On March 6, DBS Group paid outgoing CEO Piyush Gupta S$17.6 million ($13.22 million) for 2024, representing a 57% increase from the previous year, as Singapore's largest bank reported record-breaking annual revenue and profit.
In the bank's annual report released on Thursday, DBS, Southeast Asia's leading lender in terms of assets, is noted to have "momentum," as highlighted by the incoming CEO.
DBS stock prices have shown an upward trend since mid-February following the bank's optimistic forecast of improved net interest income for 2025 and the announcement of a dividend capital return plan, which comes after a surge in quarterly earnings.
Chairman Peter Seah acknowledged the strong performance, attributing it to the strategic changes implemented by Piyush Gupta over the past decade, particularly focusing on digital transformation and the growth of high-ROE businesses like wealth management, transaction services, and treasury customer sales.
Gupta is set to step down on March 28 after a 15-year tenure during which DBS evolved into a dominant banking force in the region through strategic acquisitions in key markets including China, India, Indonesia, and Taiwan.
Despite a setback in 2023 due to disruptions in digital banking, with a consequent decline in total compensation, Gupta remains one of Asia's highest-paid banking CEOs for 2024, trailing behind peers such as Shemara Wikramanayake of Macquarie Group.
Successor Tan emphasized continuity in her remarks in the annual report, underscoring the challenges ahead and the existing opportunities made possible by the strategic foundations laid by the bank.
Looking ahead, Gupta emphasized the importance of embracing the potential of artificial intelligence in reshaping operational and business models in the coming years, anticipating significant transformations within the industry.