Singapore's Top Three Banks Report Record Wealth Management Gains

Singapore's three largest lenders—DBS Group Holdings Ltd, Oversea-Chinese Banking Corp (OCBC), and United Overseas Bank (UOB)—reported record-high wealth management fees in the second quarter of 2026, propelling their stock prices to historical peaks. This surge in fee revenue offset declining lending income caused by softening interest rates. DBS reported a 9 percent net profit increase to $3.08 billion, OCBC saw a 22 percent jump to $2.22 billion, and UOB recorded a 10 percent increase to $1.48 billion.

Wealth fees rose significantly across the board: 42 percent for DBS, 44 percent for OCBC, and 29 percent for UOB. This growth is driven by affluent clients moving assets from global rivals like Hong Kong to Singapore due to geopolitical turbulence. The Monetary Authority of Singapore noted that total assets under management in the city-state rose 10.1 percent to S$6.7 trillion by the end of 2025.

To sustain this momentum, banks are expanding regional footprints and hiring more relationship managers. However, growth forecasts are mixed. UOB lowered its annual fee-income growth guidance to low single digits due to delayed deals and lower credit card fees. OCBC raised its loan growth forecast to high-single or low-double digits but warned that the U.S.-Iran war and subsequent energy crises create significant uncertainty for the global economic outlook.