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Singapore’s top banks boost earnings from wealthy clients



Singapore’s biggest banks are benefiting from the wealthy’s appetite to shift assets and trade in the Asian wealth hub, boosting earnings. DBS Group Holdings reported a 37% increase in wealth management fees to SGD518m (USD391m), outpacing lending income growth. This trend is mirrored by rivals Oversea-Chinese Banking Corp (OCBC) and United Overseas Bank (UOB). DBS’s wealth management gains were driven by a shift from deposits to investments and bancassurance, with assets under management reaching a record SGD396bn. OCBC saw a 13% rise in non-interest income due to strong gains in wealth, trading, and insurance. UOB’s wealth management and loan fee gains offset a dip in lending income.

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