DBS Pays CEO Piyush Gupta S$8.08 Million on Record Net

(Corrects currency in second paragraph.)

DBS Group Holdings Ltd. (DBS) Chief Executive Officer Piyush Gupta’s annual salary increased to S$8.08 million ($6.4 million) last year as profit at Southeast Asia’s biggest bank climbed to a record.

Gupta’s pay climbed from S$7.35 million in the previous year, the bank said. The Singapore-based lender’s profit jumped 15 percent to S$3.04 billion, while staff costs gained 20 percent to S$1.71 billion on an expanded headcount, according to the bank’s annual report.

Oversea-Chinese Banking Corp. (OCBC), Singapore’s second-largest bank, said in its annual report outgoing Chief Executive Officer David Conner’s compensation in 2011 declined 5.3 percent to S$7.08 million. He’s entitled to receive 488,029 shares on the completion of his employment contract, the report showed, valued at S$4.4 million as of yesterday’s close.

Conner will retire as CEO next month after a decade running OCBC. He will be replaced on April 15 by Samuel Tsien, who has run the bank’s global corporate bank since 2007.

OCBC shares fell 0.9 percent to S$8.85 at the close in Singapore, and DBS declined 0.8 percent to S$14.21.

To contact the reporter on this story: Sanat Vallikappen in Singapore at vallikappen@bloomberg.net

To contact the editor responsible for this story: Chitra Somayaji at csomayaji@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.