Singapore's DBS has reported "strong business momentum" in the third quarter of 2017, with the Group's net profits standing SG$822m (US$605m), according to the bank's quarterly report.

In a statement, the Group announced that nine-month pre-tax profit for Consumer Banking and Wealth Management rose 9% to a new high of SG$1.49bn. Total income grew 9% to a record SG$3.47bn billion. The growth was broad-based and led by a 20% increase in investment product income to SG$1.04bn, according to the bank.

"Our growth over the past few years has been the doubling-down on the basics, building our leadership team and the acceleration of our digital agenda," said Tan Su Shan (pictured), group head of consumer banking & wealth management at DBS Bank. "As such, we have continued to deliver consistent robust growth over the past few years and was the only Singapore bank to break into the top five largest private banks in Asia-Pacific."

The bank also reported that Wealth Management customer segment income rose 25% to SG$1.57bn while assets under management grew 23% to SG$195bn, including SG$15bn from ANZ, 'strengthening the Group's position as one of the top wealth management banks in the region'. On the other hand, income from the retail customer segment declined 2% to SG$1.90bn as volume growth was offset by lower net interest margin.

According to Tan, DBS Consumer Banking & Wealth Management business hit several milestones this quarter, especially on our AUM, funds and DPM penetration and equity structured products. "In the third quarter of this year, we successfully integrated ANZ in China, Singapore and Hong Kong," she said. "Our total wealth management AUM reached SG$195bn. Funds AUM hit new highs as did DPM AUM."

In the higher end segments of DBS's high net worth business, funds AUM saw growth of 60% year-to-date, according to Tan.  "In estate planning, together with Manulife, we introduced a few interesting products this quarter which were well received by our clients," she said. "As a result, our wealth management business had a record year for bancassurance products."

Following the successful acquisition of the Societe Generale's private banking business in Asia, the acquisition of ANZ's wealth management and retail banking business will further cement our leadership position, according to Tan. "We also continue to digitally transform our wealth management business to provide our clients with a faster, smarter and more personalised way to manage their wealth," she said. "In February this year, we enhanced our digital wealth platform, DBS iWealth, which allows clients to conduct their banking transactions, manage their wealth and also trade on a single platform - a first in Singapore."

The Group's digital transformation has seen robust growth in online activity among our clients and we have also managed to acquire a record number of customers online, according to Tan. "Over 90% of our equity transactions are now done online," said Tan. "Similarly, we are seeing increased traction of FX and Funds trading online, even for high net worth families."

According to SRP data, YTD DBS ranks 14th among distributor groups in the Asia-Pacific region. As for comparison, for the same period last year, the Group was ranked 7th. DBS Bank's net sales went down 63% to US$2.7bn in 2017, year-to-date. The Group issued a total of 966 structured products year-to-date, up 40% as compared to the same period last year when a total of 651 structured products were issued by DBS Bank.

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