Singapore-based lender DBS has reported a net profit of SGD913m for the fourth quarter of 2016, a 9% decrease compared to SGD1bn for the same period in 2015.

Pre-tax profit for the quarter ended 31 December 2016 was SGD1.09bn, a 6% decrease from SGD1.16bn in the corresponding quarter of 2015.

The bank's quarterly total income stood at SGD2.77bn, a rise of 5% from SGD2.65bn the year ago. Net interest income dipped 2% to SGD1.82bn from SGD1.85bn the year ago.

Net fee and commission income was up by 6% to SGD515m from SGD485m in the previous year, while other non-interest income surged 40% year-on-year to SGD437m.

Expenses for the period were SGD1.22bn, a fall of 2% from SGD1.24bn in the last year.

The bank's consumer banking /wealth management arm reported pre-tax profit of SGD390 for the fourth quarter of 2016, a surge of 59% from SGD245m in the same period of 2015. The division’s total income increased 20% to SGD1.08bn from SGD903m the year ago.

Pre-tax profit at the bank’s institutional banking unit slumped to SGD291m from SGD657m in the previous year, while total income dropped 2% year-on-year to SGD1.25bn.

DBS CEO Piyush Gupta said: “We achieved a 10% increase in full-year profit before allowances despite a challenging operating environment. The strong operating performance is the payoff from investments we made to build multiple business engines and to digitalise the bank. They enabled us to meet headwinds related to China and stresses in the oil and gas support services sector.

“The financial discipline we exercised over the years in building up buffers for capital, liquidity and allowance reserves has ensured that our balance sheet remains resilient. Our financial strength will stand us in good stead in the coming year as we continue supporting customers and delivering shareholder returns.”