MANILA, Philippines — SM Investments Corp.(SMIC) of the Sy Group grew its first quarter net income by 26 percent to P10.7 billion.

SMIC is the holding company of the Sy family, engaged in property and mall development through SM Prime Holdings Inc., retail through SM Retail Inc. and banking through BDO Unibank and China Bank.

For the first quarter, banks accounted for 42 percent of SM’s consolidated net income, followed by property at 40 percent and retail at 18 percent.