Why DBS shares increased 270% in 15 years – Piyush Gupta’s strategy explained

[SINGAPORE] After helming DBS for more than 15 years, the bank’s chief executive officer Piyush Gupta is retiring and handing the reins over to his successor, Tan Su Shan. 

He steps down at the end of the bank’s 26th annual general meeting on Friday (Mar 28).

Under his leadership, DBS underwent digital transformation, refining its technological architecture from back-end systems to customer interfaces, and also implemented structural changes.

Under his watch starting in 2009, the bank’s share price leapt nearly 270 per cent to S$46.58, as at the market close on Mar 27.

DBS’ return on equity more than doubled to 18 per cent in 2024 – up from around 8 to 9 per cent when he first took over.