Profits Rise At OCBC's Private, Consumer Banking Arm

Tom Burroughes

6 November 2019

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For the entire banking group, operating profit after allowances and amortisation fell by 6 per cent to S$1.318 billion, OCBC said in a statement yesterday.

Wealth management non-interest income rose by 11 per cent year-on-year to $265 million, the Singapore-listed group announced yesterday.

For the purpose of the report, non-interest income covers gross fee and commission income, OCBC said.

For the OCBC group as a whole, net fees and commissions for the quarter rose to a new high of S$550 million, rising by 10 per cent from a year earlier. This was driven by higher fees from wealth management, investment banking and remittance services.

Operating costs for the quarter grew by 6 per cent year-on-year to S$1.13 billion from S$1.07 billion, mainly from an increase in staff costs associated with headcount growth as the group continued to invest in digitalisation, technology infrastructure and compliance capabilities.