Outgoing DBS CEO Piyush Gupta paid S$17.5 million for 2024 due to bank's performance

Piyush Gupta, the chief executive officer of DBS, has been paid a total of S$17.5 million for 2024, following record earnings by the bank.

According to the bank's annual report on Mar. 6, DBS earned a record income of S$23.4 billion for 2024, while net profit rose 11 per cent to an all-time high of S$11.4 billion.

In addition, return on equity (ROE) was 18 per cent, which was one of the highest among developed market banks.

Gupta was previously paid S$11.2 million in 2023 and S$15.4 million in 2022.

What is the assessment of the CEO's performance?

The report stated that the bank’s "stellar all-round" performance, as well as its improved technology resiliency, resulted in a higher scorecard appraisal by its board compared to the previous year.

Gupta's higher remuneration for 2024 has accounted for the scorecard performance, as well as the normalisation in compensation following a reduction taken in 2023 in response to the accountability of the bank's senior management for digital disruptions.

DBS experienced five major disruptions in 2023 on Mar. 29, May 5, Sep. 26, Oct. 14 and Oct. 20.

The bulk of his remuneration for 2024 came from a deferred award of S$9.36 million, which was mostly paid out in shares.

The remainder came from his salary of S$1.5 million, a cash bonus of S$6.65 million, and S$80,533 in the form of benefits for a club, car and driver.

Gupta to leave his position in March 2025

Gupta will also be leaving his position in March 2025.

In a message from the bank's chairman, Peter Seah, the board thanked Gupta for his "exceptional" leadership throughout his tenure as CEO.

Seah wrote:

"Our strong performance reflects the structural changes Piyush has implemented over the past decade, especially the digital transformation and growth of high-ROE businesses such as wealth management, transaction services and treasury customer sales."

He also voiced his excitement in welcoming incoming CEO Tan Su Shan and noted that she has been "pivotal" in developing major digitalisation initiatives, such as DBS digibank, PayLah! and iWealth, as well as drove the development of a number of AI models and spearheading efforts to apply generative AI within the bank.

Tan has also managed the bank’s two customer-facing divisions — the consumer banking group/ wealth management and institutional banking group, which together contribute the lion’s share of the bank's income.

Seah added:

"The board and I are confident in Su Shan’s ability to lead the bank given her track record, disciplined execution and strong business acumen.

We take pride that she is a homegrown talent, reflecting our commitment to developing a local talent pipeline."

Top image via DBS