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 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. While the top managers grinned all the way to the bank, the bank’s staff might be in misery. The 2024 annual report shows that the bank’s total staff costs, which include salaries and wages, averaged a 3% increase to R32.8 billion.
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 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.
This story was updated on 15 March 2025
This is not right. One man go home with nearly 100Mil when employees get a lousy 3% that’s very bad. That amount can pay 6000 employees almost R15,000.00 bonus. In South Africa rich people are paid to be filthy rich while the poor employees are paid to remain poor and at the bottom for life.
It’s a disgrace! No person can justify this amount as a salary, not for a listed company.
In a country where 50%+ people are unemployed.
As a home owner we struggle to pay the absorbent interests banks charge.
It’s just wrong !!!
Correct
What a disgrace and wickedness!
Almost 100 M and 3%, all amounting 32 M.
Personally I think as Group Executive CEO managed to perform exceedingly well with his deputy working together,it it proper that salary speaks to good STB be net worth Above all the company has been rated the Best valuable banking brand in S.A.Key Performance Areas(KPA’) in all businesses and government set the tone for all employers to contribute positively to Business Improvement Processes Congratulations to Ceo for your hardwork.
This is not news hey, All Execs in SA Banks earn this much and some even more so try something else… Just publish about all the banks earnings and don’t put a face of a back man like as if it’s new for a bank CEO to earn that much.
Unemployment is si high
Our children are not working
Please don’t show us those figures cause u make us cry
This kinda salaries wer to be proper if you will work only for 5 years non-renewable contract.
You
nailed it
What can any human do to earn that amount?
They earning that much and cutting staff at other places. Around 200 people within the corp loosing jobs , how will those staff find new jobs with an economy doing bad and with high unemployment. Oh they don’t care the bottom line is more important. Even if they the top hats do bad they walk in to new jobs and millions in the bank. What the working man gets is a pat on the shoulder, move on no hard feelings. Appalling!
Spot on. They cut staff and lie to the public saying it’s because of moving work to digital channels when in fact the remaining staff have to do more taking on 2 or 3 added roles working like dogs with no overtime and no personal life while these fat cats walk away exorbitant salaries and bonuses for “cutting costs”. Disgraceful, shameless slave driving pigs
They cut staff.They are making more money.How?That’s the reason why their Bank Charges are unreasonable.Surely, standard Bank charges are abnormal.They are robing us as When you ask them the reason why such over charges,they won’t give you sensible reasons.leaving 200+ in the bank account is risky,you’ll find it all gone.I asked them,why take such a lot.”They say,it’s Accessave account.But we’re working on changing it.The money is saved,you have to claim it after certain days,if you don’t it disappears.” It’s worse because they’ve never explained to us before about that nonsense of their Accessave account.I loved that bank but their operation’s service is disgusting nowadays.
You said it all. Spot on
I cant tap and pay on my standard bank cellphone app the branch can’t help me based on this guys salary he should be able to help how do you get hold of him ?
Those that have,shall receive.The rich will get richer and the poor will remain poor.
I will be closing all my accounts at Standard Bank soon. They have frozen my account twice over a stupid Fica document that was outstanding which i did submit..twice.. and then after many phone calls and emails they still took 3 weeks to resolve the matter.. And yhen you read this… It’s ridiculous…
I have been a loyal Standard Bank customer for fifty three years and I am still waiting for my Long Service Award.😂
I tried a few weeks for STD Bank Business to respond to our Npo cheque account close Oct 2024 I wrote a letter to ask for liency on reopening our Npo account and request assistants in Resources in STD CSI proposal for our bank charges incurred during the open account… I was referred to several departments and send around in circles… I asked for the director of business banking and company secretary contact details… No reply… Our business banker useless and the R670.00 owed to STD Bank Business cheque was close with out written notice… Poor customer service and bad management
This Bank is cutting staff,but continuing on making a lot of money.No,they are robing us as clients.Their charges are abnormal.Money disappears unreasonably.Their IT is used for theft rather than helping clients.This bank has fallen in reality around its competitors.I’m not alone battling with standard Bank unreasonable charges.Their service is too poor.When you loss money it’s difficult to get it back.Actually, you don’t get it.Lucky if one does.Their funeral plan has people complaining about it.When I asked them about taking a lot of money disappearing from my account they tell me that my account is Accesssave .They are planning on changing it.The lady said to me,”you have to make a notice for that money for a certain limited days and if you don’t,it disappears.”How can I claim money for something that I’ve never consulted them about? You see,they cut staff.They Rob clients.It’s just their great exchange! Their IT is used for theft.Someone who had studied IT once said to me,”it’s easy for someone who has studied IT to rob you of your money in the bank without you noticing.”
You
nailed it
Standard Bank has took a fraudulent policy on our names without our permission and benefited from it for 13 years. They further manipulated the balance of our home loan. Sim Tshabalala is aware, he is benefiting from proceeds of crime.
This is not bad debt this is standard bank employees as well as ex standard bank employees working with fraudsters to gain access to internet banking profiles. People didnt spend this credit, it was stolen and now this poepol expects it’s clients to pay back debt that their bad security practices caused them to lose via criminal activities in the first place. Im not surprised they working with fraudsters. 3%?!?!
PEOPLE WILL KNOW THE FULL STORY SOON STANDARD BANK. REAL SOON. AND YOU KNOW EXACTLY WHAT IM TALKING ABOUT.