“DBS’ sterling financial performance reflected the benefit of higher interest rates, the strength of a broad-based franchise and multi-year transformation efforts. In particular, the bank’s strengthened current and savings account base enabled it to enjoy higher leverage to rising interest rates than in previous years, contributing to strong total income. Diversified engines of growth also helped to mitigate the drag from lower wealth management and investment banking fee income,” reads the report.
Piyush Gupta, the CEO of DBS Group Holdings (SGX:D05
) , has received a 13.3% y-o-y pay increment to $15.38 million in FY2022. The total package includes a cash bonus of $5.8 million and a deferred remuneration of $8.0 million. Of the deferred remuneration, 17.2% will be in cash while the remainder will be paid in the form of shares.
According to DBS’s annual report published on the morning of March 9, Gupta’s total package comes after the bank’s “breakout year” in FY2022. During the year, DBS’s net profit stood at a record $8.19 billion, up 20% y-o-y. The bank’s return on equity (ROE) also significantly surpassed previous records at 15%.
