DBS Announces Record Profits and Management Pay Cuts in Response to Digital Disruptions

DBS Group Holdings reports a record annual profit for 2023, despite a series of digital service disruptions leading to significant pay cuts for its senior management, including CEO Piyush Gupta.

DBS CEO Piyush Gupta and senior management face pay cuts, with Gupta's variable pay reduced by 30%, amounting to S$4.14 million, in light of digital banking service disruptions.
The bank reports a record annual profit of S$10.3 billion for 2023, marking a 26% increase from the previous year, with a return on equity reaching a record high of 18%.
DBS commits S$25 million towards improving technology and system resiliency, including decoupling key services to prevent simultaneous failures.
The Monetary Authority of Singapore imposed restrictions on DBS, including barring new business acquisitions and requiring a pause on non-essential IT changes for six months.
DBS proposes a final dividend of 54 cents per share, up from the previous payout, and announces a one-for-10 bonus share issue to increase capital returns to shareholders.

South China Morning Post

CNA

Reuters