The CEOs of major Kenyan banks, including Equity, KCB Group, NCBA, Diamond Trust Bank (DTB), Standard Chartered Kenya (StanChart), and Absa, received a monthly pay exceeding KSh65 million last year.
In the previously mentioned list of the top six banks, KCB Group’s Chief Executive, Paul Russo, was among the highest earners, receiving a monthly gross salary of KSh14.8 million. Russo, who became KCB’s CEO in May 2022, received a pay increase of over KSh191,000 from a monthly salary of KSh6,250,000 from a little over KSh6 million in the year 2022.
He however, recorded a lower bonus in cash and deferred cash of KSh15.7 million and KSh17.2 million respectively but higher allowances and gratuity of KSh9.6 million and KSh22.5 million respectively. His gross pay was lower by KSh3.3 million from the KSh18.1 million monthly, the previous year.
READ ALSO:
Sony Sugar has new Managing Director, Martin Ogola Dima appointed
James Mwangi, the Chief Executive Officer of Equity Group, received a monthly gross salary of KSh15.8 million. This amount comprised a base monthly salary of KSh8.8 million and an additional KSh7 million as leave pay.
NCBA Chief Executive, John Gachora received an estimated KSh15.48 monthly last year which was an increase of about KSh3.2 million from a monthly salary of KSh12.3 million in 2022.
Kariuki Ngare, the CEO of Standard Chartered Bank (Stanchart), received a monthly pay totaling KSh10.12 million. This comprehensive package included a KSh4.2 million monthly salary and a bonus of KSh3 million, deferred cash awards of KSh1 million, share-based awards of KSh1 million, non-cash benefits of KSh300,000 and a pension of KSh575,000.
The CEO of DTB, Nasim Devji, received a gross monthly salary of KSh 5.5 million, while the Absa boss earned KSh6.5 million in monthly gross pay.
By Frank Mugwe
Get more stories from our website: Sacco Review.
For comments and clarifications, write to: Saccoreview@
Kindly follow us via our social media pages on Facebook: Sacco Review Newspaper for timely updates
Stay ahead of the pack! Grab the latest Sacco Review newspaper!
