Top 12 Chief Executive Officers with the Highest Salaries at Nairobi Stock Exchange, Kenya
Kenya's Banking Sector Shines, but Executive Compensation Remains High
In 2024, Kenya's banking sector recorded impressive pre-tax profits of KES 262.3 billion ($2 billion), with much of that coming from locking into high-yield government securities rather than lending to the real economy. This growth was driven by strong performances in various areas, including mobile money, data services, and narrowing losses in international operations.
Safaricom, the country's leading telecommunications company, reported an 11% rise in net profit to KES 69.8 billion ($542 million), with CEO Peter Ndegwa earning KES 294.2 million ($2,284,516) as total compensation, a 17% increase from the previous year.
The banking sector also saw significant profit growth. James Mwangi, CEO of Equity Bank, reported a 10.8% increase in net profit to KES 46.5 billion ($361 million), while KCB Group recorded a record KES 60 billion ($466 million) in profits, primarily from risk-free lending to the government through Treasury instruments.
However, the Central Bank of Kenya (CBK) warned repeatedly in 2024 that banks were not directing credit to the productive economy, but compensation for senior bank leaders continued to rise sharply. Among the highest-paid CEOs were Peter Ndegwa of Safaricom, John Gachora of NCBA Group (KES 208.4 million or $1,618,264), Kariuki Ngari of Standard Chartered Kenya (KES 174.4 million or $1,354,250), and Patrick Mweheire of Stanbic Bank Kenya (KES 95.5 million or $741,600).
Unfortunately, there are no search results providing the names of the four highest-paid CEOs in the banking sector in Kenya for the year 2024.
Meanwhile, some CEOs experienced pay cuts. Kihara Maina, I&M Bank CEO, saw a 9.7% drop in compensation to KES 69.3 million ($538,127), and Nasim Devji, CEO of Diamond Trust Bank (DTB), reported a 4.2% drop in her compensation to KES 62.9 million ($488,430).
Centum Investment Company, led by CEO James Mworia, reported KES 812 million ($6.3 million) in net profits in 2024, a 68% drop from 2023, and Absa Bank Kenya's CEO, Abdi Mohammed, earned KES 109.8 million ($852,555) in 2024, marking a substantial 39.8% increase in pay.
The most expensive boardroom in 2024 was NCBA Group, with directors pocketing a record KES 660.2 million ($5,126,883), up 54.4%. Jane Karuku, EABL managing director, earned KES 83.49 million ($648,323) in 2024, with her salary accounting for nearly 66% of the total.
In conclusion, while the Kenyan banking sector has shown significant growth in 2024, concerns remain about the distribution of credit to the productive economy and the high compensation of senior executives.
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