CEO of DBS Group Holdings, Piyush Gupta, received a 48% increase in his pay for the year 2021, according to The Edge Singapore.
According to the company’s annual report, Gupta was given a package of $13.58 million, with more than $7.1 million of it being in shares.
The year 2021 was described as DBS’s best year ever for their financial performance, with the report noting that global interest rates remained rock bottom.
China’s idiosyncratic risks also increased, along with the government’s moves to temper exuberance in the property market.
DBS reported record earnings of $6.8 billion for the financial year ending in December, which was a 44% increase year on year.
They also saw an equity return of 12.5%.
Gupta previously too a pay cut of 24% in 2020 as a result of the pandemic with performance not being great for the year 2020.
He said that DBS will continue to focus on technology, which has enabled the bank to switch to remote working without loss of productivity.