DBS CEO pay rises to S$15.38 million after bank makes record S$8.19 billion net profit

Remuneration includes salary, cash bonus, and non-cash components.

Winnie Li | March 09, 2023, 01:31 PM

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Piyush Gupta, the chief executive officer (CEO) of DBS Group, received a remuneration of S$15.38 million in 2022, which comprises salary, cash bonus, and non-cash components, according to the bank's 2022 annual report released on Mar. 9.

Screenshot via DBS

This translates to a 13.3 per cent increase from his remuneration in 2021, which amounted to S$13.57 million, according to the group's 2021 annual report.

The increase in Gupta's remuneration was made public together with the bank's announcement that it achieved a record S$8.19 billion of net profit in 2022, marking a 20 per cent increase from 2021.

Gupta has been the CEO and director of DBS Group since 2009.

Remuneration a recognition of Gupta's performance: DBS

According to the 2022 annual report, Gupta's remuneration was a recognition of his contribution to the bank's stellar performance in 2022, despite it being "a challenging year marked by high inflation, glow growth, and bearish markets".

In addition to scoring a record net profit and cementing its franchise throughout Asia, DBS was named by Global Finance as the "World's Best Bank" and ranked 29th globally in the "Top 100 Best Workplaces for Innovators" list.

It is the only Singapore-headquartered company to be featured on the list.

The bank has also continued making progress on the sustainability front, according to its 2022 sustainability report.

In 2022, DBS established a new chapter under the DBS Foundation, which committed S$5.6 million to enhance financial and digital literacy, as well as reduce food waste, in Asia.

By the end of the year, the bank also reportedly achieves carbon neutrality in its own operations.

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Top images via DBS