How these 6 Kenyan bank executives made a whopping $10.1 billion in 12 months alone last year

How these 6 Kenyan bank executives made a whopping $10.1 billion in 12 months alone last year

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• Among the highest paid are bank executives who head some of Kenya’s top banks.
• These CEOs pay outstripped their average employees earnings by a factor of nearly 64 times.
• The six CEOs took home the millions in form of salaries, allowances and bonuses, arising from increased profitability of the lenders even as other sectors of the economy experience tough economic times.

               
           
               
                   

Kenya has some of the best-paid executives who come end month laugh all the way to the bank.

               
           
               
                   

Among the highest paid are bank executives who head some of Kenya’s top banks.

               
           
               
                   

According to pay disclosures made in the banks’ annual reports it shows that the CEOs of Co-operative Bank, KCB, Barclays Kenya, Standard Chartered, NIC Bank and mortgage financier HF together took home a total of Sh1.01 billion ($10.1 billion) in 2018, up from Sh987 million ($9.87 million) a year earlier.

               
           
               
                   

                                   

Top 10 Coolest Bank CEOs in Kenya

               

               
           
               
                   

The six CEOs, who happen to be also the highest paid executives in the country, took home the millions in form of salaries, allowances and bonuses, arising from increased profitability of the lenders even as other sectors of the economy experience tough economic times.

               
           
               
                   

These CEOs pay outstripped their average employees earnings by a factor of nearly 64 times. The median bank worker was paid on average Sh2.64 million or Sh220,200 ($2,202) per month.

               
           
               
                   

Also read: Top 10 Coolest Bank CEOs in Kenya

               
           
               
                   

                                   

Joshua Oigara

               

               
           
               
                   

Co-operative and KCB, whose chief executives - Gideon Muriuki and Joshua Oigara - lead the pack and took home Sh376 million ($3.76 million) and Sh273 million ($2.73 million) respectively last year.

               
           
               
                   

                                   

Top 10 Coolest Bank CEOs in Kenya.

               

               
           
               
                   

Barclays Kenya chief executive Jeremy Awori followed suit and earned a basic salary of Sh34.3 million ($343000) with bonuses and allowances totalling Sh66.8 million ($668,000) .

               
           
               
                   

                                   

Top 10 Coolest Bank CEOs in Kenya

               

               
           
               
                   

Standard Chartered paid its former CEO Lamin Manjang Sh100.9 million ($1.009,000) some Sh3 million lower compared to 2017. Mr Manjang left the Kenya unit in December 2018.

               
           
               
                   

                                   

NIC Bank Managing Director John Gachora. (The Star)

               

               
           
               
                   

NIC Bank Managing Director John Gachora was not badly off either and was paid Sh95.9 million ($959,000) last year compared to Sh98 million in 2017, with his basic pay standing at Sh61.6 million ($616,000).

               
           
               
                   

                                   

HF former managing director Frank Ireri

               

               
           
               
                   

Former HF managing director Frank Ireri, who left the home loans lender in March this year, was paid Sh64.1 million ($641,000) last year compared to Sh64.4 million ($644,000) in 2017.

Source: How these 6 Kenyan bank executives made a whopping $10.1 billion in 12 months alone last year

- gist culled from pulseng