Piyush Gupta, the CEO of DBS Group Holdings, saw his total remuneration reduced to $9.18 million for the FY2020 ended December, some 24.3% lower than his total salary of $12.13 million in the FY2019.

During the FY2020, Gupta’s base pay of $1.2 million remained flat, while his bonus was reduced by 27% (or $2.9 million) due to the “difficult operating environment”, “general cutbacks” and a 26% reduction in the bank’s profits, read the annual report put out by the bank on March 8.

In comparison, Gupta was granted a one-time recognition award of 80,000 shares in FY2019, as the bank saw a growth of 10% y-o-y in total income, and a 14% increment in its net profit y-o-y.

SEE:DBS puts a hold on Centurion, but expects a pickup in operations in FY2021

Similarly, the bank’s senior management saw 14% y-o-y lower remuneration of $63.2 million, including the CEO’s pay due to the same reasons.

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In the report’s outlook statement, Gupta, as well as DBS Group’s chairman Peter Seah, say they expect the future to be “challenging” given the “macroeconomic and geopolitical headwinds”.

“As we navigate the choppy waters of 2020, some priorities remain a constant. Among them, continued digital transformation and pursuing the sustainability agenda are foremost,” they write.

As at 12.04pm, shares in DBS are trading 56 cents higher or 2.0% up at $28.25.