DBS CEO's pay rises 8% to S$10.9m in 2015

DBS chief executive officer (CEO) Piyush Gupta was paid some S$10.9 million in remuneration last year, about 8 per cent higher than the S$10.1 million in 2014, the bank's annual report on Wednesday revealed.

Mr Gupta's 2015 pay comprised a salary of S$1.2 million, a cash bonus of about S$4.1 million, share plan amount of about S$5.6 million and S$55,439 in non-cash components (club, car and driver).

Mr Gupta's cash bonus in 2015 is about 6 per cent higher than the S$3.79 million paid out in 2014.

The aggregated total remuneration for DBS's senior management (excluding the CEO) in 2015 is S$55.9 million, according to the annual report.

DBS' net profit for the 2015 full year, including a one-off item of S$136 million, rose 10 per cent to a record S$4.5 billion, from 2014's S$4.05 billion, which included one-off item of S$198 million. Total income for FY2015 crossed S$10 billion for the first time to S$10.8 billion.

Said Mr Gupta in the report: "2016 will not be easy. Global growth is likely to be slower, and we will have to stay focused and nimble."

In particular, as a bank operating in an industry on "the cusp of massive change", DBS will push forward to make banking simpler and more seamlessly integrated into customers' lives, he added.