DBS chief Tan Su Shan receives S$9.6 million in total pay for 2025

DBS chief executive Tan Su Shan received S$9.6 million in total compensation for the financial year ended 31 December 2025, according to the bank's annual report released on Monday, 9 March 2026.

The figure covers both her first nine months as chief executive and the earlier period in which she served as deputy chief executive.

Tan's remuneration for the year comprised a base salary of S$975,250, a cash bonus of S$3.69 million, a deferred award of S$4.92 million payable largely in shares, and S$68,694 in non-cash components including club, car, and driver benefits.

The reported total excludes a retention award valued at S$737,250, which DBS said functions as a retention tool and compensates employees for the time value of deferred compensation.

Comparison with predecessor

Tan's S$9.6 million package compares with the S$17.6 million in total compensation received by former chief executive Piyush Gupta for the financial year 2024, his last full year in the role, when the bank achieved record earnings.

Gupta received a separate package of S$4.23 million for the period he continued to serve as chief executive in 2025, from 1 January to 28 March. That sum comprised a salary of S$369,048, a cash bonus of S$1.77 million, a deferred award of S$2.04 million, and S$42,297 in non-cash components.

Tan officially succeeded Gupta on 28 March 2025. She had been appointed deputy chief executive in August 2024, following 15 years under Gupta's leadership.

Senior management compensation

On an aggregate basis, DBS senior management received S$83.1 million in total compensation for 2025, including Tan's package. Among Group Management Committee members who served in both 2024 and 2025, the median increase in total compensation was 9.5 per cent.

DBS does not publicly disclose the salaries of its top five key executives beyond the chief executive, citing competitive reasons.

Financial performance in 2025

DBS reported a 3 per cent decline in full-year net profit to S$10.9 billion for 2025, which the bank attributed primarily to higher tax expenses arising from the implementation of Singapore's 15 per cent global minimum tax.

Despite the fall in net profit, both total income and pre-tax profit reached record levels. Total income rose 3 per cent to S$22.9 billion, while pre-tax profit grew 1 per cent to S$13.1 billion.

Net interest income edged up slightly to S$14.5 billion, a result the bank described as an achievement given sharply lower benchmark interest rates in Singapore and Hong Kong and the headwinds posed by a stronger Singapore dollar on foreign exchange translation.

In a joint letter, DBS chairman Peter Seah and Tan attributed this outcome to proactive balance sheet hedging and record deposit inflows. They said the inflows were underpinned by Singapore's safe-haven status and DBS's standing as "a trusted and stable institution."

Asset quality and returns

Overall asset quality remained sound. The non-performing loan ratio held steady at 1 per cent for the year.

Return on equity stood at 16.2 per cent, down from 18 per cent in 2024. DBS noted the figure remained within its medium-term target range of 15 to 17 per cent and continued to exceed the returns posted by both local and global peers.

Market capitalisation milestone

DBS's market capitalisation crossed US$100 billion (approximately S$129 billion) in June 2025, a milestone the bank described as a new high. By the end of the year, it had risen further to US$124 billion (approximately S$160 billion), placing DBS among the top 25 banks globally by market capitalisation.

Dividends

DBS proposed a final ordinary dividend of S$0.66 per share for the fourth quarter of 2025, an increase of S$0.06 from the prior quarter. Combined with a capital return dividend of S$0.15 per share, the total dividend for the fourth quarter amounts to S$0.81 per share.

The full-year dividend for 2025 totalled S$3.06 per share, representing a 38 per cent increase from the previous year.

DBS said it plans to continue paying capital return dividends of S$0.15 per share per quarter for the financial years 2026 and 2027, subject to unforeseen circumstances.