According to Equity Group disclosures in the annual report, the chief executive James Mwangi had a compensation rise of 7.7 percent to Sh65.1 million in the year ended December from Sh60.4 million in 2018 after receiving pension and other non-cash benefits.
The lender is the second major bank to compensate its leader after KCB, which announced its CEO Joshua Oigara Sh299.1 million earnings in the year ending December.
“Executive directors are eligible to participate in the group’s bonus scheme, which is anchored on the achievement of key business performance indicators, but is not entitled to earn fees or other allowances,” Equity said in the report.
Mr Mwangi received Sh56.7 million (Sh4.72 million per month), non-cash benefits (Sh4.7 million), other allowances (Sh3.7 million), and pension worth Sh2,000.
The lender reported a net profit of Sh22.5 billion in the review period, which was a 13.8 percent rise from Sh19.8 billion recorded a year earlier.
The net interest income rose by 8.6 percent to Sh44.98 billion. Its loan book was high by 23 percent to Sh366.4 billion, and its investment in securities such as government debt paper was also high by 7 percent by 172.2 billion.