Singaporean banks UOB and OCBC posted a strong pick up in wealth fees in their first-half earnings this week, boosting their total wealth assets.
OCBC saw its wealth management assets under management (AUM) hit a record S$279bn ($210bn), growing 2% from the year-ago period. UOB’s total wealth AUM jumped 10% from a year ago to S$182bn ($137bn).
For the first half, UOB saw wealth income grow 13% to S$336m, while OCBC’s wealth management income rose 17% year on year to S$514m. OCBC’s group wealth management income now accounts for 35% of the group’s first-half total income, up from 33% a year ago.
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