Singapore-based OCBC’s wealth management business saw robust growth in 2024 with income and assets under management reaching a new high.
OCBC’s wealth management income rose 13 percent year-on-year to a new high of nearly S$4.9 billion ($3.7 billion) in 2024, according to a presentation the bank’s financial results. This included S$3.5 billion from banking and S$1.4 billion from insurance. Wealth income accounted for 34 percent of the group’s overall income, compared to 32 percent in end-2023.
Wealth management income includes consolidated income from private banking, premier private client, premier banking, insurance, asset management and stockbroking.
Asset Growth
In addition, the Singapore lender’s wealth assets also reached a new high of S$299 billion, up 14 percent. This was driven by net new money inflows and positive market valuation.
In 2024, the bank as a whole posted a record net profit of S$7.6 billion, marking an 8 percent increase compared to the previous year.
