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Wednesday, January 29, 2020

The shocking salary and allowances Joshua Oigara earns as KCB CEO

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Joshua Oigara’s Salary: In the financial year 2018, Joshua Oigara was paid an incredible Sh. 273 million salary by the Kenya Commercial Bank (KCB). This included his basic salary, allowances and bonuses.

Joshua Oigara’s salary has placed him in the set of the best paid chief executive officers in the country. His salary also represented an increase of 6.6 per cent which came largely from his bonus pay. He received a bonus pay of Sh. 180 million up from Sh. 147 million that he was paid the previous year. This bonus also compensated for a drop of Sh. 20 million in allowance which stood at Sh. 10 million.

During the year, KCB paid Mr. Oigara as follows:

1). Salary : Sh. 68 million

2). Allowance: Sh. 10 million

3). Gratuity: Sh. 14 million

4). Bonus: Sh. 180 million

READ MORE: The salary and allowances John Gachora earns as NIC Bank CEO

In the financial year 2017, Joshua Oigara was paid Sh. 256 million. The 2017 pay meant that Mr. Oigara earned nearly Sh. 1 million for each working day and was 72.1 times the average Sh. 3.5 million paid to KCB’s 5,393 permanent employees.

In setting this salary, KCB factored in the achievement of its key financial goals. For example, in the financial year under which the payment was made, the bank’s net profit jumped by 21.8 per cent to Sh. 24 billion from the Sh. 19.7 billion it recorded in the same period in 2017. Its pretax profit rose 16 percent to Sh. 33.9 billion, helped by higher interest income and a drop in operating expenses.

The lender’s net interest income rose slightly to 48.8 billion shillings from 48.4 billion shillings in 2017, Lawrence Kimathi, group chief financial officer, told an investor briefing.Its operating expenses dropped 4 percent to 35 billion shillings, while net loans and advances climbed to Sh. 455.9 billion from Sh. 423 billion, Kimathi said.

KCB Group, which also operates in neighbouring Uganda, Tanzania, Rwanda, Burundi and South Sudan, said its total assets jumped to Sh. 714.3 billion from Sh. 647 billion and customer deposits jumped to Sh. 537.5 billion  from Sh. 500 billion .

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