DBS chief executive officer Piyush Gupta sold 75,000 of his shares in the bank and gained about S$2.7 million.

The transaction was carried out on May 3 at S$35.70 apiece.

This is according to a filing on the Singapore Exchange on May 7, as reported by Business Times

The sale accounted for about 2.7 per cent of his DBS holdings.

Before the sale, he held 0.098 per cent, or close to 2.8 million shares.

After the sale, he still owns 0.095 per cent, or over 2.7 million shares.

The shares are held under a trust.

Gupta sold a day after he said the bank's net profit for 2024 will likely be able to exceed its record levels in 2023.

Net profit was up 15 per cent to S$2.95 billion for the first-quarter of 2024.

He called it a “reasonable assumption” given a strong first-quarter performance.

The bank’s first-quarter net profit beat the $2.5 billion consensus forecast in a Bloomberg survey of five analysts.

Other record numbers DBS posted included a 13 per cent increase in total income to S$5.56 billion.

Top photo via DBS