Singapore-based DBS Group has reported a net profit of SGD1.22bn ($917.6m) for the fourth quarter of 2017, a surge of 33% compared to SGD913m ($687.7m) a year ago.

Pre-tax profit for the quarter ended 31 December 2017 was SGD1.47bn, a jump of 35% over SGD1.09bn in the fourth quarter of 2016.

The bank’s quarterly total income stood at SGD3.05bn, up 10% from SGD2.77bn in the year ago quarter.

Compared to last year, net interest income increased 15% to SGD2.09bn and net fee and commission income surged 23% to SGD636m. Expenses during the period rose 11% year-on-year to SGD1.35bn.

The bank’s consumer banking /wealth management unit posted pre-tax profit of SGD455m for the fourth quarter of 2017, a rise of 16% compared to SGD390m in the corresponding quarter of 2016. The division’s total income increased 11% to SGD1.19bn from SGD1.08bn a year earlier.

The bank’s institutional banking arm posted a pre-tax profit of SGD648m for the fourth quarter of 2017, as against SGD291m last year. The unit’s total income rose 6% year-on-year to SGD1.33bn.

DBS Group CEO Piyush Gupta said: “The record fourth quarter rounds off a strong full-year performance driven by broad-based growth in loans and fee income, which more than offset the impact of less favourable interest rates and trading income. The results attest to the quality of the multiple business engines we have built and the nimbleness of our execution. We enter the coming year with sustained momentum across our businesses and, more fundamentally, in our digital transformation.”