MANILA, Philippines — The country’s largest conglomerate SM Investments Corp. grew its first quarter net profit by 26 percent year-on-year to P10.7 billion on higher earnings across its retail, property and banking businesses.

The three-month consolidated revenues of the Sy family-led conglomerate rose by 15 percent year-on-year to P109 billion, SMIC disclosed to the Philippine Stock Exchange on Wednesday.

“We continued to deliver double digit growth to both our top and bottom line in the first quarter. Performance was strong across our businesses, particularly for our banks,” SMIC president Frederic DyBuncio said in a disclosure to the Philippine Stock Exchange.

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