DBS CEO Piyush Gupta added SGD 2.67 million to his wealth after selling 75,000 shares of the company. Each share fetched a price of SGD 35.74, reports said, quoting a recent filing on the Singapore Exchange.
Before this, the DBS CEO’s holdings included 2,790,053 ordinary voting shares. It has reduced to 2,715,053 shares, which is equivalent to 0.095 percent of DBS’ ordinary shares.
The transaction was made on May 3, just a day after DBS Group announced a rise in its net profit in the first quarter of 2024.
“DBS Group’s net profit for first-quarter 2024 rose 15% from a year ago to a record SGD 2.96 billion while return on equity reached 19.4%. Total income grew 13% to a new high of SGD 5.56 billion as net interest margin was stable at 2.14%, fee income crossed SGD 1 billion for the first time and treasury customer sales reached a record,” a news release from DBS read.
Meanwhile, this isn’t the first time that Gupta has sold his DBS shares. In August last year, the senior banker sold 100,000 of his shares in the bank, earning around SGD 3.4 million, as per reports.