Reports
Trusts, Investments Sales Boost DBS Wealth Earnings
The firm also said its assets under management increased in 2017.
Singapore-based DBS Bank’s wealth management saw its segment income grow 25 per cent year-on-year to reach S$2.11 billion ($1.59 billion) in Q4 2017.
The firm’s wealth arm assets under management rose 24 per cent YOY, which came in at S$206 billion.
Wealth management net fee and commission income stood at S$966 million for the year, a 35 per cent increase from 2016. The net fee and commission income increased 44 per cent YOY from S$158 million in Q4 2016 to S$227 million in Q4 2017.
The firm said growth was due to higher sales of unit trusts and other investment products.
The wealth management and consumer banking division logged S$1.95 billion profit before tax in 2017 from S$1.77 billion in 2016.
DBS Group’s overall full-year 2017 net profit rose 4 per cent to S$4.39 billion.
