DBS Slashes CEO’s Pay Following Digital Banking Outages

(Bloomberg) — DBS Group Holdings Ltd. said its full-year results hit a record, though chief executive officer Piyush Gupta’s compensation took a hit due to last year’s digital banking disruptions.

Net profit, excluding one-time items, rose 2% to S$2.39 billion ($1.78 billion) in the three months ended Dec. 31, Singapore’s biggest lender said in a statement Wednesday, amid signs of pressure on margins. This compares to the S$2.44 billion average estimate by analysts surveyed by Bloomberg News. DBS also proposed a bonus share issue and raised its final dividend.