Financial Results

OCBC's Wealth Profits Rise

Editorial Staff 13 November 2023

OCBC's Wealth Profits Rise

The wealth arm of the bank includes business groups including Bank of Singapore.

Oversea-Chinese Banking Corporation, parent of Bank of Singapore, has reported wealth management income – comprising insurance, private banking, premier private client, premier banking, asset management and stockbroking – grew 16 per cent to S$1.12 billion ($823 million) in the third quarter.

The wealth arm of OCBC made up 33 per cent of the banking group’s income in the latest quarter, OCBC said in a statement last Friday. 

Wealth management assets under management expanded 8 per cent from a year ago to S$270 billion as at 30 September, mainly caused by positive inflows of net new money, it continued. 

At the OCBC group level, the Singapore-listed conglomerate said it booked a net profit of more than S$1.81 billion, rising 21 per cent from a year earlier. For the nine months to end-September, profit rose 32 per cent year-on-year.

At the end of September, OCBC said it had a Common Equity Tier 1 capital ratio – a bank’s “buffer” against financial shocks – of 14.8 per cent. The liquidity coverage ratio was 159 per cent, the bank said. 

Bank of Singapore operates in a number of jurisdictions, besides its home base. See this story here.

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