BHU-Varanasi, and has undertaken an advanced management program from Harvard Business School. He is an active supporter of several social initiatives, focusing on education and healthcare for the underprivileged.

About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America’s best management consulting firms, as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines — TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies — helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact

Mr. Rohan Salgarkar
MarketsandMarkets™ INC.
1615 South Congress Ave
Suite 103, Delray Beach, FL 33445
USA: +1-888-600-6441
Email: [email protected]
Visit Our Website: https://www.marketsandmarkets.com/

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Fintech PR

VERMEG Announces the Sale of its RegTech division “Agile” to Regnology

Published

4 minutes ago

November 25, 2024

CISION (PR Newswire)

AMSTERDAM, Nov. 25, 2024 /PRNewswire/ — VERMEG, a leading provider of software solutions for the financial services industry, backed by Charterhouse Capital Partners, announces today it has entered into an agreement to sell its RegTech division “Agile” to Regnology, a renowned global expert in regulatory compliance. This strategic transaction aligns with VERMEG’s long-term vision to strengthen its focus on its core areas of expertise, Collateral Management and Insurance, while ensuring a promising future for the Agile team under Regnology’s leadership.

For decades, asset servicing has been a cornerstone of VERMEG’s operations, with a comprehensive portfolio that includes corporate actions (OST), Collateral Management, mutual funds (OPCVM), and life insurance. These core offerings have solidified VERMEG’s reputation as a trusted partner to financial institutions worldwide.

The acquisition of Lombard Risk in 2018 marked a pivotal moment in VERMEG’s history, enabling the company to expand into Anglo-Saxon markets and establish itself as the global leader in Collateral Management. This transformation was driven by the complementarity between VERMEG’s and Lombard Risk’s product portfolios and supported by the center of expertise established in Tunisia, which continues to play an instrumental role in VERMEG’s success.

Agile, VERMEG’s regulatory business division, has represented a distinct and specialized segment of the company, accounting for approximately 10% of its workforce. Over the years, Agile has evolved into a best-in-class modular and scalable SaaS platform that delivers end-to-end regulatory reporting solutions, from data ingestion, through calculation to last-mile reporting. Positioned as a high-performing entity in the complex regulatory environment, Agile has garnered industry recognition for its innovation and capabilities.

Through this transaction, Agile will join Regnology, a globally recognized leader in regulatory reporting and supervisory processes. This move enables Regnology to expand its international footprint and leverage the expertise and talent cultivated in Tunisia. The strategic partnership ensures service continuity while creating exciting opportunities for Agile and its team.

For VERMEG, the transaction represents a significant milestone in its strategy to concentrate on its core strengths. By consolidating its leadership in Collateral Management and Insurance, VERMEG will mobilize resources to pursue growth and deliver even greater value to its clients. This strategic realignment underscores VERMEG’s commitment to innovation and excellence in financial technology.

“This transaction aligns with VERMEG’s strategy to ensure long-term sustainability and success for both the company and its employees,” said Badreddine OUALI, co-CEO and Founder. At the same time, VERMEG can focus on strategic initiatives in its core Banking & Market Infrastructure and Insurance divisions, leveraging additional resources to deliver even greater value to our clients.”

About VERMEG

Founded in 1993, VERMEG provides software solutions to over 500 blue-chip clients in more than 40 countries across the banking, insurance, and wealth management industries. The company’s high-quality platform offers best-in-class tools to automate processes and drive digitalization in financial services. Headquartered in Amsterdam with offices in 16 countries, VERMEG employs over 1,000 people worldwide. For more information, visit www.vermeg.com.

About Regnology

Regnology is a leading global provider of innovative solutions for supervisory, regulatory and tax reporting. Over 35,000 financial institutions, 70 regulators and tax authorities rely on our solutions to streamline their processes, enhance data quality, and improve efficiency. Building on our unified data ingestion model, Regnology is uniquely positioned to support regulators in data collection and supervisory processes, and the regulated across the full regulatory reporting value chain. Leveraging the expertise of 900+ employees in 16 countries, we help clients navigate the complexities of an ever-evolving, data-intensive regulatory landscape.

For more information, visit www.regnology.net/.

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Contact:

Donia SAHLI [email protected]

View original content:https://www.prnewswire.co.uk/news-releases/vermeg-announces-the-sale-of-its-regtech-division-agile-to-regnology-302315472.html

Fintech PR

Trust Wallet Integrates Binance Connect to Supercharge Fiat-to-Crypto Transactions, Expanding Access for Millions

Published

4 minutes ago

November 25, 2024

CISION (PR Newswire)

trust-wallet-integrates-binance-connect-to-supercharge-fiat-to-crypto-transactions,-expanding-access-for-millions

DUBAI, UAE, Nov. 25, 2024 /PRNewswire/ — Trust Wallet, the world’s leading self-custody Web3 wallet trusted by over 140 million users, has integrated Binance Connect, Binance‘s official fiat-to-crypto gateway, to streamline access to digital assets and enhance the user journey. This integration offers a seamless experience with direct access to peer-to-peer (P2P) services and robust fiat-to-crypto solutions, all within Trust Wallet’s efficient environment.

With Binance Connect, Trust Wallet users can now access over 300 cryptocurrencies at competitive rates, supported by Binance’s unparalleled liquidity and market reach. This integration streamlines the fiat-to-crypto experience, allowing transactions via credit and debit cards, bank transfers, Binance wallet balance, and Binance P2P trading.

Through this integration, Trust Wallet is enabling users to access a broad range of crypto services from trusted partner merchants, reducing barriers and making it easier for millions to connect to the world of Web3.

Trust Wallet currently supports seven fiat on-ramp solutions, and the addition of Binance Connect supercharges Trust Wallet’s capabilities offering its users a seamless, cost-effective, and accessible way to buy, sell, and manage cryptocurrencies directly within the wallet.

Key Benefits of Binance Connect Integration:

Global Accessibility: Binance Connect expands on-ramp coverage to underserved regions, providing users worldwide with more ways to access cryptocurrencies.
Effortless Onboarding: Binance KYC-verified users enjoy faster access to P2P and fiat services within Trust Wallet, eliminating the need for additional checks.
Cost Efficiency: P2P transactions via Binance Connect are generally more affordable than traditional payment methods, further promoting crypto adoption. Competitive P2P transaction fees make crypto more accessible and encourage regular use.
Robust Currency Support: The integration supports 100+ fiat currencies, 300+ cryptocurrencies, and over 300 payment methods, including both traditional and alternative options.

Eowyn Chen, CEO of Trust Wallet, emphasized the significance of this integration:

“At Trust Wallet we keep working to make Web3 accessible to everyone. By collaborating with Binance Connect, we’re simplifying the journey into the on-chain world, particularly for users in regions where traditional financial infrastructure channels fall short. This integration is a game-changer for empowering self-custodial wallet users globally.”

“Trust Wallet’s integration of Binance Connect demonstrates the power of collaboration in advancing the Web3 ecosystem,” says Thomas Gregory, Vice President of Fiat at Binance. “Together, we are simplifying the user experience for millions worldwide, offering seamless transactions that make digital assets accessible, especially in regions where traditional financial systems face limitations.”

Trust Wallet users can begin using Binance Connect immediately by selecting it as their preferred payment method within the app. From setting up the wallet to completing transactions, the process is intuitive and seamless, regardless of experience level.

To explore the benefits of Binance Connect within Trust Wallet, download Trust Wallet today.

About Trust Wallet

Trust Wallet is the secure, self-custody Web3 wallet and gateway for people who want to fully own, control, and leverage the power of their digital assets. From beginners to experienced users, Trust Wallet makes it possible for millions of people around the world to experience Web3, access dApps, store and manage their crypto and NFTs, as well as buy, sell, and stake crypto to earn rewards — all in one place and without limits.

About Binance Connect

Powered by Binance, Binance Connect is a comprehensive fiat-to-crypto solution that provides access to Binance’s global liquidity and an extensive array of payment methods. Its mission is to simplify access to cryptocurrencies and Web3 services worldwide.