Standard Bank’s seven senior executives earned a combined R411 million for the 2023 financial year – R1.1 million per day. <\/p>\n\n\n\n
For the full year ended 31 December 2023, the group saw its headline earnings increase by 27% from R33.9 billion to R42.9 billion. <\/p>\n\n\n\n
The group’s Africa Regions franchise contributed 42% to group headline earnings (up 49% year-on-year growth to R18.2 billion), while headline earnings in South Africa only grew by 3% to R16.8 billion. <\/p>\n\n\n\n
This profit improvement came despite a rise in credit impairments from R13.3 billion in FY22 to R16.2 billion in FY23 due to the strain in the Personal and Private Banking sectors. <\/p>\n\n\n\n
The board increased its total dividend to 1,423 cents per share (FY22: 1,206 cents), equating to a dividend payout ratio of 55%.<\/p>\n\n\n\n Pay for senior executives<\/strong><\/p>\n\n\n\n Group CEO Sim Tshabalala saw his single-figure total remuneration increase by 49.6% from R55.7 million in FY22 to R83.3 in FY23. <\/p>\n\n\n\n Kenny Fihla, CEO of Corporate and Investment Banking, was the second highest earner, with his pay increasing by 39.1% from R50.2 million to R69.9 million. <\/p>\n\n\n\n Group CFO Arno Daehnke and Group COO Margaret Nienebaar saw their pay increase by 55.2% and 37.0% to R68.1 million and R59.8 million, respectively. <\/p>\n\n\n\n Funeka Montjane, CEO of Personal and Business Banking, saw her pay rise by 55.9% to R59.5 million, while Bill Blackie, Business and Commercial Banking, saw his pay rise by 35.2% to R46 million. <\/p>\n\n\n\n Yuresh Maharaj, CEO of Investment and Asset Management, which includes Liberty after its merger into the Standard Bank Group, received a yearly pay of R25.1 million for FY23*. <\/p>\n\n\n\n Many of the increases were linked to the vesting of the long-term performance reward plan (PRP). Tshabalala saw his PRP award increase by 84.4% from R25.8 million in FY22 to R47.6 million in FY23.<\/p>\n\n\n\nStandard Bank Financials<\/strong><\/td> FY22<\/strong> Restated<\/strong><\/td> FY23<\/strong><\/td><\/tr> Total net income (Rm)<\/td> 148 117<\/td> 177 616<\/mark><\/strong><\/td><\/tr> Headline earnings (Rm)<\/td> 33 853<\/td> 42 948<\/strong><\/mark><\/td><\/tr> Earnings Per Share (cents) <\/td> 2 074.1<\/td> 2 666.6<\/strong><\/mark><\/td><\/tr> Headline Earnings Per Share (cents) <\/td> 2 050.4<\/td> 2 590.4<\/strong><\/mark><\/td><\/tr> Total Dividend (cents) <\/td> 1 206<\/td> 1 423<\/strong><\/mark><\/td><\/tr> Return on equity <\/td> 16.3%<\/td> 18.8%<\/strong><\/mark><\/td><\/tr> Banking cost-to-income ratio<\/td> 53.9%<\/td> 51.4%<\/strong><\/mark><\/td><\/tr><\/tbody><\/table><\/div><\/figure>\n\n\n\n Executive <\/strong><\/td> Position <\/strong><\/td> FY22<\/strong> <\/td> FY23 <\/strong><\/td> Per Day<\/strong><\/td><\/tr> Sim Tshabalala<\/td> Group CEO<\/td> R55 694 000<\/td> R83 304 000<\/td> R228 230<\/td><\/tr> Kenny Fihla<\/td> CIB CEO<\/td> R50 240 000<\/td> R69 903 000<\/td> R191 515<\/td><\/tr> Arno Daehnke<\/td> Group CFO<\/td> R43 837 000<\/td> R68 057 000<\/td> R186 458<\/td><\/tr> Margaret Nienebaar <\/td> Group COO<\/td> R43 644 000<\/td> R59 797 000<\/td> R163 827<\/td><\/tr> Funeka Montjane<\/td> PPB CEO<\/td> R38 142 000<\/td> R59 454 000<\/td> R162 888<\/td><\/tr> Bill Blackie<\/td> BCB CEO<\/td> R34 047 000<\/td> R46 035 000<\/td> R126 123<\/td><\/tr> Yuresh Maharaj<\/td> IAM CEO <\/td> -*<\/td> R25 057 000<\/td> R68 649<\/td><\/tr> Total<\/td> –<\/td> R265 604 000*<\/td> R411 607 000 <\/td> R1 127 690<\/td><\/tr><\/tbody><\/table><\/div>
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