Wealth management fee income climbed by 25 per cent on the same quarter of 2023.

Oversea-Chinese Banking Corporation, parent of Bank of Singapore, the private bank, last Friday reported net profit of S$1.97 billion ($1.48 billion) for the third quarter of 2024, rising 9 per cent on a year earlier.

Growth was driven by “robust noninterest income growth and lower allowances. Increased wealth management activities lifted fee and trading income, with insurance income higher as well,” it said in a statement. 

Wealth management fees climbed 25 per cent in the quarter from a year ago, reflecting increased customer activities across all wealth product channels.

DBS’s wealth management income, comprising income from private banking, premier private client, premier banking, insurance, asset management and stockbroking, was S$1.29 billion, 15 per cent higher than the previous year, and contributed 34 per cent to the group’s total income. Group wealth management AuM was S$284 billion, rising 5 per cent from S$270 billion a year ago from both net new money inflows and improved market valuation.