On Thursday (9 Mar), DBS Group released its annual report for 2022, offering a look at the bank’s progress and performance over the past year.
Interestingly, the report revealed that DBS CEO, Mr Piyush Gupta made a total of S$15,380,529 last year. The sum includes Mr Gupta’s basic salary, bonuses, as well as other forms of remuneration — cash and non-cash.
The sum amounts to about a 13% increase compared to his total remuneration in 2021, where he made about S$13.6 million.
According to the DBS annual report, the increase in Mr Gupta’s remuneration is a “recognition of [his] efforts in 2022”.
Source: DBS
The bank calls the year a “breakout year” with a record net profit of S$8.19 billion, despite being dogged by “high inflation, slow growth and bearish markets”. The 20% jump in profits, as well as the 15% increase in equity returns, is a remarkable improvement on the bank’s track record.
DBS credits the good performance of 2022 to Mr Gupta’s leadership and hard work. He first joined DBS Group in November 2009, and has since shaped it “into a leading bank with multiple engines of growth, solid digital leadership, and a pervasive culture of innovation.”
Last year, DBS also boosted its current and savings account base. This allowed it to have stronger leverage to rising interest rates than before, which translated to the bank’s total earnings.
Source: DBS
Regionally, DBS Group has also expanded its reach in India and Taiwan, with its integration of Lakshmi Vilas Bank and Citi’s consumer banking business respectively.
Mr Gupta’s performance in 2022 is also marked by DBS being touted as the “World’s Best Bank” by Global Finance, and one of the “100 Best Workplaces for Innovators” by Fast Company.
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Featured image adapted from Piyush Gupta on Linkedin and CapitaLand.
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