The global consumer/private banking segment of OCBC Group has posted an operating profit after allowances of SGD749m for the year ended 31 December 2014, up 2% from SGD738m a year ago.
The rise in operating profit was driven by higher net interest income and fee income, the bank said.
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The private banking business has assets under management of SGD67bn at 31 December 2014, up SGD58bn a year ago.
The group’s overall income from wealth management activities (including insurance, private banking, asset management, stock broking and other wealth management products) increased 15% to SGD2.22bn.
OCBC said that wealth management activities contributed 28% of the group’s total income, as compared with 29% in 2013.
Overall, OCBC Bank posted a net profit after tax of SGD3.84bn for the financial year 2014, a jumpy of 39% from SGD2.77bn in 2013.
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By GlobalDataOCBC Group CEO Samuel Tsien said: "Our results demonstrated the diversity and resilience of our core businesses in commercial banking, wealth management and insurance which lifted earnings to a new high."
