Outgoing DBS Group Chief Executive Officer Piyush Gupta received a total remuneration of S$17.6 million (US$13.22 million) in 2024, marking a 14.3% increase from 2022, according to the bank’s latest annual report.
The increase came as DBS reported record-breaking profits and strong shareholder returns. Gupta’s 2024 salary structure included a base salary of S$1.5 million, a cash bonus of S$6.65 million, and a deferred award of S$9.35 million, which was partially granted in shares.
He also received other benefits amounting to S$80,533. In recognition of his leadership over the past 15 years, the board granted him a special award of S$2.5 million.
The pay rise followed a voluntary reduction in his salary in 2023, a move Gupta had taken to account for DBS’s digital banking disruptions that year.
DBS delivered a stellar financial performance in 2024, posting record income of S$22.3 billion, an increase of 10% from the previous year.
Net profit rose 11% to S$11.4 billion, and return on equity was maintained at 18.0%, placing DBS among the top-performing developed market banks.
Shareholder returns for the year were strong, with total returns reaching 51%, including a 44% increase in the bank’s share price and a 7% return from dividends. In May 2024, DBS became the first Singapore-listed company to surpass S$100 billion in market capitalisation, reflecting strong investor confidence.
A key driver of DBS’s growth in 2024 was its focus on digital transformation and artificial intelligence.
The bank expanded its AI initiatives, implementing over 1,500 models across 370 use cases.
Through AI-driven customer engagement, DBS sent more than 1.2 billion personalised nudges to 13 million customers across Asia, significantly influencing customer savings, investments, and insurance purchases.
The bank also piloted generative AI models to enhance operational efficiency and customer service. Digital banking services continued to grow, with DBS PayLah! registering 41.6 million monthly logins, while over 70% of PayNow transactions in Singapore were conducted via DBS.
Gupta highlighted the role of AI in the bank’s future, stating that embracing AI-driven solutions would be essential in rethinking operating models and creating new business opportunities.
Wealth management and institutional banking remained strong contributors to DBS’s success. The wealth management business saw record income of S$5.22 billion, driven by a 45% increase in non-interest income.
The bank’s assets under management rose to S$426 billion, with net new money inflows amounting to S$21 billion. Meanwhile, the institutional banking division strengthened its cash management and trade finance services, particularly as companies diversified their supply chains across Asia.
The successful integration of Citi Consumer Taiwan also played a role in DBS’s growth, contributing to a 61% increase in income from Taiwan, which reached S$1.2 billion.
Sustainability was another key focus for DBS in 2024, with the bank committing S$89 billion to sustainable financing initiatives.
Among its major projects, DBS became the first Southeast Asian bank to issue a green loan under China’s Carbon Emission Reduction Facility. The bank also played a significant role in Indonesia’s first blended water project, which aims to deliver clean water to two million people across Jakarta and neighbouring cities.
In August 2024, DBS announced that Gupta would step down as CEO in March 2025. His successor, Tan Su Shan, was appointed Deputy CEO alongside her role as Group Head of Institutional Banking.
Tan, who has been with DBS since 2010, has played a crucial role in the bank’s digitalisation strategy and the growth of its wealth management and institutional banking businesses. She has extensive experience in global financial markets, having worked in Hong Kong, Tokyo, and London.
Gupta’s remuneration placed him among the highest-paid bank CEOs in the region.
His S$17.6 million package was slightly behind Macquarie Group’s Shemara Wikramanayake, who received A$29.4 million (US$18.62 million), but higher than HSBC’s chief Georges Elhedery, who earned £5.4 million (US$6.96 million). Standard Chartered CEO Bill Winters saw a remuneration increase to £10.7 million (US$13.79 million), slightly exceeding Gupta’s earnings.
Despite DBS’s strong financial performance, the bank announced plans to cut 4,000 temporary jobs over the next three years as it increases automation and AI-driven efficiencies.
Gupta stated that these workforce changes were necessary as the bank embraced AI, requiring a fundamental shift in operating models and business structures.
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