DBS Group Holdings raised Chief Executive Officer Piyush Gupta’s total remuneration for 2024 by 56%, citing the bank’s record profits, standout wealth business and strengthened technology.
Gupta received a cash bonus of S$6.6 million, which took his pay package to S$17.6 million ($13.2 million), from S$11.2 million a year ago when he took a pay cut due to digital banking glitches, according to the bank’s annual report released on Thursday. On top of this package, the bank’s board also granted him a special recognition award of S$2.5 million.
The hefty payout reflects Gupta’s contribution during his 15-year tenure under which DBS’s profit and share price soared. The Singapore-based lender has unveiled multi-billion-dollar payout schemes for investors. Tan Su Shan, his deputy, will take over from him on March 28.
Total compensation for senior management, including Gupta, rose to S$93.8 million, an increase from 2023 when the executives also took accountability for the digital disruptions.
DBS posted an 11% increase in its 2024 net income at S$11.4 billion, the highest ever, with return on equity at 18%, a performance the lender described as “another banner year” in its report.
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