<o:p></o:p>Singapore's leading lender, DBS Group, reported record-breaking full-year results, yet Chief Executive Officer Piyush Gupta faced a significant reduction in compensation due to digital banking disruptions witnessed last year.<o:p></o:p>

This is based on a report published by Bloomberg.<o:p></o:p>

The bank announced a net profit of S$2.39 billion ($1.78 billion) in the quarter ending December 31, marking a modest 2 per cent increase, amidst margin pressure. <o:p></o:p>

While slightly below analyst estimates, DBS proposed a bonus share issue and increased its final dividend. <o:p></o:p>

For the entirety of 2023, the bank surpassed its medium-term net profit target of S$10 billion, achieving a return on equity of 18 per cent, leading to a surge in DBS shares.<o:p></o:p>

However, last year's digital banking outages prompted a collective 21 per cent cut in variable pay for DBS' group management committee, with CEO Gupta experiencing a deeper 30 per cent reduction amounting to S$4.1 million.<o:p></o:p>

DBS's stellar performance comes amid a challenging backdrop as it grapples with the aftermath of digital banking disruptions that paralysed payment and ATM transactions across Singapore last year. <o:p></o:p>

The repercussions of these outages have led to regulatory actions, with the Monetary Authority of Singapore imposing a six-month ban on DBS from acquiring new business ventures and reducing its local branch and ATM networks. <o:p></o:p>

Despite Gupta's public apologies and assurances of prioritising the resolution of digital banking issues, the bank faced scrutiny over service reliability. <o:p></o:p>

However, DBS reiterated its commitment to enhancing customer experience, promising greater reliability and alternative channels for payments and inquiries in case of future issues.<o:p></o:p>

Gupta, at the helm of DBS since November 2009, has overseen the bank's expansion into key markets such as India, Taiwan, and mainland China, both through acquisitions and organic growth. <o:p></o:p>

Under his leadership, DBS has strengthened its wealth management arm, becoming one of Asia's largest in terms of assets under management. <o:p></o:p>

Despite the anticipated softening of interest rates and geopolitical tensions, Gupta expressed confidence in sustaining the bank's performance in the upcoming year.<o:p></o:p>

DBS's results set the tone for major Singapore banks, with rivals United Overseas Bank Ltd. and Oversea-Chinese Banking Corp set to report their results later this month. <o:p></o:p>

While DBS's performance has been propelled by elevated interest rates, analysts speculate on the sustainability of this growth trajectory amidst expectations of declining rates in the coming year. <o:p></o:p>

The outcomes of DBS's strategic initiatives to address digital banking disruptions and maintain customer trust will likely influence market perceptions of the bank's long-term resilience and growth prospects.<o:p></o:p>

(With inputs from Bloomberg)<o:p></o:p>

Singapore's leading lender, DBS Group, reported record-breaking full-year results, yet Chief Executive Officer Piyush Gupta faced a significant reduction in compensation due to digital banking disruptions witnessed last year.

Singapore's leading lender, DBS Group, reported record-breaking full-year results, yet Chief Executive Officer Piyush Gupta faced a significant reduction in compensation due to digital banking disruptions witnessed last year. This is based on a report published by Bloomberg. The bank announced a net profit of S$2.39 billion ($1.78 billion) in the quarter ending December 31, marking a modest 2 per cent increase, amidst margin pressure. While slightly below analyst estimates, DBS proposed a bonus share issue and increased its final dividend. For the entirety of 2023, the bank surpassed its medium-term net profit target of S$10 billion, achieving a return on equity of 18 per cent, leading to a surge in DBS shares. However, last year's digital banking outages prompted a collective 21 per cent cut in variable pay for DBS' group management committee, with CEO Gupta experiencing a deeper 30 per cent reduction amounting to S$4.1 million. DBS's stellar performance comes amid a challenging backdrop as it grapples with the aftermath of digital banking disruptions that paralysed payment and ATM transactions across Singapore last year. The repercussions of these outages have led to regulatory actions, with the Monetary Authority of Singapore imposing a six-month ban on DBS from acquiring new business ventures and reducing its local branch and ATM networks. Despite Gupta's public apologies and assurances of prioritising the resolution of digital banking issues, the bank faced scrutiny over service reliability. However, DBS reiterated its commitment to enhancing customer experience, promising greater reliability and alternative channels for payments and inquiries in case of future issues. Gupta, at the helm of DBS since November 2009, has overseen the bank's expansion into key markets such as India, Taiwan, and mainland China, both through acquisitions and organic growth. Under his leadership, DBS has strengthened its wealth management arm, becoming one of Asia's largest in terms of assets under management. Despite the anticipated softening of interest rates and geopolitical tensions, Gupta expressed confidence in sustaining the bank's performance in the upcoming year. DBS's results set the tone for major Singapore banks, with rivals United Overseas Bank Ltd. and Oversea-Chinese Banking Corp set to report their results later this month. While DBS's performance has been propelled by elevated interest rates, analysts speculate on the sustainability of this growth trajectory amidst expectations of declining rates in the coming year. The outcomes of DBS's strategic initiatives to address digital banking disruptions and maintain customer trust will likely influence market perceptions of the bank's long-term resilience and growth prospects. (With inputs from Bloomberg)

DBS CEO's pay slashed following digital banking disruptions amid record profits

Invisible to those below, sprawling gardens of rhubarb, carrots and radishes have been flourishing on top of Hong Kong skyscrapers.&nbsp;

Since 2015, around 60 such farms have sprouted up in the space-starved city of Hong Kong. Located on abandoned helipads, mall rooftops and public terraces, these are a part of an initiative&nbsp;by a local social enterprise called 'Rooftop Republic'.

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In a city that practices what he calls the "instant-noodle city lifestyle", Cofounder Andrew Tsui sees these farms as a way to familiarising people with methods of producing sustainable food.

Tsui believes that the industrialisation of the food industry has damaged Hong Kongers' relationship with food. The organisation thus aims to enlighten people about food through the use of underused spaces in the city.

Pile after pile of food waste

Government statistics indicate Hong Kong discards around 3,500 tonnes of food waste daily, roughly the weight of 250 double-decker buses, the majority of which is not even recycled.

90 per cent of the food consumed by the city's 7.5 million residents is imported, mainly from mainland China. However, despite Hong Kong's high population density, there is still considerable room for growing food locally.

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The amount of farmable land is only about seven million square meters, according to Tsui. Nonetheless, there is over six million square metres of untapped space on the city's rooftops, which holds the potential to double the supply of fertile land.&nbsp;&nbsp;

He adds that the challenge is to incorporate urban farming into daily life and make it a lifestyle, and for that to happen, accessibility is the first step."

Rooftop Republic works closely with architects, developers, and property managers to integrate urban farms into office building blueprints.

Some major companies have signed up for the initiative. Among the biggest names are the Bank of America and Singaporean banking giant DBS, which have partnered with Rooftop Republic to run a series of workshops for professionals and beginners.&nbsp;

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According to the group's senior director of property management, Eric Lau, while Hong Kong mostly focuses on commercial property values, their organisation aims to promote the concept of sustainability.&nbsp;

Currently, Tsui observes that there is little interest among young Hong Kongers but there is a great opportunity to generate enthusiasm when it comes to the environment and climate change.&nbsp;

The ability to grow your own food is a necessary new skill that we all must learn to ensure a regenerative and green environment, he said.

(With inputs from agencies)tre

Invisible to those below, sprawling gardens of rhubarb, carrots and radishes have been flourishing on top of Hong Kong skyscrapers. Since 2015, around 60 such farms have sprouted up in the space-starved city of Hong Kong.

Invisible to those below, sprawling gardens of rhubarb, carrots and radishes have been flourishing on top of Hong Kong skyscrapers. Since 2015, around 60 such farms have sprouted up in the space-starved city of Hong Kong. Located on abandoned helipads, mall rooftops and public terraces, these are a part of an initiative by a local social enterprise called 'Rooftop Republic'. Also read | 'Champagne is French': Ministers denounce Russia 'sparkling wine' law In a city that practices what he calls the "instant-noodle city lifestyle", Cofounder Andrew Tsui sees these farms as a way to familiarising people with methods of producing sustainable food. Tsui believes that the industrialisation of the food industry has damaged Hong Kongers' relationship with food. The organisation thus aims to enlighten people about food through the use of underused spaces in the city. Pile after pile of food waste Government statistics indicate Hong Kong discards around 3,500 tonnes of food waste daily, roughly the weight of 250 double-decker buses, the majority of which is not even recycled. 90 per cent of the food consumed by the city's 7.5 million residents is imported, mainly from mainland China. However, despite Hong Kong's high population density, there is still considerable room for growing food locally. Also read | Scientists resolve mystery of why otters stay warm in cold surroundings The amount of farmable land is only about seven million square meters, according to Tsui. Nonetheless, there is over six million square metres of untapped space on the city's rooftops, which holds the potential to double the supply of fertile land. He adds that the challenge is to incorporate urban farming into daily life and make it a lifestyle, and for that to happen, accessibility is the first step." Rooftop Republic works closely with architects, developers, and property managers to integrate urban farms into office building blueprints. Some major companies have signed up for the initiative. Among the biggest names are the Bank of America and Singaporean banking giant DBS, which have partnered with Rooftop Republic to run a series of workshops for professionals and beginners. Also read | Winchcombe meteorite gets official classification, here is all you need to know According to the group's senior director of property management, Eric Lau, while Hong Kong mostly focuses on commercial property values, their organisation aims to promote the concept of sustainability. Currently, Tsui observes that there is little interest among young Hong Kongers but there is a great opportunity to generate enthusiasm when it comes to the environment and climate change. The ability to grow your own food is a necessary new skill that we all must learn to ensure a regenerative and green environment, he said. (With inputs from agencies)tre

Short on space, Hong Kong sprouts sky gardens

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DBS CEO's pay slashed following digital banking disruptions amid record profits

Short on space, Hong Kong sprouts sky gardens