Highest-Paid Bank CEOs; In the financial year ended December 31, 2023, the banking sector in Kenya registered a growth of a pre-tax profit of 78.5 percent.
The Central Bank of Kenya’s Bank Supervision Annual Report 2024 revealed the sector’s assets grew from KSh 5.4 trillion in December 2020 to KSh 6.0 trillion in December 2024, representing an 11.4 percent increase.
The report revealed that customer deposits grew from Sh 127.2 billion in 2020 to Sh 136.3 billion as of December 2021.
According to The Standard, chief executive officers (CEOs) of listed banks in Kenya took home Sh 1.4 billion in 2024.
The Highest-paid bank CEOs:
1. Gideon Muriuki
Co-operative Bank CEO Gideon Muriuki was the highest highest-paid bank CEOs during the period under review.
Muriuki took home Sh 397.1 million in direct compensation. His big pay came after he helped the lender record a net profit of Sh 16.5 billion.
According to Co-op Bank’s 2024 annual report, the lender has progressively improved profitability from a huge loss of Sh 2.3 billion in 2000 to Sh 16.5 billion in 2024.
Under Muriuki’s leadership, its asset base has increased from Sh 22.3 billion to Sh 580 billion.
2. Joshua Oigara
The former Kenya Commercial Bank (KCB) CEO was placed second behind Muriuki with a compensation of Sh368.5 million. This significantly increased from the Sh 252.3 million he received in 2024.
Oigara received Sh76.4 million in annual pay, but a bonus of Sh 241.1 million saw his pay rise by 217%.
“Executive directors are entitled to performance-based bonus pay. According to the bonus policy, 75 percent of the approved bonus is paid within 12 months after the year-end,” the bank said in a statement.
KCB registered a record 74% rise in profit after tax for the full year ending December 2021 to KSh 34.2 billion.
3. James Mwangi
Equity Group Holdings Ltd managing director and CEO James Mwangi’s pay fell from Sh 278.53 million in 2023 to Sh 143.02 million in 2024.
The cut was attributed to the absence of the gratuity he received in 2023.
However, Mwangi’s basic pay increased from Sh 56.73 million to Sh 78 million, translating to an average monthly pay of Sh 6.5 million.
Under Mwangi’s leadership, Equity reported a 99% rise in its full-year 2021 net profit to hit KSh 40.1 billion.
4. Kariuki Ngari
The Standard Chartered Bank of Kenya boss saw his earnings jump from Sh 90.64 million in 2023 to Sh 115.63 million in 2024. Ngari’s pay was boosted by a huge bonus of Sh 35.94 million.
Ngari’s annual basic pay during the period was Sh 45.37 million ( Sh 3.78 million monthly).
Stanchart’s profit after tax soared by 67 percent in 2023 from Sh 5.4 billion in the previous financial year to Sh 9 billion.
5. Jeremy Awori
Absa Bank Kenya PLC CEO Jeremy Awori saw his pay increase by 28 percent. He took home Sh 106.78 million in 2024 compared to Sh 83.31 million in the preceding year. His pay was inclusive of a Sh 23 million cash bonus.
Awori guided ABSA to record a 161 per cent increase in net profit in 2024 to Sh 10.8 billion.
“The remuneration of executive directors consists of fixed and variable components that are designed to ensure a substantial portion of the remuneration package is linked to the achievement of the company’s strategic objectives, the lender stated in its report.
As a result, the lender started paying dividends again, with a payout of Sh 1.1 per share, amounting to Sh 5.9 billion.
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