{"id":791223,"date":"2024-09-17T17:30:00","date_gmt":"2024-09-17T15:30:00","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=791223"},"modified":"2024-09-17T16:53:07","modified_gmt":"2024-09-17T14:53:07","slug":"south-africas-millionaire-banking-bosses-pulling-in-r635-million-a-year","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/banking\/791223\/south-africas-millionaire-banking-bosses-pulling-in-r635-million-a-year\/","title":{"rendered":"South Africa&#8217;s millionaire banking bosses &#8211; raking in R635 million a year"},"content":{"rendered":"\n<p>South Africa&#8217;s banking CEOs are multi-millionaires, with the top executives of the nation&#8217;s biggest banks earning a combined R635 million in their last full financial years.<\/p>\n\n\n\n<p>Overall, Investec Group CEO Fani Titi had a single-figure remuneration package of \u00a35.24 million (R121 million) despite seeing his pay package decrease by 30.2% for the 2024 financial year.<\/p>\n\n\n\n<p><a href=\"https:\/\/businesstech.co.za\/news\/banking\/779701\/r52-million-pay-cut-for-ceo-of-south-africas-most-exclusive-bank\/\">Investec&#8217;s group revenue<\/a> increased by 20.9% in rand terms from \u00a31.99 billion (R40 billion at the time of the original report) to \u00a32.09 billion (R49 billion) for the financial year ended 31 March 2024.<\/p>\n\n\n\n<p>Its headline earnings per share also increased by 22.7% in rand terms to 72.9 pence (R17.16), and the group upped its total dividend by roughly 28.07% to 34.5 pence (R8.12) per share.<\/p>\n\n\n\n<p>Second overall was Nedbank&#8217;s now-former CEO, Mike Brown, whose pay package increased from R33.2 million in 2022 to R92.5 million in 2023. <\/p>\n\n\n\n<p>Nedbank saw its headline earnings increase by 11% to R15.7 billion following increases in revenue and associate income growth of 12% and cautious expense management that enabled pre-provisioning operating profit (PPOP) growth of 15%.<\/p>\n\n\n\n<p>That said, growth was partially offset by a 30% increase in its impairment charge. However, this was improvement from the 57% increase in the first half of 2023. <\/p>\n\n\n\n<p>Standard Bank, South Africa&#8217;s largest bank in terms of assets under management, saw its headline earnings increase by 27% from R33.9 billion in 2022 to R42.9 billion in 2023. <\/p>\n\n\n\n<p>Thus, Group CEO Sim Tshabalala saw his single-figure total remuneration increase by 49.6% from R55.7 million in 2022 to R83.3 million in 2023.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-wp-embed is-provider-businesstech wp-block-embed-businesstech\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"CpKKemUCg8\"><a href=\"https:\/\/businesstech.co.za\/news\/business\/790751\/the-man-who-went-from-rural-kzn-to-running-a-r390-billion-bank\/\">The man who went from rural KZN to running a R390 billion bank<\/a><\/blockquote><iframe loading=\"lazy\" class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;The man who went from rural KZN to running a R390 billion bank&#8221; &#8212; BusinessTech\" src=\"https:\/\/businesstech.co.za\/news\/business\/790751\/the-man-who-went-from-rural-kzn-to-running-a-r390-billion-bank\/embed\/#?secret=Hk8N66jE7L#?secret=CpKKemUCg8\" data-secret=\"CpKKemUCg8\" width=\"500\" height=\"282\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<p>Capitec&#8217;s headline earnings also increased by 16% to R10.6 billion for the financial year ended 29 February 2024, after interest income grew by 13% to R14.9 billion.<\/p>\n\n\n\n<p>Therefore, Capitec CEO Gerrie Fourie saw his pay rise from R62.1 million to R65.7 million.<\/p>\n\n\n\n<p>FirstRand, South Africa&#8217;s biggest bank by market cap and the holding company of FNB and RMB, saw several leadership changes over the year. On 1 April 2024, Mary Vilakazi replaced Alan Pullinger as Group CEO.<\/p>\n\n\n\n<p>In his final financial year, which ended on 30 June 2024, Pullinger earned R60.7 million, while Vilakazi earned R40.6 million.<\/p>\n\n\n\n<p>Jacques Celliers, former FNB CEO and FirstRand\u2019s new executive in charge of its Fintech strategy, also saw his remuneration rise from R31 million to R48.6 million.<\/p>\n\n\n\n<p>Harry Kellan, who took over from Celliers on 1 April, took home R42.3 million, while RMB CEO Emrie Brown&#8217;s pay package was R42 million. <\/p>\n\n\n\n<p>Despite raising a R3.0 billion accounting provision for a UK motor commission review, FirstRand&#8217;s headline earnings increased by 4% to 679 cents per share.<\/p>\n\n\n\n<p>The lowest earner of all significant banking CEOs was Absa&#8217;s Arrie Rautenbach, who took home R40 million in 2023 &#8211; a drop from R44 million in 2022. <\/p>\n\n\n\n<p>Although Absa&#8217;s headline earnings per share increased marginally by 1% to 2,422.3, the group&#8217;s final dividend dropped by 12.7% to 685 cents per share. <\/p>\n\n\n\n<p>Amid a further drop in headline earnings in the first half of 2024, CEO Arrie Rautenbach is entering early retirement. <\/p>\n\n\n\n<p>ABSA CIB CEO Charles Russon will take over as Interim CEO of the Absa Group.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-wp-embed is-provider-businesstech wp-block-embed-businesstech\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"D2eu0GfQkZ\"><a href=\"https:\/\/businesstech.co.za\/news\/banking\/788213\/meet-the-new-ceos-of-absa-fnb-and-nedbank\/\">Meet the new CEOs of Absa, FNB and Nedbank<\/a><\/blockquote><iframe loading=\"lazy\" class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;Meet the new CEOs of Absa, FNB and Nedbank&#8221; &#8212; BusinessTech\" src=\"https:\/\/businesstech.co.za\/news\/banking\/788213\/meet-the-new-ceos-of-absa-fnb-and-nedbank\/embed\/#?secret=b4NQvW5Bk0#?secret=D2eu0GfQkZ\" data-secret=\"D2eu0GfQkZ\" width=\"500\" height=\"282\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<p>Overall, the 10 CEOs earned a combined R636 million &#8211; over R100 million more than the prior year:<\/p>\n\n\n\n<figure class=\"wp-block-table\"><div class=\"table-responsive\"><table class=\"table\"><tbody><tr><td><strong>CEO<\/strong><\/td><td class=\"has-text-align-left\" data-align=\"left\"><strong>Role<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>Prior Pay<\/strong> <strong>(Rm)<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>Latest Pay<\/strong> <strong>(Rm)<\/strong><\/td><\/tr><tr><td>Fani Titi<\/td><td class=\"has-text-align-left\" data-align=\"left\">Investec CEO<\/td><td class=\"has-text-align-center\" data-align=\"center\">R177 600<\/td><td class=\"has-text-align-center\" data-align=\"center\">R121 000<\/td><\/tr><tr><td>Mike Brown<\/td><td class=\"has-text-align-left\" data-align=\"left\">Former Nedbank CEO<\/td><td class=\"has-text-align-center\" data-align=\"center\">R33 466<\/td><td class=\"has-text-align-center\" data-align=\"center\">R92 500<\/td><\/tr><tr><td>Sim Tshabalala<\/td><td class=\"has-text-align-left\" data-align=\"left\">Standard Bank CEO<\/td><td class=\"has-text-align-center\" data-align=\"center\">R55 694<\/td><td class=\"has-text-align-center\" data-align=\"center\">R83 304<\/td><\/tr><tr><td>Gerrie Fourie<\/td><td class=\"has-text-align-left\" data-align=\"left\">Capitec CEO<\/td><td class=\"has-text-align-center\" data-align=\"center\">R62 091<\/td><td class=\"has-text-align-center\" data-align=\"center\">R65 740<\/td><\/tr><tr><td>Alan Pullinger<\/td><td class=\"has-text-align-left\" data-align=\"left\">Former FirstRand CEO<\/td><td class=\"has-text-align-center\" data-align=\"center\">R31 546<\/td><td class=\"has-text-align-center\" data-align=\"center\">R60 710<\/td><\/tr><tr><td>Jacques Celliers<\/td><td class=\"has-text-align-left\" data-align=\"left\">FirstRand Head of Fintech and former FNB CEO<\/td><td class=\"has-text-align-center\" data-align=\"center\">R31 922<\/td><td class=\"has-text-align-center\" data-align=\"center\">R48 679<\/td><\/tr><tr><td>Harry Kellan<\/td><td class=\"has-text-align-left\" data-align=\"left\">FNB CEO and Former FirstRand CFO<\/td><td class=\"has-text-align-center\" data-align=\"center\">R25 934<\/td><td class=\"has-text-align-center\" data-align=\"center\">R42 283<\/td><\/tr><tr><td>Emrie Brown<\/td><td class=\"has-text-align-left\" data-align=\"left\">RMB CEO<\/td><td class=\"has-text-align-center\" data-align=\"center\">R38 802<\/td><td class=\"has-text-align-center\" data-align=\"center\">R42 057<\/td><\/tr><tr><td>Mary Vilakazi<\/td><td class=\"has-text-align-left\" data-align=\"left\">FirstRand CEO and former COO<\/td><td class=\"has-text-align-center\" data-align=\"center\">R25 811<\/td><td class=\"has-text-align-center\" data-align=\"center\">R40 682<\/td><\/tr><tr><td>Arrie Rautenbach<\/td><td class=\"has-text-align-left\" data-align=\"left\">Outgoing Absa CEO<\/td><td class=\"has-text-align-center\" data-align=\"center\">R44 775<\/td><td class=\"has-text-align-center\" data-align=\"center\">R40 034<\/td><\/tr><tr><td><strong>Total<\/strong><\/td><td class=\"has-text-align-left\" data-align=\"left\"><strong>All CEOS<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>R527 641<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>R636 989<\/strong><\/td><\/tr><\/tbody><\/table><\/div><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p><strong>Read<\/strong>: <a href=\"https:\/\/businesstech.co.za\/news\/banking\/791160\/tymebank-is-crushing-it-but-the-international-business-is-beating-south-africa\/\">TymeBank is crushing it \u2013 but the international business is beating South Africa<\/a><a href=\"https:\/\/businesstech.co.za\/news\/industry-news\/790098\/mtn-converged-solutions-announces-impactful-partnership-with-cloudflare\/\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>South Africa&#8217;s banks are massive financial institutions\u2014and running one comes with a large pay package. <\/p>\n","protected":false},"author":95,"featured_media":791358,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[961],"tags":[29,1798,20526,26,1498,1799,2214,499],"class_list":["post-791223","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-absa","tag-capitec","tag-fourie","tag-headline","tag-investec","tag-nedbank","tag-rmb","tag-standard-bank"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/791223","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/95"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=791223"}],"version-history":[{"count":9,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/791223\/revisions"}],"predecessor-version":[{"id":791501,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/791223\/revisions\/791501"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/791358"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=791223"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=791223"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=791223"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}