The private banking subsidiary of OCBC Bank, The Bank of Singapore, increased its assets under management during 2015 which now stand at S$77 billion.
Oversea-Chinese Banking Corporation Limited (OCBC Bank) reported a net profit after tax of S$3.90 billion for the financial year ended 31 December 2015.
Excluding a one-off gain of S$391 million in FY14, core net profit after tax rose 13percent to a new record, underpinned by higher net interest income, fee and commission income growth, as well as improved trading and investment income.
The Group’s results also included the full year earnings contribution of OCBC Wing Hang, which became a subsidiary in the third quarter of 2014.
Wealth Management Growth
Bank of Singapore’s assets under management increased 7 percent to S$77 billion) from S$67 billion a year ago.
Its earnings asset base, which includes loans that are extended on a secured basis, rose 5 percent to S$96 billion from S$86 billion in 2014.
The Group’s FY15 wealth management income, comprising income from insurance, private banking, asset management, stockbroking and other wealth management products, rose 6 percent to a new high of S$2.35 billion, an increase from S$2.22 billion a year ago.
As a proportion of the Group’s total income, wealth management contributed 27 percent, as compared with 28 percent in Full Year 2014.
«The ongoing economic transformation and slowdown in China have created contractionary pressure on regional economies. Global economic growth was slow and was dampened further by a series of geo-political events. Despite this our well-positioned and diversified banking and insurance franchise has enabled us to continue to achieve sustained growth,» said CEO Samuel Tsien.
