The directors’ remuneration report 2019 of Kenya Commercial Bank(KCB) Group indicates that the Chief Executive Officer Mr Joshua Oigara earned an annual pay of Sh 299.1 Million as an Executive Director and CEO.
Mr Oigara’s gross pay is made up of an annual salary of Sh 72 Million, bonus of Sh 143.3 Million, allowances amounting Sh 11.5 Million, gratuity of Sh 21.6 Million, non-cash benefits of Sh 300,000 and deferred bonus payments of Sh 48.4 Million.
The CEO was also paid Sh 1 Million to cater for medical insurance, club membership and professional indemnity cover.
In 2018, KCB Group Integrated Report and Financial Statements indicate that he earned a gross pay of Sh 272.9 Million.
But Mr Oigara is not the highest-paid bank CEO in Kenya. According to the 2019 financial statements of Co-operative Bank, Dr Gideon Muriuki earned an annual pay of Sh376.4 million, ahead of Oigara’s KSh 273, at the end of the 2018 financial year.
Mr Oigara serves the most profitable lender in Kenya whose net profit increased to Sh 25.2bn while its balance sheet grew from Sh 714.3bn to Sh 898.6bn by financial year ending December 2019.