Kenyan banker John Gachora, the Group Managing Director and CEO of NCBA received a total compensation of Ksh.147.73 million ($1 million) from the lender in 2022.
The Ksh.143.73 million reward is up by 87 percent compared to the year 2021 when he received Ksh.78.7 million ($534,000).
Gachora has overseen the stellar performance of NCBA Group since his appointment in 2019 when the 2022 after-tax profit hit a record Ksh.13.78 billion ($93.4 million) from Ksh.10.22 billion ($69.3 million) in 2021.
The Compensation Package
His 2022 package comprises a base salary of Ksh89.63 million ($608,374) and a performance-based short-term incentive of Ksh40 million ($271,450).
This is derived from the NCBA’s stellar performance in its 2022 full-year financial report.
Gachora owns a minority 0.14 percent stake in NCBA, which translates to a total of 2,364,255 ordinary shares, currently valued at nearly Ksh88.3 million ($600,000).
2022 Performance
The business showed sustained resilience riding on the economic rebound post the COVID-19 pandemic. There was non-funded income and net interest income from the growth on customer numbers and the transactions during the year.
Profit before tax increased by Ksh.7.5 billion to Ksh.22.5 billion from Ksh.15 billion in 2021. The growth was due to increased operating income by 27 percent (KSH.12.6 billion) principally driven by growth in business.
The consolidated financial statements include the results of the entities owned by NCBA Group. The Group and its affiliates operate in Kenya, Tanzania, Uganda, Rwanda, Cote d’Ivoire and Ghana.
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