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Hot stock: DBS shares up amid gusto over wealth management
SHARES of DBS Group Holdings rose on Thursday, after Singapore's largest banking group said that it plans to grow its wealth management business to 20 per cent of its revenue over the next few years.
The stock rose to S$19.16, up 34 Singapore cents, as at 3pm.
DBS's chief executive officer Piyush Gupta told Reuters that the ambition is for the wealth management business to make up 20 per cent of the bank in the next few years. It is currently 15 per cent of the bank's topline income.
Income from DBS' wealth management unit jumped 19 per cent to S$1.7 billion in 2016.