Kenya Commercial Bank (KCB) Group CEO Joshua Oigara was among the highest-paid executives in the country in 2019.
Oigara got an annual pay of Ksh299.1 million in 2019 in both salary, bonus and allowances, the bank’s annual report indicates.
The report further stated that in 2019, “there was a Sh12.8 million adjustment to the basic pay of the two Executive Directors sitting on the board with effect from 1 January, 2019.”
This means that Oigara’s monthly pay is at Ksh24.9 million. On average, KCB pays Ksh3.14 million annually to its 6,202 permanent staff.
The KCB Group CEO whose five-year renewable tenure ends in 2023 had his compensation increased by 9.6 percent from Ksh272.9 million in 2018 to Ksh299.1 million in 2019.
In 2019, KCB recorded its highest net profit to Ksh25.1 billion following a 4.8 percent growth in the year ending December 2019. This determines the amount of bonus to be paid out to its executives.
A bonus of Ksh145.3 million was paid out and Ksh21.6 million gratuity pay was also paid out to the CEO.
However, his benefits which include medical insurance, professional indemnity and club membership dropped to Ksh300,000 in 2019 compared to Ksh1 million in 2018.
Lawrence Kimathi, the KCB Group chief financial officer had his annual pay also on a spike by a 12.4 percent. Kimathi got Ksh92.3 million in 2019 from KSh81.8 million in 2018.