Singapore banks ride Asia’s wealth boom to weather rates headwind

SINGAPORE: A surge in income from wealth management and other fee revenue helped Singapore’s top three banks to cushion the impact of low interest rates, as lenders bet the region’s fast-growing affluent population will continue to underpin growth this year. The results underscore the strength of Asia’s wealth boom, which continues to drive regional lenders’ earnings despite geopolitical uncertainty and volatility in global markets, as inflows into safe-haven financial hubs like Singapore and booming regional equity markets swell the ranks of Asia’s rich. OCBC, Singapore’s second-largest bank, said on Friday its April-June net profit jumped 22% to S$2.22 billion ($1.73…