This comes because the financial institution achieved a file efficiency in 2024 as full-year web revenue rose 11 per cent to SGD 11.4 billion, with return on fairness (ROE) at 18 per cent, in response to the financial institution’s annual report launched on Thursday.
“The financial institution’s stellar all-round efficiency, in addition to its improved expertise resiliency, resulted in a better scorecard appraisal by the board in comparison with the earlier yr,” DBS mentioned within the report.
Gupta’s pay in 2023 was decreased by 27 per cent to SGD 11.2 million. In comparison with the SGD 15.4 million fee of 2022, his 2024 pay was up 14 per cent.
The majority of his 2024 package deal got here from a deferred award of SGD 9.36 million, to be paid principally in shares. The remaining was made up of a money bonus of SGD 6.65 million, a base wage of SGD 1.5 million and different funds of SGD 80,533, comprising membership, automotive and driver advantages.
In February, Gupta mentioned the financial institution is planning to chop 4,000 contract and non permanent employees over the following three years as synthetic intelligence (AI) more and more replaces people. “We now have to totally embrace the chances, which ought to result in a elementary rethink of our working fashions and even the creation of latest enterprise fashions,” The Straits Instances quoted Gupta as saying. Reflecting on his profession, Gupta mentioned: “In lower than a month, I might be retiring from DBS after 15 years on the helm. Trying again, this has, for sure, been essentially the most fulfilling a part of my total profession.”
He joined DBS in November 2009, when the trade was within the throes of the worldwide monetary disaster. Some years later, the financial institution met competitors from fintechs and DBS additional redefined banking by leveraging expertise, mentioned Gupta.
On what made DBS’ digital transformation profitable, Gupta mentioned the financial institution remodeled “all the things from the technological structure within the again finish to buyer interfaces on the entrance finish”.
DBS additionally moved away from product silos to serious about buyer journeys, modified the financial institution’s tradition into one which embraced innovation and put in place a system to measure progress.
Gupta is ready to cross the baton to Tan Su Shan, presently deputy CEO and group head of institutional banking, when he retires on the subsequent annual common assembly on March 28, 2025.
Tan famous that the final 15 years have formed DBS right into a high-performing, high-returns establishment, with its ROE in 2024 being one of many highest amongst developed market banks.
Regardless of challenges forward, there are many alternatives, she mentioned.
The financial institution has constructed strategic moats (aggressive edge) and is in a powerful place to proceed delivering wholesome shareholder returns and outperforming friends, she added.
Over the past 15 years, DBS’ market capitalisation has quadrupled from SGD 35 billion in 2009 to SGD 124 billion in 2024, the report confirmed. In Could 2024, the financial institution turned the primary Singapore-listed firm to cross SGD 100 billion in market worth.
ROE has greater than doubled to 18 per cent in 2024, from 8.4 per cent in 2009.
Whole shareholder returns for 2024 have been 51 per cent, the very best in DBS’ historical past outdoors crisis-rebound years, comprising a share value acquire of 44 per cent and a dividend return of seven per cent.
Its client banking buyer base grew to 18.4 million in 2024, from 4.9 million in 2009, on the again of natural progress, strategic acquisitions and energy of partnerships.
The financial institution’s workforce grew considerably to 41,000 workers in 2024, from simply 14,000 in 2009, DBS famous.
DBS additionally has a wholly-owned subsidiary in India and operates throughout Asian markets.
Shares of DBS have been buying and selling 1.359 per cent increased at SGD 46.240 on SGX at 01.04 pm (native time) on Thursday.