KEY POINTS
  • For the full year, net profit jumped 26% to a record SG$10.3 billion compared to SG$8.19 billion in 2022.
  • The Singaporean bank reported fourth quarter net profit of 2.39 billion Singapore dollars, 2% higher from a year ago profit of SG$2.34 billion.
  • DBS cut the variable compensation for its senior management to "hold them accountable" for a number of digital disruptions that year.
  • CEO Piyush Gupta took a bigger cut of 30%, which amounted to SG$4.14 million.
DBS Group Holdings suffered an outage in its digital services on March 29, 2023.

SINGAPORE — DBS Group reported record earnings for the full year in 2023, but cut the variable compensation for its senior management to "hold them accountable" for a number of digital disruptions that year.

Chief Executive Piyush Gupta received a bigger cut and had his variable pay was slashed by 30%, which amounted to 4.14 million Singapore dollars ($3.08 million), the bank said.