Assets Under Management Surge At Bank Of Singapore

Tom Burroughes

15 February 2018

Bank of Singapore’s assets under management rose by 25 per cent to $99 billion at the end of last year from a year before, buoyed by net new money inflows and rising markets.

The private bank, which is part of Singapore-headquartered , said its earnings asset base, which included secured loans, likewise rose 25 per cent to $121 billion from $97 billion the previous year.

OCBC’s 2017 wealth management income, comprising income from insurance, private banking, asset management, stockbroking and other wealth management products, rose 43 per cent to a new high of S$3.25 billion ($2.46 billion). As a proportion of the group’s total income, wealth management income contributed 34 per cent, as compared to 27 per cent in 2016.

Across the entire OCBC group, it reported a net profit after tax of S$4.15 billion for the financial year ended 31 December 2017, up by 19 per cent from S$3.47 billion a year ago, beating the S$4 billion mark for the first time. The group’s Common Equity Tier 1 capital adequacy ratio, Tier 1 CAR and Total CAR - common measures of a bank’s financial strength - as at 31 December 2017 were 13.9 per cent, 14.9 per cent and 17.2 per cent respectively.