Assets under management (AUM) in Bank of Singapore, the private banking arm of OCBC Bank, remained unchanged in the second quarter.
As net new money inflows were offset by a reduction in the value of AUM due to lower market valuation, AUM remained the same on a quarter-on-quarter basis, OCBC said.
For the period ending 30 June, AUM was $102 billion, unchanged from the first quarter but up 14% from a year ago.
Meanwhile, first half operating profit in OCBC’s global consumer and private banking segment was SG$699 million, a year-on-year increase of 10%.
OCBC’s overall group wealth management-related income for the first six months, comprising revenue from private banking, insurance, asset management, and stockbroking, grew 11% year-on-year to SG$1.49 billion.
Led by growth in wealth management, trade-related and investment banking fees, group fee and commission income in the first half rose 8% to SG$1.6 billion, compared to SG$973 million a year ago.
Wealth management was the biggest source contributing $480 million in fee and commission income.
OCBC chief executive Samuel Tsie said business sentiments have been positive, but the group remains vigilant to geo-political events including increased global trade tensions and the effects of higher interest rates on investment activities and the overall economy.
‘We will remain focused on our strategy of deepening and growing the group’s key markets and network to support our customers,’ he added.
*At the time of writing 1 SGD = 0.73 USD