NCBA Bank Group chief executive officer John Gachora’s annual salary increased by 87.7 per cent to hit Sh. 147.73 million in the financial year ended December 2022.
This mega salary included a bonus of Sh. 40 million, and followed a financial year in which NCBA Group’s profits increased by 35 per cent to Sh. 13.78 billion.
Gachora was rewarded with a 38 per cent salary rise to Sh. 89.64 million. He was also given Sh. 40 million bonus— which was the first bonus he has received since the Sh. 38.47 million bonus he was paid in 2019.
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In the financial year to December 2019 when his pay was last made public, Gachora was paid a total of Sh. 94.9 million. This salary was equivalent to a gross monthly pay of Sh. 7.5 million.
This salary was a drop from the Sh. 98 million pay that he got the previous 2018 financial year as the CEO of NIC Bank.
This drop was caused by a drop in cash bonus. He got a cash bonus of Sh. 23.5 million, down from the Sh. 29.9 million he earned in the year 2018.
In 2019, Gachora’s salary comprised a salary of Sh. 64. million or Sh. 5.4 million per month, cash awards (Sh. 26.7 million) and retirement benefits (Sh. 6.6 million).
In 2018, he had earned a salary of Sh. 57.6 million or Sh. 5.1 million per month, cash awards (Sh. 34.2 million) and retirement benefits (Sh. 6.2 million).
In May 2019, John Gachora was appointed as the chief executive officer of NCBA Bank, a unit that was created from the merger of two banks, NIC and CBA.
The two banks largest single shareholders are the Philip Ndegwa and Kenyatta families.
Gachora was the CEO of NIC bank. His CBA counterpart, Isaac Awuondo, was named as the chairman of the Kenyan banking subsidiary and maintain direct oversight over the digital business.
Gachora was poached by NIC Bank Group in 2013 from South Africa-based Barclays Africa where he was in charge of the multinational’s corporate and investment banking.