OCBC CEO earned S$12.1 million in 2023 after receiving 8% pay increase
OCBC Group Chief Executive Officer (CEO) Helen Wong received a pay raise last year after the bank’s full-year earnings hit a new record.
Source: Reuters
Her salary increased to S$12.1 million in 2023 — 8% higher than the S$11.2 million she was paid the previous year.
The figures were released in OCBC’s annual report published on Friday (5 April).
Helen Wong receives S$6.35 million bonus
According to the report, Ms Wong’s base salary of S$1.44 million remained unchanged.
More than half of her salary came from her bonus, which came up to S$6.35 million.
The other bulk of the CEO’s pay came from deferred shares amounting to S$4.24 million.
Other gains, including club and car benefits adding up to S$69,900, were also included in Ms Wong’s annual remuneration.
OCBC CEO’s pay overtakes that of DBS CEO
Ms Wong’s 2023 salary surpassed that of DBS CEO Piyush Gupta.
Mr Gupta took home S$11.2 million last year after a 27% pay cut due to DBS’ multiple digital disruptions in 2023.
Source: DBS
In addition, his variable pay also received a 30% cut in February this year.
On the other hand, UOB’s Wee Ee Cheong took home a higher salary than Ms Wong, earning a total of S$15.9 million — including a bonus of S$14.7 million — in 2023.
UOB CEO Wee Ee Cheong gets 12% pay increase which includes S$14.7M bonus
OCBC profits reach new heights in 2023
According to the annual report, OCBC recorded a full-year core net profit of S$7.02 billion, indicating a 27% increase from 2022.
This marked the first time the bank’s profits surpassed S$7 billion.
OCBC was also the first Singapore bank to enable fully digital account-opening for foreigners relocating to Singapore from Malaysia, Indonesia, Mainland China, and Hong Kong.
Source: Reuters
In her annual report statement, Ms Wong said she is confident in OCBC’s stand in the Asia-Pacific.
“I firmly believe that OCBC is well-positioned to seize these opportunities presented by the ASEAN-Greater China region,” she shared.
Ms Wong also thanked the bank’s stakeholders for their support while highlighting OCBC’s success.
“We should take pride in the collective accomplishments we have achieved thus far.”
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Featured image adapted from OCBC and Reuters.
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