By Rishav Chatterjee and Yantoultra Ngui
(Reuters) -DBS Group paid outgoing CEO Piyush Gupta S$17.6 million ($13.22 million) for 2024, up 57% on year, as Singapore’s biggest bank reported record annual revenue and profit.
Southeast Asia’s largest lender by assets also has “momentum”, its incoming CEO Tan Su Shan said in the bank’s annual report published on Thursday.
DBS stock has been riding high since mid-February when the bank forecast improved net interest income for 2025 and announced a dividend capital return plan – after booking a jump in quarterly earnings.
“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,” Chairman Peter Seah said in the report.
Gupta is set to step down on March 28. During his 15-year tenure, DBS became a regional banking powerhouse, bolstered by acquisitions that established significant presence in markets including China, India, Indonesia and Taiwan.
One notable blip came in 2023 when disruption to digital banking saw Gupta take a steep pay cut.
His remuneration made him one of Asia’s best-paid banking CEOs for 2024, behind peers such as Shemara Wikramanayake at Macquarie Group with A$29.4 million ($18.62 million).
Successor Tan highlighted continuity in comments in the annual report.
“While there are challenges ahead, opportunities abound,” she said. “The strategic moats we have built mean our successes are not easy to replicate and there is momentum in our business.”
Gupta last month said DBS would cut 4,000 temporary jobs over the next three years in anticipation of artificial intelligence fulfilling more roles.
“We have to fully embrace the possibilities, which should lead to a fundamental rethink of our operating models and even the creation of new business models,” Gupta said in the annual report.
($1 = 1.3309 Singapore dollars)
($1 = 1.5790 Australian dollars)
(Reporting by Rishav Chatterjee in Bengaluru and Yantoultra Ngui in Singapore; Editing by Alan Barona and Christopher Cushing)
