Singapore’s largest bank has revealed the compensation of its top executive, with DBS Group Holdings stating that chief executive officer Tan Su Shan received more than S$9.6 million in remuneration for the financial year ending Dec. 31, 2025.
The figure was disclosed in the bank’s latest annual report released on Mar. 9, offering a breakdown of Tan’s compensation package during her first year leading the financial institution.
Tan officially assumed the role of chief executive officer in March 2025, succeeding long-time DBS leader Piyush Gupta.
BREAKDOWN OF TAN SU SHAN’S PAY PACKAGE
According to the annual report, Tan’s total remuneration amounted to slightly above S$9.6 million. Her compensation included a base salary of S$975,250 along with a cash bonus of nearly S$3.7 million.
In addition, more than S$4.9 million was awarded as deferred compensation, which is typically tied to longer-term performance and retention incentives within major financial institutions.
The package also included around S$68,694 in non-cash benefits. These covered perks such as club memberships as well as access to a company car and driver.
However, the reported figure does not include a separate retention award worth S$737,250. DBS explained that such retention incentives are designed to compensate employees for the time value of deferred remuneration and encourage long-term commitment to the organisation.
Even with the additional award excluded, Tan’s overall compensation still reflects the typical executive pay structure seen in global banking leadership roles.
COMPARISON WITH FORMER CEO PIYUSH GUPTA
Despite the sizeable compensation package, Tan’s earnings remain significantly lower than what former DBS chief executive Piyush Gupta received during his final full year leading the bank.
The DBS annual report for 2024 showed that Gupta earned approximately S$17.6 million in total compensation for that year.
For 2025, Gupta still received remuneration during the period he served as chief executive from Jan. 1 to Mar. 28 before stepping down.
His compensation for that period exceeded S$4.2 million, consisting of a salary of S$369,048, a cash bonus of about S$1.77 million and more than S$2 million in deferred awards. Non-cash benefits accounted for an additional S$42,297.
Tan formally took over the leadership of DBS on Mar. 28, 2025, marking a new chapter for the bank after Gupta’s long tenure.
DBS CONTINUES STRONG FINANCIAL PERFORMANCE
The annual report also highlighted DBS’ financial performance during the 2025 financial year. According to the bank, it continued to achieve solid results despite what it described as a challenging operating environment influenced by macroeconomic uncertainty and shifting interest rate conditions.
DBS reported that its full-year net profit for FY2025 slipped slightly by 3 per cent to S$10.9 billion. The decline was largely attributed to the introduction of a global minimum tax framework in Singapore.
Despite the dip in net profit, the bank recorded record highs in other financial indicators. Total income climbed to S$22.9 billion while profit before tax reached S$13.1 billion.
Return on equity stood at 16.2 per cent, which was lower than the 18 per cent achieved in 2024. Nevertheless, the figure still falls comfortably within the bank’s medium-term target range of 15 to 17 per cent and remains stronger than many regional and international competitors.
Another major milestone came in June 2025 when DBS surpassed a US$100 billion market capitalisation, equivalent to roughly S$128 billion. This made it the first company listed in Singapore to reach that valuation.
By the end of the year, the bank’s market value had grown further to approximately US$124 billion, or about S$159 billion, placing DBS among the world’s 25 largest banks by market capitalisation.
The report also stated that total compensation for DBS senior management collectively reached S$83.1 million in 2025, with Tan’s S$9.6 million package included in that figure.