Local bank chiefs' earnings among highest last year

Local bank chiefs' earnings among highest last year

SINGAPORE - The bosses of the three local banks were among the top earners last year, thanks to the financial sector's strong performance.

DBS Group chief executive Piyush Gupta looks likely to be Singapore's top-earning executive among Straits Times Index (STI) companies, drawing $9.33 million in the 12 months to Dec 31 - a 15 per cent increase on the previous year when he earned $8.08 million.

DBS posted a record net profit of $3.81 billion for the year, up from 2011's $3.04 billion. Its market capitalisation stands at around $38 billion.

United Overseas Bank (UOB) chief executive Wee Ee Cheong enjoyed a pay increase of 30 per cent last year, taking home between $8.75 million and $9 million. In 2011, his package was about $6.5 million to $6.75 million.

The increase was on the back of a 20.5 per cent rise in UOB's earnings to $2.8 billion.

OCBC chief executive Samuel Tsien's package was $5.5 million, reflecting the bank's record net profit of $3.99 billion, an increase of 73 per cent from $2.31 billion in 2011.

Mr Tsien was promoted to chief executive on April 15 last year. His 2012 pay includes the work he did as senior executive vice-president from Jan 1 to April 14.

The data from the latest annual reports includes base pay, short-term incentives and benefits accrued for the financial year.

The chiefs of the two big oil-rig builders fared less well as oil prices sagged well below US$100 per barrel and competition loomed from shipyards in China and South Korea.

Keppel Corp chief executive Choo Chiau Beng was given a remuneration package worth $7.99 million last year, including a deferred bonus of $3.09 million. In 2011, his package came to between $11.6 million and $11.85 million in cash and shares.

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