DBS CEO Piyush Gupta sells bank shares worth S$2.7M

SINGAPORE: DBS CEO Piyush Gupta sold bank shares worth S$2.7 million. According to a filing with the Singapore Exchange on May 7, Mr Gupta recently sold 75,000 bank shares, gaining him S$2.7 million.

The Straits Times reported that the transaction occurred on May 3 for S$35.70 per share.

Despite this sell-off, Mr Gupta still holds over 2.7 million shares, constituting 0.095% of the bank. It’s worth noting that these shares are held in a trust.

Prior to the sale, Mr Gupta possessed a slightly larger stake, with holdings nearing 2.8 million shares, representing 0.098% of DBS.

Mr Gupta’s decision to offload shares came the day after expressing confidence in DBS’ financial outlook for 2024, which likely would surpass the record-breaking performance achieved in 2023.

This was a “reasonable assumption” in DBS’ solid financial performance. In the first quarter, DBS reported a 15% increase in net profit to S$2.95 billion, exceeding analyst expectations.

Excluding integration costs associated with Citibank Taiwan, the bank’s net profit would have reached a record S$2.96 billion.

Moreover, DBS achieved notable milestones during this period. Return on equity surged to 19.4%, and total income rose by 13% to S$5.56 billion. The net interest margin remained stable at 2.14% compared to the previous quarter.

DBS shares increased by 0.3% or S$0.12 to close at S$35.90 on May 7. /TISG

Read also: DBS CEO Piyush Gupta’s salary down 27% at S$11.2M after pay cut