Singapore-based OCBC saw wealth management income reach record levels in the first half of 2023, despite subdued client activity.
OCBC’s wealth management income rose 36 percent to a S$2.2 billion in the first half of 2023, according to presentation slides from the bank’s financial results, accounting for 33 percent of total group income. This includes income derived from insurance, private banking, premier private client, premier banking, asset management and stockbroking.
Despite the record achievement, wealth management fee income fell 21 percent year-on-year to S$371 million due to the «continued global risk-off investment sentiments».
Nonetheless, OCBC continued to see growth in assets under management which increased 10 percent to S$274 billion. According to the bank, this was driven by continued net new money inflows.
