Best, but not necessarily the biggest: Piyush Gupta on DBS’ transformation
Outgoing CEO talks about working across teams, being data-driven and having a purpose
When DBS in 2015 set its sights on being recognised as the world’s best bank, there was scepticism within the management ranks. In terms of the size of assets, DBS was not within spitting distance of the world’s top 10 banks and still is not. It is the largest in South-east Asia though.
But as its chief executive Piyush Gupta pointed out: “Changi has been named the best airport in the world. Singapore Airlines is not the biggest airline, but is the best airline in the world. Big doesn’t necessarily mean best.”
Gupta started at DBS when he was 50. As he ends his 16-year run at the helm, he can look back at a roll-call of the bank’s accolades and achievements and a success story that has been profiled in various case studies by the likes of Harvard Business School and consulting firm McKinsey.
There have been awards galore including “World’s Best Bank” by Global Finance in 2018, “World’s Best Bank” by Euromoney and “Global Bank of the Year” by The Banker, just to name a few.
The numbers speak for themselves. In 2009, DBS’ market capitalisation stood at S$35 billion. It is now a staggering S$132 billion. Return on equity (ROE), a measure of how efficiently it is using shareholders’ funds, has gone from 8.4 per cent, when it lagged its peers, to outpacing them at 18 per cent. Net profit has grown five times, from S$2.1 billion to S$11.4 billion. And the list goes on.
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