National Bank of Kenya chief executive officer Wilfred Musau’s salary increased by 80 per cent to Sh. 48 million in the year ended December.
In the previous year, Mr. Musau was paid Sh. 26.8 million. At the time, he held the additional role of acting CEO for six months after the sacking of former manager Munir Ahmed in April, 2016.
Most of Mr. Musau’ pay is derived from his salary. For example, his total earnings comprised a salary of Sh. 39.3 million which was equivalent to Sh. 3.2 million per month and expense allowances of Sh. 8.7 million.
In the year, NBK’s net earnings in the review period stood at Sh. 410.7 million, up from Sh. 70.9 million the year before. Provisions for non-performing loans dropped by Sh. 1.6 billion to Sh. 756 million as gross defaults declined to Sh. 27.6 billion from Sh. 29.9 billion.
“The board and management continue to implement other internal initiatives to restore capital involving disposal of non-core assets, investment in new products and platforms to boost profitability, cost reduction initiatives and accelerated recovery of the non performing book,” the lender said.
NBK’s net profit rose nearly six times in the year ended December, helped by lower provisions for bad debt and lower interest expenses.
