Results from the wealth management arm, including Bank of Singapore, contributed to broadly stronger figures for the first quarter.

Oversea-Chinese Banking Corp said yesterday its wealth management business – which includes Bank of Singapore – logged a 22 per cent rise, year on year, in first-quarter income to S$727 million ($544 million).  

Bank of Singapore’s assets under management increased 19 per cent in Q1 to $102 billion (S$133 billion) as at 31 March 2018, from $85 billion (S$119 billion) of the previous year (AuM figures are reported in US dollars). As a proportion of the group’s total income, wealth management income which included income from insurance operations, contributed 31 per cent, up from 28 per cent a year ago.

Across OCBC as a whole, it reported net profit after tax of S$1.11 billion for the first quarter of 2018, an increase of 29 per cent from S$861 million a year ago. The performance was underpinned by strong net interest income growth, higher wealth management income, lower allowances and increased contributions from the group’s overseas banking subsidiaries.

“Business sentiments have been positive, but we remain vigilant to geo-political events including increased global trade tensions and the effects of higher interest rates on investment activities and the overall economy,” chief executive Samuel Tsien said.