DBS Group's net profit rose 4% to $4.39b

This was boosted by its Q4 net profit of $1.22b.

DBS Group Holdings Ltd (DBS Group) reported that its net profit income (NPI) increased by 4% YoY to $4.39b in 2017, from $4.24b in 2016.

Due to a decline in total allowances, DBS Group’s NPI rose from $822m in 3Q2017 to $1.21b in 4Q2017.

However, its NPI in Singapore fell by 10% YoY to $3.07b, which was highly caused by a $475m increase in total allowances. Additionally, total income grew by 3% YoY to $7.8b, whilst expenses also increased by 5% to $3.03b.

DBS Group’s NPI in South and South-east Asia also decreased to $73m.

Meanwhile, its net profit from Hongkong increased by 40% YoY to $996m, whilst China increased to $82m, and the rest of the world to $173m.

Total expenses increased by 3% YoY, from $4.97b in 2016 to $5.13b in 2017.