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Singapore’s largest lender DBS Bank delivered a robust financial performance in 2024, surpassing guidance and setting new records in wealth management, treasury sales and overall profitability.
During his last media briefing as the bank CEO, Piyush Gupta reflected on the bank’s achievements, highlighting double-digit income growth and resilience amid macroeconomic challenges.
The bank’s wealth management franchise was positively highlighted, with assets under management reaching a record S$426 billion ( US$314 billion ), a 17% increase year on year. DBS attracted S$21 billion in net new money, reinforcing its position as a leading wealth management player in Asia. Fee income from wealth management rose 40% ( 37% to 38% excluding Citi Taiwan’s consolidation ), reflecting continued investor confidence.
The inflows may also reflect the growing trend of Asian-based investors preferring indigenous Asian institutions, who know the region, to manage their assets.
As Gupta prepares to step down, he expressed full confidence in his successor, Tan Su Shan, and emphasized the bank’s continued focus on technology, artificial intelligence and strategic expansion.
Her long and successful track record in Asian wealth management will also add heft to Gupta’s confidence in Tan.
Gupta added that the bank’s strong internal talent pipeline has so far ensured a smooth transition, with key leadership appointments being made internally.
As he prepares to step down after almost 15 years at the helm of DBS Group, Piyush Gupta will be leaving behind a legacy of transformation, digital innovation and regional expansion. His tenure has been significant, he took Singapore’s biggest lender and turned it into a tech-driven, purpose-led banking powerhouse, setting new standards for financial institutions in Asia.
From vanilla to scalable success
When Gupta took over in 2009, DBS was still shaking off its reputation as a conservative, domestically focused bank. The global financial crisis had exposed weaknesses in risk management, and the bank needed a leader who could not only stabilize operations but also drive growth.
Gupta, an ex-Citi-banker with a deep understanding of Asian markets, wasted no time in reshaping DBS into a modern financial institution.
He redefined the bank’s identity, pushing for a regional strategy that expanded the bank’s presence in Hong Kong, China, India, Indonesia and Taiwan. Under his leadership, DBS completed several strategic acquisitions, including Lakshmi Vilas Bank in India and ANZ’s wealth and retail business in five Asian markets. These moves cemented DBS’ standing as a regional force, capable of competing with global banks while staying true to its Asian roots.
Digital banking revolution
Perhaps Gupta’s most defining contribution was his early bet on digital banking. Long before fintech disruptions became a pressing threat, he positioned DBS as a technology company in the banking space, rather than a traditional bank struggling to digitize.
DBS invested heavily in cloud computing, AI-driven credit analysis and blockchain initiatives. It became the first bank globally to launch a fully digital, branchless bank in India, and its digital transformation efforts were widely recognized as best in class. Gupta’s vision turned the lender into a “bank that is invisible but present everywhere”, delivering seamless financial services across mobile and digital platforms.
His leadership, which was complimented by the recruitment of digital guru Neal Cross, a bold hire by Gupta, also changed the way banking infrastructure was built. By embracing agile methodologies and running the bank like a technology company, DBS eliminated bureaucratic inefficiencies and accelerated innovation.
Today, over 60% of its retail and small and medium-sized enterprise ( SME ) customers engage with the bank through digital channels, driving higher profitability and stronger customer engagement.
Sustainability, purpose
Beyond digital transformation, Gupta has also championed sustainability and purpose-driven banking. Under his leadership, DBS pledged net-zero emissions by 2050 and became a leader in sustainable finance across Asia. It was the first Singaporean bank to issue a green bond, and it played a key role in financing renewable energy projects across the region.
Gupta also steered the bank towards impact-driven lending, with a focus on SMEs, social enterprises and underbanked populations. In his words, “banking should be a force for good, not just a machine for profits.” This philosophy resonated with investors and customers alike, reinforcing DBS’ brand as a bank that balances profit with purpose.
Performance
Under Gupta’s leadership, DBS’s financial performance has surged. The bank’s net profit tripled, crossing S$10 billion in 2023 for the first time. And its market capitalization more than doubled, making it Southeast Asia’s most valuable bank.
DBS’s stock outperformed its regional peers, and its disciplined risk management allowed it to navigate economic uncertainties with resilience. The bank’s success in wealth management, institutional banking and digital assets further underscored its evolution into a diversified financial giant.
Lasting legacy?
As Gupta steps down, he leaves DBS in a position of strength – more digital, more sustainable and more globally respected than before. His successor will inherit a bank that is not just a leader in Singapore but an Asian powerhouse shaping the future of finance.
His tenure could be viewed as a masterclass in leadership, transformation and vision. Piyush Gupta didn’t just run DBS; he redefined what it means to be a bank in the digital age.
Tan Su Shan now steps into the leadership role with the foundation of Piyush Gupta’s transformative legacy, inheriting a bank that has not only doubled its return on equity but also cemented itself as a digital-first, customer-centric institution.
She is confident and well-equipped, she says, to steer DBS into its next phase of strategic growth, ensuring the bank remains at the forefront of Asia’s financial evolution while continuing to deliver exceptional shareholder value and market leadership.
