SINGAPORE - Wealth management fees are a fast-expanding source of income for Singapore's three banks, according to an SGX My Gateway report released on Tuesday (March 1).
Between 2010 and 2015, DBS's fee and commission income from wealth management services rose more than four-fold, while more than doubling for OCBC and UOB.
In 2015, DBS Group Holdings, Oversea-Chinese Banking Corporation and United Overseas Bank earned a combined S$1.52 billion from wealth management, compared to S$527 million in 2010.
Among the three banks, DBS registered the highest fee and commission income from its wealth management services of S$599 million, and the largest year-on-year percentage gain both for the December quarter as well as the full year.
DBS said in its Feb 22 results statement that a strong first half-year in wealth management services more than offset a slower second half when market volatility reduced investment activity.
DBS' wealth management fees accounted for 24 per cent of total 2015 fee and commission income, up from a 22 per cent share the previous year.
In comparison, wealth management fees accounted for 31 per cent of OCBC's total fee and commission income last year, unchanged from the previous year, the bank said in its Feb 17 results statement.
For UOB, wealth management fees accounted for 22 per cent of its total fee and commission income in 2015, also unchanged from 2014.