KCB Group Chief Executive Officer Joshua Oigara’s compensation for the year 2018 clocked in at Sh273 million, the bank has announced.
This is an increase from 2017 compensation of Sh256 million, which was also an increase from 2016 pay of Sh224 million.
|Joshua Oigara’s Pay|
This amount includes salary, bonus and allowances during a year when KCB announced its biggest profit ever.
Bonuses made up a huge chunk of this figure, coming in at Sh180 million. That’s significantly higher than Sh147 million he was paid the previous year. However, allowances dropped from Sh20 million to just Sh10 million.
The bank, like many other companies, ties bonuses to milestones and achievements. That means higher revenues and profit will translate to higher bonuses for employees at the end of the year.
According to KCB’s 2018 financial reports, allowances paid include “a house allowance, a car allowance, a telephone allowance and allowances related to loan benefit adjustment.”
Oigara’s basic salary rose by Sh3 million to Sh68 million for the full year.
Mr. Oigara’s annual compensation for the last 3 years, when the bank started reporting individual compensation, amounts to Sh753 million. This means he will likely achieve Sh1 billion total pay by the end of the 2019 financial year.
Meanwhile, group financial officer Lawrence Kimathi also got a huge pay check. His pay rose by 39 percent from Sh59 million to Sh82 million last year. Just like Oigara, Kimathi’s pay was boosted by an increase in bonus from Sh23 million to Sh43 million.