DBS outgoing CEO Piyush Gupta took record US$13 million pay in 2024; successor sees momentum

DBS Group paid outgoing CEO Piyush Gupta S$17.6 million (US$13.22 million) for 2024, up 57 per cent on year, as Singapore’s biggest bank reported record annual revenue and profit.

DBS, Southeast Asia’s largest lender by assets, also has “momentum”, its incoming CEO Tan Su Shan said in the bank’s annual report published on Thursday (Mar 6).

DBS stock has been riding high since mid-February when the bank forecast improved net interest income for 2025 and announced a dividend capital return plan – after booking a jump in quarterly earnings.

“Our strong performance reflects the structural changes Piyush has implemented over the past decade, especially the digital transformation and growth of high-ROE businesses such as wealth management, transaction services and treasury customer sales,” Chairman Peter Seah said in the report.

Gupta is set to step down on Mar 28. During his 15-year tenure, DBS became a regional banking powerhouse, bolstered by acquisitions that established a significant presence in markets including China, India, Indonesia and Taiwan.