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News - Detailed News Story

UOB

Stock Chart
Last Done 24.480
Change -0.790 (-3.13%)
Volume 8,761.5
Range 24.430 - 24.950

OCBC Bank

Stock Chart
Last Done 10.600
Change -0.300 (-2.75%)
Volume 21,333.8
Range 10.600 - 10.740

DBS

Stock Chart
Last Done 24.110
Change -0.710 (-2.86%)
Volume 11,038.9
Range 24.110 - 24.490

S'pore banks can be the rock for wealth clients

15 Aug 2019 09:00

By Jamie Lee

SINGAPORE banks took analysts by surprise with their strong second quarter performance in wealth management.

Despite the fear of a risk-off sentiment in the market, the trio reported higher assets under management from their affluent clients in the second quarter, up 8-9 per cent from a year earlier. All three also posted stronger wealth management fees compared to the corresponding quarter last year as well as the first quarter.

The Singapore banks are increasingly dependent on wealth management as a driver of fees income. Citi Research's analysis of the Singapore banks' most recent results showed that wealth-related fees in the first-half of 2019 made up 37 per cent of DBS Bank's core fees, 48 per cent of OCBC Bank's core fees, and 35 per cent of Uunited Oversea Bank's core fees.

Will there be more room for Singapore banks to play in this space? Based on what they are doing, the answer is yes.


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Source: Business Times
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