RETAIL BANKING | Staff Reporter, Singapore

Singapore banks' wealth management income growth hits 40%

OCBC reported the highest growth at 48%.

According to SGX, for the first three quarters of 2017, the DBS, OCBC, and UOB have averaged 40% YoY growth in wealth management income.

Here's more from SGX:

DBS reported a 33% YoY increase in wealth management fee income for its 9MFY17, to S$739 million (US$548m), due to stronger sales of unit trusts and other investment products.

The S$739 million included S$51 million (US$38m) that would have been previously classified as other non-interest income, representing fees earned from wealth management treasury products sold on open investment architecture platforms.

Oversea-Chinese Banking Corporation’s ("OCBC") wealth management fee income grew 48% YoY to S$636 million (US$472m), which was partly attributable to the acquisition of the former wealth and investment management business of Barclays PLC in Singapore and Hong Kong, acquired in November 2016.

UOB’s wealth management fee income grew 39% YoY to S$405 million (US$300m) for its 9MFY17, on higher sales of treasury products and unit trusts.

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