DBS’ wealth management bet has paid off as it reached a record high Q2 net profit due to a surge in wealth fees and assets, according to data from UOB Kay Hian (UOBKH).

The bank is unlikely to be affected by mainland China's recent tax changes. DBS’ wealth management bet has paid off as it reached a record high Q2 net profit due to a surge in wealth fees and assets, according to data from UOB Kay Hian (UOBKH). Wealth management fees surged 42% YoY during this period thanks to the growth of investment product sales and bancassurance. DBS has set an ambitious new target of wealth AUM of about $780.85b (S$1t) by 2030, reflecting the bank’s confidence in the expansion of wealth across Asia, Koh said. It will continue to beef up its capacity and capabilities to service high-net-worth clients in Mainland China,” Koh said.