SINGAPORE - DBS Bank continues to see its wealth management business grow, with strong year-on-year performances, the lender said on Friday.
From 2009 to last year, wealth management incomes rose at a compound annual growth rate of 18 per cent, it said.
Wealth management has also contributed more to group revenues, from 9.7 per cent in 2012 to 10.3 per cent last year.
The DBS Treasures Private Client segment's contributions to the wealth management business has also expanded from 3 percent in 2011 to 18 per cent last year.
The bank's target is to grow this segment such that it makes up about 25 per cent of the total income of the wealth management business by next year.
The DBS Treasures Private Client segment caters to those with at least $1.5 million in investible assets and who need more sophisticated investment offerings along with everyday transactional capabilities, and is offered in the Singapore and Hong Kong markets.
Mr Koh Kar Siong, regional head of DBS Treasures and Treasures Private Client, said Singapore still makes up the bulk of the DBS Treasures Private Client business.
He added that he is confident that the clients of this segment will continue to grow at a year-on-year rate of 15 to 20 per cent.