Shares of Oversea-Chinese Banking Corp. extended their gains after the Singapore lender posted record second-quarter net profit and raised its full-year guidance.

Group net profit for the three months ended June rose 22% from a year earlier to 2.22 billion Singapore dollars, equivalent to US$1.73 billion, the lender said Friday. Quarterly profit exceeded S$2 billion for the first time.

Second-quarter noninterest income jumped 51% on year, more than offsetting a 1.0% drop in net interest income.

Banking wealth management assets under management rose 13% to a new high of S$350 billion as of June.

The bank is targeting double-digit wealth assets under management growth over the next few years, said Group Chief Executive Tan Teck Long.

Wealth management has become a big focus area for OCBC, which plans to add 600 relationship managers to its consumer-banking wealth business over the next three years. Singapore banks are increasingly focusing in wealth management to diversify revenue and capitalize on safe-haven inflows.

OCBC also raised its guidance for the full year, expecting total income to grow, from a previous "stable to growing" view. Its 2026 net interest income is likely to fall slightly, assuming no changes to the Federal Reserve's interest rate. It previously expected a slight-to-moderate decline in net interest income, having penciled in one Fed rate cut in the fourth quarter.

The lender also expects loan growth at a high-single-digit to low-double-digit percentage, up from a mid-single-digit guidance.

"Looking ahead, global conditions remain uncertain amid geopolitical tensions and elevated inflation risks," said Tan, noting Asia's energy crunch driven by the Middle East conflict. He expects the lender's strong capital, funding and liquidity position to be among factors allowing it to navigate uncertainties.

The lender declared an interim dividend of S$0.47 a share, compared with S$0.41 a year ago.

The strong results and higher guidance pushed the stock to above S$30 for the first time, gaining 3.1% to a record intraday high of S$30.25.

OCBC's shares have recently rallied, spurred by prospects of a Federal Reserve interest-rate hike and resilient earnings. The stock has risen 54% this year, while its peers DBS and United Overseas Bank are up 36% and 23%, respectively. In comparison, the benchmark FTSE Straits Times Index has gained 22% this year.