SINGAPORE — The chief executive officers (CEO) of Singapore’s three local banking groups saw their total remuneration rise by around S$1 million each last year as profits grew.

According to DBS Group’s latest annual report, CEO Piyush Gupta earned S$10.12 million last year, up from S$9.2 million in 2013. The higher pay comprised a base salary of S$1.2 million, S$3.79 million cash bonus, S$5.07 million in shares and S$55,545 in other non-cash payments.

DBS, Singapore’s and Southeast Asia’s largest banking group, said Mr Gupta’s remuneration took into account the bank’s performance over the short- and long-term.

It said that net profit hit an all-time high of S$4.05 billion last year, and that under Mr Gupta, DBS has strengthened its leadership position in Singapore, grown its Hong Kong business, and built regional franchises in areas such as wealth management and global transaction service

United Overseas Bank (UOB), meanwhile, said that deputy chairman and CEO Wee Ee Cheong’s remuneration was S$10.22 million last year, up from S$9.2 million in 2013.

Oversea-Chinese Banking Corp (OCBC) said CEO Samuel Tsien earned S$9.89 million last year, up from S$8.82 million in 2013. CHANNEL NEWSASIA