Barclays Bank of Kenya #ticker:BBK CEO Jeremy Awori’s earnings jumped 12.9 percent to Sh101.1 million in the year ended December, partly driven by a higher cash bonus payout.
The Nairobi Securities Exchange-listed firm made the disclosure in its 2018 annual report, which shows Mr Awori’s pay increased from Sh89.5 million earned in 2017.
“The total executive directors’ remuneration adjustments in 2018 were informed by the overall performance and external market competitiveness,” stated the lender in its annual report.
Mr Awori’s pay in the review period comprised Sh34.26 million salary; pension and other benefits (Sh29.8 million); cash bonus award (Sh24.6 million) and a deferred cash and share value plan worth Sh12.4 million.
While fixed remuneration grew by 2.7 percent to Sh64.11 million, variable remuneration – mostly from cash bonus – grew 36.4 percent to Sh36.95 million.
The Sh24.6 million non-deferred cash award paid to Mr Awori translated to 32 percent jump from Sh18.6 million paid the previous year.
The bank’s profit after tax grew by 7.1 percent to Sh7.4 billion during the period. The company says that the eight percent jump in operating profit booked last year was the fastest in eight years.
Even though Mr Awori has not been offered any shares in Absa Africa as was the case in 2017 when he was given shares worth Sh18.3 million, he has been offered a special incentive of Sh9.32 million.
During the period under review, earnings of chief financial officer Yusuf Omari rose 9.9 percent to Sh50.73 million. His basic salary jumped from Sh20.1 million to Sh22.88 million sending his fixed remuneration to Sh32.6 million, a 10 percent growth from the previous year.
Mr Omari received a cash bonus award of Sh14.75 million and a deferred share value plan award valued at Sh3.38 million.
Barclays is set for its AGM tomorrow where shareholders are expected to endorse a Sh0.90 final dividend per share amounting to Sh4.89 billion.
It had paid Sh0.20 interim dividend worth Sh1.08 billion. The final payout will bring the dividend for the year to Sh5.97 billion, up from Sh5.43 billion paid the previous year.