Singapore's biggest lender, DBS Group, has seen loan provisions soar as offshore shipping woes took their toll.

Total allowances for 2016 rose 93% from SGD 743m in 2015 to SGD 1.43bn ($1bn), the Straits Times reported.

The non-performing loan rate rose from 0.9% a year ago and 1.3% from the third quarter to 1.4%.

Full-year net profit was down 5% to SGD $4.24bn