DBS chief Piyush Gupta’s annual salary rises 13.2% to S$15.4 million in 2022
DBS chief executive Piyush Gupta’s annual salary grew in line with the bank’s earnings over 2022, as Singapore’s largest lender logged record net profits for both the latest fourth quarter and full-year period.
Gupta’s total remuneration for the year amounted to S$15.4 million, representing a 13.2 per cent increase from S$13.6 million in 2021, said the bank’s annual report on Thursday (Mar 9).
His pay comprises a salary base of S$1.5 million, a cash bonus of S$5.8 million, about S$8 million in deferred remuneration, and a non-cash component amounting to S$80,529.
About 17.2 per cent or S$1.4 million of the deferred remuneration will be in cash, with the remaining in the form of shares.
These shares amounting to some S$6.6 million do not include the estimated value of retention shares worth S$1.2 million, which is used as a retention tool and to compensate staff for the time value of deferral.
DBS employees do not receive ordinary dividends on unvested shares.
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The bank’s chief executive is expected to build up and hold at least the equivalent of three times his annual base salary as shareholding over time.
DBS said Gupta’s latest annual remuneration comes in recognition of his performance for 2022, which represented a breakout year financially despite challenges including high inflation, slow growth and bearish markets.
Earlier in February, the bank reported record results for both the fourth quarter and full year ended Dec 31, 2022.
Earnings for Q4 rose 69 per cent to S$2.34 billion, while net profit for the full year was up 20 per cent to S$8.2 billion.
The bank recommended a final dividend of S$0.42 per share, which is S$0.06 higher than its previous payout, as well as a special dividend of S$0.50 per share.
Together with the interim dividend of S$1.08, this would bring total dividends for the year to S$2 per share.
In the bank’s FY2022 annual report statement, Gupta and chairman Peter Seah said they took heart that DBS’ loan pipeline looked healthy amid improving macroeconomic conditions, with global inflation expected to decline in 2023.
They project that return on equity will “comfortably be above 15 per cent” notwithstanding any unexpected shocks to the global economy.
“If animal spirits return to markets, we should also see some upside to fee income,” wrote Gupta and Seah.
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