Outgoing DBS CEO Piyush Gupta’s total pay for 2024 increased to S$17.58 million, according to the bank’s annual report published on 6 March, as reported by The Straits Times.
This rise follows DBS’s record financial performance, with full-year net profit surging 11 percent to S$11.4 billion and return on equity reaching 18 percent.
The bank attributed Gupta’s higher pay to its strong overall performance and enhanced technological resilience, which led to an improved scorecard assessment by the board.
This follows a pay reduction in 2023, when his compensation was lowered to S$11.2 million as senior management took responsibility for digital disruptions.
Compared to 2022, his 2024 pay represents a 14 percent increase from S$15.4 million.
A significant portion, S$9.36 million, is a deferred award primarily in shares, while the rest includes a S$6.65 million cash bonus, a S$1.5 million base salary, and S$80,533 in additional benefits.
Gupta, who is set to retire at the next annual general meeting on 28 March 2025, has led DBS for 15 years.
He joined the bank in 2009 during the global financial crisis and steered it through challenges posed by fintech competition, leveraging technology to redefine banking.
Deputy CEO and Group Head of Institutional Banking Tan Su Shan will succeed Gupta.
She highlighted the significant growth and strong returns DBS has achieved under his leadership, positioning the bank to continue delivering shareholder value.
Over the past 15 years, DBS’s market capitalisation has quadrupled, while its customer base and workforce have expanded substantially.
In February, Gupta announced plans to cut 4,000 contract and temporary roles over three years as artificial intelligence becomes more integrated into the bank’s operations, emphasising the need to embrace technology to reshape business models.
Featured image credit: Edited from Freepik
