OCBC, which recently won its battle to acquire Hong Kong-based Wing Hang Bank, said income from wealth management reached a record of S$1.68 billion in the first nine months of 2014, a 17 per cent year-on-year increase.

Singapore-headquartered Oversea-Chinese Banking Corporation, which recently won its battle to acquire Hong Kong-based Wing Hang Bank, said income from wealth management reached a record of S$1.68 billion ($1.31 billion) in the first nine months of 2014, a 17 per cent year-on-year increase.

As a share of total income, wealth management activities contributed 28 per cent as compared to 29 per cent a year ago.

The bank is parent of Bank of Singapore, the private bank.

OCBC’s private banking business grew, it said in a statement, with assets under management of $51 billion (S$65 billion) as at 30 September 2014, 13 per cent higher as compared to US$45 billion (S$57 billion) a year ago.

The bank reported a net profit after tax of S$1.23 billion for the third quarter, up 62 per cent from S$759 million a year ago. The Q3 earnings included a one-off gain of S$391 million that arose from the group’s increased stake in Bank of Ningbo, which became a 20 per cent-owned associated company on 30 September 2014.

Excluding the one-off gain, OCBC’s core net profit rose 11 per cent.

Q3 core net profit included results of the 97.5 per cent-owned OCBC Wing Hang Bank (formerly Wing Hang Bank), following the completion of the acquisition on 29 July 2014. OCBC Wing Hang’s net profit contribution to the group’s consolidated results for this period was S$38 million, after merger-related adjustments primarily in depreciation and provisions. OCBC Wing Hang  became a wholly-owned subsidiary after quarter-end on 15 October 2014 and was delisted from the Hong Kong Stock Exchange on 16 October 2014.