Singapore banks' wealth investments finally pay off

Higher income from wealth operations helped banks offset bad loan provisions.

According to Bloomberg, Singapore’s big three banks have invested heavily in their wealth-management businesses over the past year and the results are starting to show.

"Higher income from servicing Asia’s more well-heeled individuals helped DBS Group Holdings Ltd., Oversea-Chinese Banking Corp. and United Overseas Bank Ltd. offset bad-loan provisions and weaker loan margins to post better-than-expected first-quarter profits. OCBC’s wealth-management revenue surged 70 percent from a year earlier, the firm reported Tuesday," added Bloomberg.

Read the full story here.

Also Read

Citi revenue up 49% to $1.7b in 2023 as corporate lending grew

China investment banks report dismal fees as IPOs and M&As fall to decade low

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit

Top News

APAC payments gateway market to rise 30% as cashless economy expands

The market is expected to grow by over 11% between 2023-2027.

Banking Technology

13 hours ago

Trading platform Banxso secures Australian license

It will offer real-time data, analytics tools, and educational resources.

Banking Technology

13 hours ago

Payment firm Nium now a registered financial service provider in New Zealand

It plans to offer virtual accounts, and debit and prepaid cards, amongst other services.

Markets

13 hours ago

Bangkok Bank bookmarked $1.09b in cash for Songkran 2024

The cash was expected to have served over 8,000 ATMs and branches.

Cards & Payments

13 hours ago

Exclusives

Banks grapple through era of disruption by being the disruptor

Companies are facing not just tech transformations but also shorter skill lifespans for their workforce.

Retail Banking

4 days ago

Empathy deficit erodes customers’ trust in banks

Customers who feel valued are willing to spend more for banking products.

Banking Technology

What Makes BNI's API Service Stand Out in the Open Banking Era?

Until December 2023, the bank's application programming interface attracted 4,000 customers and generated transactions worth IDR 828 trillion in the past year.

BPI Private Wealth aims to double assets and capture 25% local HNW market