Assets under management at OCBC Group’s private banking division rose 6% to $54bn (SGD73bn) during the first half of 2015, from $51bn (SGD64bn) a year earlier.
The group’s income from wealth management activities (including insurance, private banking, asset management, stock broking and other wealth management products) increased 11% to SGD1.28bn as at 30 June 2015, compared to SGD1.15bn a year ago.
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OCBC said that wealth management activities contributed 29% of the group’s total income, a level comparable with that of first half of 2014.
Overall, OCBC Bank posted a net profit after tax of SGD2.04bn for the first half of 2015, an increase of 12% from SGD1.82bn a year ago.
The group’s net interest income grew 14% to SGD2.53bn from SGD2.21bn a year ago, largely from an 18% rise in interest-earning assets.
OCBC’s fee and commission income grew 18% to SGD833m from broad-based fee growth.
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By GlobalDataOperating expenses at OCBC rose 22% to SGD1.79bn for the first half of 2015 partly attributable to the consolidation of OCBC Wing Hang.
OCBC Group CEO Samuel Tsien said: "Our results demonstrated the strength of our banking and wealth management franchise, as well as higher insurance contributions from portfolio investment gains. The results also reflected the success of our strategy of diversifying our income base, as we believe a wider geographic and business presence will better position us to benefit from Asia’s continued long-term growth potential."
