The wealth management parts of the three banks produced strong results in 2019, underscoring Singapore's status in this sector. The figures were collated by the Asian city-state's stock market.

Singapore’s three listed local banks – DBS, Oversea-Chinese Banking Corporation and United Overseas Bank  have a combined market value of more than S$150 billion ($108.7 billion) and account for roughly 20 per cent of daily stock market turnover, figures issued last week show. 

All three banks operate wealth and private banking businesses. The figures showed that wealth management accounted for a larger share of total income in 2019 than a year before, testifying to this sector’s importance for the Asian city-state.

The banks averaged net profit growth of 10 per cent year-on-year for their financial year ended 31 December 2019, ranging from a 13.6 per cent increase for DBS to an 8.4 per cent gain for both OCBC and UOB, Singapore Exchange reported. 

“Over the last few years, Singapore’s three banks have been expanding their wealth management income, which now accounts for an increasing share of non-interest income. For FY19 [financial year], the trio averaged 18 per cent YoY growth in their wealth management income,” the exchange said in a statement. 
DBS

Financial year 2019 wealth management income rose 16 per cent YoY to a new high of S$3.08 billion, as assets under management increased by 11 per cent to $245 billion.

OCBC, parent of Bank of Singapore, the private bank, logged wealth management income – comprising income from insurance, private banking, asset management, stockbroking and other wealth management products – of S$3.4 billion, up by 20 per cent. The income represented 31 per cent of the bank’s total income for the year, up from the 29 per cent share a year before.

Bank of Singapore’s AuM expanded by 15 per cent to $117 billion (S$158 billion), a record.

UOB’s wealth management income totalled S$641 million, up by 18 per cent on a year before. Wealth management income accounted for 31 per cent of UOB’s total net fee and commission income, up from 27 per cent a year before.