Singapore-listed Oversea-Chinese Banking Corporation – parent of Bank of Singapore, the private bank – logged a record full year net profit of S$2.253 billion (around $1.769 billion) last year, a rise of 15 per cent from the year before.

“Robust growth in fee and commission income and other non-interest income, and a significant reduction in credit losses, were the key drivers,” the bank said in a statement today.

The results included the consolidation of Bank of Singapore - formerly ING Asia Private Bank) - from 29 January 2010.

OCBC said net interest income for the year increased by 4 per cent, with strong asset growth largely offset by narrower interest margins. Loan growth was 29 per cent for the year and 5 per cent in the fourth quarter, with broad-based contributions across key geographies as well as customer and industry segments. Fee and commission income surged 36 per cent, led by wealth management, trade-related, loan-related and investment banking income.

Operating expenses rose by 25 per cent, reflecting the consolidation of Bank of Singapore, the Group’s renewed investments in key markets, and business volume-related costs.

Fees and commissions increased 36 per cent to S$994 million. The largest increase came from wealth management income which tripled from S$65 million to S$189 million, driven mainly by contributions from Bank of Singapore, as well as stronger bancassurance sales.