Overseas-Chinese Banking Corporation reported record wealth management income from the first six months of 2015, thanks in part to a surge in assets under management.

Singapore-headquartered OCBC generated a record S$1.28 billion ($935 million) from its wealth management business, which includes private banking and asset management, over the first half of the year.

Wealth management income was up 11 per cent from S$1.15 billion a year ago and made up 29 per cent of OCBC's total income for the half-year.

The group's private banking business, which operates through subsidiary Bank of Singapore, grew assets under management by 6 per cent year-on-year to $54 billion at the end of June.

OCBC-wide performance was equally positive with a 12 per cent year-on-year rise in net profit to S$2.04 billion. 

“Our first half performance was driven by successive quarters of record earnings. Our results demonstrated the strength of our banking and wealth management franchise, as well as higher insurance contributions from portfolio investment gains,” said the group's chief executive, Samuel Tsien, in the results statement.

“While watchful of the possibility of renewed volatility in the global financial markets, we remain focused on our strategy of deepening and growing the group’s network to support our customers.”

The group’s common equity tier one capital adequacy ratio was 14.1 per cent at the end of June, while annualised earnings per share stood at 101.8 cents, down marginally from 102.2 cents a year ago. The board declared an interim dividend of 18 cents per share for the first half of 2015.