The bank’s earnings hit a record high of $3.96b, up 28%.
The remuneration of DBS Bank CEO Piyush Gupta grew 15.5% to $8.63m (S$11.86m) for 2018, the bank’s annual report revealed.
Apart from Gupta’s salary of $890,000 (S$1.2m), the remuneration also included a cash bonus of $3.32m (S$4.49m), a share plan of $4.52 (S$6.11m), and other payments worth $48, 427 (S$65,527).
Gupta has been CEO of the bank since November 2019. “Piyush Gupta has built DBS into an Asian banking powerhouse widely recognised for its digital leadership,” the bank said.
In 2018, DBS achieved record earnings of $4.16 (S$5.63b), up 28%. Total income was $9.76b (S$13.2b), also a new record for the bank. Return on equity, at 12.1%, was at its highest since 2007.
Loans rose 6% in constant-currency terms to $255.71 (S$345b) as non-trade corporate loans rose 12%. This offset a weaker 3% growth in consumer loans which took a beating from the measures to cool the property market in July.
The income of the Consumer Banking / Wealth Management (CBG/WM) rose 21% to $4.18b (S$5.65b) from increases in all product categories led by deposits, cards and bancassurance. Institutional Banking (IBG) income grew 9% to $4.11b (S$5.76b) from higher cash management income whilst income from Treasury Markets declined 21% to $497m (S$672m) which the bank attributes to unfavourable market conditions.
In 2017, Gupta’s remuneration package was $7.58m (S$10.26m) in total, comprised of a cash bonus of $2.85m (S$3.85m) and a share plan worth $3.81 (S$5.16m).
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