DBS' outgoing CEO Piyush Gupta gets $13 million in 'Another Banner Year'

By Chanyaporn Chanjaroen

 

DBS Group Holdings Ltd. raised Chief Executive Officer Piyush Gupta’s total remuneration for 2024 by 56 per cent, citing the bank’s record profits, standout wealth business and strengthened technology. 

Gupta received a cash bonus of S$6.6 million, which took his pay package to S$17.6 million ($13.2 million), from S$11.2 million a year ago when he took a pay cut due to digital banking glitches, according to the bank’s annual report released on Thursday. On top of this package, the bank’s board also granted him a special recognition award of S$2.5 million.  

The hefty payout reflects Gupta’s contribution during his 15-year tenure under which DBS’s profit and share price soared. The Singapore-based lender has unveiled multi-billion-dollar payout schemes for investors. Tan Su Shan, his deputy, will take over from him on March 28.

 

 

Total compensation for senior management, including Gupta, rose to S$93.8 million, an increase from 2023 when the executives also took accountability for the digital disruptions.

 

DBS posted an 11 per cent increase in its 2024 net income at S$11.4 billion, the highest ever, with return on equity at 18 per cent, a performance the lender described as “another banner year” in its report.