Singapore banks' wealth investments finally pay off

Higher income from wealth operations helped banks offset bad loan provisions.

According to Bloomberg, Singapore’s big three banks have invested heavily in their wealth-management businesses over the past year and the results are starting to show.

"Higher income from servicing Asia’s more well-heeled individuals helped DBS Group Holdings Ltd., Oversea-Chinese Banking Corp. and United Overseas Bank Ltd. offset bad-loan provisions and weaker loan margins to post better-than-expected first-quarter profits. OCBC’s wealth-management revenue surged 70 percent from a year earlier, the firm reported Tuesday," added Bloomberg.

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