Standard Bank Group chief executive Sim Tshabalala saw his total remuneration package in 2024 rise by 7.1% to a cool R89-million, from the R83-million he earned in 2023.
Tshabalala’s income includes R11, 879 000 in fixed income and R24-million in short term incentives. These are just among other income benefits.
Kenny Fihla, who was announced as the bank’s group deputy chief executive in August 2024, saw his total remuneration package decrease to R67, 292 000 from R69, 903 000 in 2023.
Increases here, decreases there
Group chief finance office Arno Daehnke’s remuneration package saw a marginal increase. To R68, 359 000 from R68, 057 000.
Yuresh Maharaj, the chief executive of insurance and asset management, saw his remuneration package rocket by 66.5%. From from R25, 057 000 to R41, 721 000.
The former director general of National Treasury, Lungisa Fuzile’s remuneration package decreased by 23%. It went down to R44, 274 000 from R57, 632 000. This after Fuzile was reshuffled in August and replaced by Fihla.
This brings the total remuneration packages of Standard Bank’s top nine managers to R495-million.
The bank’s chairman, businesswoman Nonkululeko Nyembezi-Heita, pocketed just above R8-million for her efforts.
Profit growth by 11% to R19.7-billion for the 2024
These financial rewards come as Standard Bank Group saw its profit grow by 11% to R19.7-billion for the 2024 financial year.
The group also reported R45-billion of headline earnings and a return on equity of 18.5%. This performance is underpinned by continued balance sheet growth, lower credit impairment charges and flat costs in the banking franchise. As well as a robust performance in Insurance & Asset Management.
Strength of bank’s diversified business
Tshabalala said: “Our performance in 2024 reflects the strength of our diversified business. Also our commitment to delivering value to our stakeholders.
“We have seen double-digit earnings growth in South Africa. Also good contributions from our insurance and asset management business, and a strong operational performance from Africa Regions. The group remains on track to deliver on its 2025 strategy and targets,” said Tshabalala.
