This is the 59-year-old chief executive's best year so far, as his compensation matches record highs in earnings and total income for the bank.
DBS Bank CEO Piyush Gupta received a total of S$11.9 million ($8.78 million) in remuneration for 2018, or 15.5 percent higher than the amount he received in 2017, according to the bank's annual report published on Thursday.
A major component of his paycheck is a cash bonus with no restrictions totaling S$4.5 million, up from S$3.9 million in 2017. His salary remains the same at S$1.2 million. The rest of the sum is made up of his share plan (S$6.1 million) and non-cash benefits (S$60,000).
The year 2018 was DBS' 50th anniversary, during which the bank evolved its decade-old positioning «Living, Breathing Asia» to «Live more, Bank less.»
«Successful Transformation»
In calculating Gupta's pay, the bank noted its «stellar performance in 2018» when measured against its balanced scorecard, which includes financial performance, customer satisfaction, employee engagement and progress in digital transformation.
It also noted its «successful transformation» that has seen it receive a record number of global awards in 2018, in areas ranging from private banking to SME banking to cash management. This includes accolades for being the best bank in the world by «The Banker» and «Global Finance», and World’s Best Digital Bank by Euromoney for the second time.
Swiss Comparisons
Last week, finews.asia reported that Credit Suisse's Tidjane Thiam, received 12.65 million Swiss francs (US$12.7 million) in compensation in 2018, while UBS' Sergio Ermotti, pocketed 14.1 million Swiss francs in total.
DBS Groups' earnings in 2018 were a record S$5.63 billion, up 28% year-on-year. Total income was also a new high at S$13.2 billion, while return on equity, at 12.1 percent, was the highest since 2007.
