DBS Group Holdings Ltd. increased Chief Executive Officer Piyush Gupta's total remuneration for 2024 by 56%, citing the bank's record profits, outstanding wealth business, and strengthened technology.
Gupta received a cash bonus of S$6.6 million, bringing his total compensation to S$17.6 million ($13.2 million), up 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. In addition to this package, the bank's board granted him a special recognition award of S$2.5 million.
The sizable payout recognizes Gupta's contributions during his 15-year tenure, during which DBS's profits and share price skyrocketed. The Singapore-based lender has unveiled multibillion-dollar payout schemes for investors.
On March 28, his deputy, Tan Su Shan, will succeed him.
Gupta and other senior management received a total compensation increase of S$93.8 million, which was higher than in 2023 when the executives also took responsibility for the digital disruptions.
With a return on equity of 18% and an 11% increase in 2024 net income to S$11.4 billion, the highest ever, DBS referred to the year as "another banner year" in its report.
