DBS Group reported net profit of SGD 4.24 billion for 2016, 2% below a year ago as a stronger operating performance was offset by higher allowances. Total income rose 6% to a record SGD 11.5 billion from higher loan volumes, improved net interest margin and broad-based non-interest income growth. Productivity gains from digitalisation and cost management initiatives contained expense
growth to 1%. As a result, profit before allowances increased 10% to a new high of SGD 6.52 billion.