Singapore Banks Reap Gains From Country’s Rise as Wealth Hub

Singapore banks are capitalizing on the city-state’s popularity as a global wealth hub, underscored by Oversea-Chinese Banking Corp.’s first-quarter profit beat as fee income led by wealth management jumped to a record.

Fees related to services for the rich at OCBC grew 34% to S$422 million ($332 million) in the first quarter ended March 31, Singapore’s second-largest lender said Friday. At bigger rival DBS Group Holdings Ltd., wealth management fees surged 25%. United Overseas Bank Ltd. saw a smaller gain, even as it signaled ambitions to expand more in this area.