Despite the challenging environment the wealth management units of Singapore's largest bank DBS continued their upward trend. The AUM will soon be bulked up again with the imminent ANZ wealth deal.
Singapore bank DBS has reported that its net profit for the third quarter ended September 30, 2016 stood at S$1.071 billion on higher income and lower expenses, compared to S$1.066 billion a year ago.
Wealth Management income at the bank grew 21 percent to SGD 3.20 billion, led by income from bancassurance, loans and deposits.
1MDB Censure and Fine
Income from the Wealth Management customer segment increased 16 percent to SGD 1.26 billion as assets under management grew by 11 percent to SGD 159 billion, putting DBS among the top five banks in the Asia-Pacific.
Earlier this month DBS was fined by the city-state's regulator, the Monetary Authority of Singapore, who imposed financial penalties amounting to S$1 million on DBS for 10 breaches breaches of Anti Money Laundering (AML) requirements and control lapses.
Fintech Enhancing Productivity
«The resilience of our earnings and balance sheet in challenging operating conditions this year underscores the quality of our franchise. Investments to digitise the bank and efforts to manage costs are galvanising into faster productivity gains,» said Piyush Gupta DBS CEO.
