DBS chief Tan Su Shan's 2025 pay was $9.6 million in first year at the helm
Sheila Chiang
The Business Times
March 9, 2026
DBS chief executive Tan Su Shan received $9.64 million in total pay for 2025, according to the bank's annual report released on March 9.
The amount covers her first nine months in the role, as well as the period earlier in the year when she served as deputy CEO.
The bulk of her 2025 pay package came from a deferred award of $4.92 million, to be paid mostly in shares. The rest was made up of a cash bonus of $3.69 million, a base salary of $975,250 and other payments of $68,694 comprising club, car and driver benefits.
The figure excludes the estimated value of a retention award amounting to $737,250, which serves as a retention tool and compensates staff for the time value of deferral.
Ms Tan took over as DBS CEO in March 2025, when Mr Piyush Gupta retired after 15 years in the role. She had been appointed deputy CEO in August 2024.
Mr Gupta's last-drawn full-pay package amounted to $17.6 million for 2024, when the bank achieved record earnings.
His 2025 pay package was $4.23 million for serving as CEO from Jan 1 to March 28 that year. It comprised $369,048 in salary, $1.77 million in cash bonus, $2.04 million in deferred award and $42,297 in non-cash components.
Despite heightened macroeconomic uncertainties and interest rate headwinds, DBS delivered a solid financial performance in 2025, chairman Peter Seah and Ms Tan said in a joint letter.
DBS's market capitalisation reached a new high and topped US$100 billion (S$129 billion) in June. This further increased to US$124 billion (S$160 billion) at end-2025, placing DBS among the top 25 banks globally by market capitalisation.
For 2025, net profit declined 3 per cent to $10.9 billion due to higher tax expenses from the implementation of the 15 per cent global minimum tax.
Pre-tax profit amounted to $13.1 billion, up 1 per cent from a year ago, as total income rose 3 per cent to $22.9 billion despite a challenging rate environment.
Net interest income rose slightly to $14.5 billion against a challenging backdrop of sharply lower benchmark interest rates in Singapore and Hong Kong, as well as unfavourable foreign exchange translation from a stronger Singapore dollar, said Mr Seah and Ms Tan.
"This was achieved through proactive balance sheet hedging, as well as record deposit inflow underpinned by Singapore's safe-haven status and DBS' reputation as a trusted and stable institution," they noted.
Overall asset quality remained sound, with the non-performing loan ratio stable at 1 per cent.
Return on equity was 16.2 per cent, down from 18 per cent in 2024, but still within the bank's 15 to 17 per cent medium-term target range and several percentage points above local and global peers, DBS noted.
The bank proposed a final ordinary dividend of 66 cents per share for the fourth quarter, an increase of six cents from the previous quarter. Together with a capital return dividend of 15 cents per share, the total dividend for the quarter is 81 cents.
This brought the total dividend for 2025 to $3.06 per share, up 38 per cent from the previous year.
DBS plans to continue paying capital return dividends of 15 cents per share per quarter for the financial years of 2026 and 2027, barring unforeseen circumstances.
On DBS's outlook in an uncertain environment, Ms Tan said that the bank has to be resilient, seize opportunities in a new world order, shape the future of banking and capitalise on disruptive trends with innovation and agility.
Besides proactive hedging and agile balance sheet management, technological and operational resilience are of equal importance, she added.
"We continuously enhance our technology and data architecture, including by automating critical controls to predict, prevent, detect and recover swiftly from disruptions. We have also implemented robust frameworks to guard against risks from emerging technologies," she said.
Ms Tan also noted seeing greater diversification by clients, whether in currencies, supply chains or investments. Wealthy clients are also increasingly seeking diversification and safe habours for their assets in Asia.
"The impetus to diversify, especially to regions with strong rule of law and market stability, will present significant opportunities for DBS."
She further noted that artificial intelligence continues to advance rapidly, with agentic AI gaining prominence.
"We have also established robust frameworks that enable us to rapidly capitalise on new opportunities as AI continues to evolve. Our commitment to tracking business outcomes ensures that capital is allocated only to initiatives with proven traction, while allowing for course correction for those that fall short."
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