DBS chief's 2024 pay rises to $17.6m after bank's record performance

Full-year net profit rises 11% to $11.4 billion, with return on equity at 18% in 'stellar' year

- Sheila Chiang

Outgoing DBS chief executive Piyush Gupta received $17.58 million in total pay for 2024, higher than what he took home in 2023, according to the bank's annual report released on March 6.

This comes as the bank achieved a record performance in 2024 as full-year net profit rose 11 per cent to $11.4 billion, with return on equity (ROE) at 18 per cent.

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

It said Mr Gupta's higher remuneration came about after factoring in the scorecard performance and normalization in compensation following a reduction taken in 2023 in response to senior management taking accountability for digital disruptions.

This saw Mr Gupta's pay in 2023 fall 27 per cent to $11.2 million.

Compared with 2022, his 2024 pay was up 14 per cent from that year's $15.4 million.

The bulk of his 2024 pay package came from a deferred award of $9.36 million, to be paid mostly in shares. The rest was made up of a cash bonus of $6.65 million, a base salary of $1.5 million and other payments of $80,533 comprising club, car and driver benefits.