OCBC CEO Paid S$11.1M After Bank’s Record Performance, 46.7% Increase From Previous Year

OCBC CEO Helen Wong Sees 46.7% Increase In Remunerations In 2022

OCBC, the longest-established bank in Singapore, recently put out its annual report for 2022.

In the report, the bank revealed that group CEO, Helen Wong, earned S$11.1 million following its record financial performance last year.

This is a 46.7% increase from what she received in 2021.

Apart from the numbers, the bank also shared its progress in its sustainability efforts.

OCBC CEO sees pay increase of S$3.5 million in 2022

Ms Wong was appointed Group Chief Executive Officer (CEO) of OCBC Bank on 15 Apr 2021 and Executive Director on 7 Feb 2023.

In the annual report, OCBC shared that she had been granted a total remuneration of S$11,199,644.

This comprised:

• Basic salary of S$1,442,400
• Bonus of S$5,385,000
• S$3.59 million in deferred shares
• S$782,244 in other benefits

Source: OCBC Annual Report 2022

Her 2022 earnings saw an approximate 46.7% increase from her 2021 remuneration of around S$7.6 million.

Much of this increase can be attributed to the bonuses she received, which were almost twice as much as what she received the previous year.

Record financial performance for bank in 2022

According to the report, 2022 was a year of strong financial performance for OCBC bank.

The bank achieved a record total income of S$11.7 billion.

Source: OCBC Annual Report 2022

It also earned a record net profit of S$5.75 billion.

Additionally, the bank also made progress in its sustainability agenda in 2022.

Among its efforts was the sponsorship of two large-scale mangrove restoration projects in Singapore.

Ms Wong and OCBC chairman Andrew Lee said in a collective statement:

“It was a year of strong performance for OCBC. Despite economic challenges, we achieved our best-ever net profit. We executed our transformational strategic priorities to drive growth and doubled down on our sustainability efforts.”

Source: OCBC Annual Report 2022

They also expressed their confidence that the bank will continue to grow with increasing success for many years to come.

DBS & UOB bank CEOs also saw pay raises in 2022

In fact, it seems like last year was a good year for multiple banks in Singapore.

DBS and United Overseas Bank (UOB) also announced earlier this month that they each achieved record profit levels in 2022.

Both banks’ CEOs saw increases in their remunerations in light of their good performance.

DBS CEO Piyush Gupta was paid 13% more, taking home a total of about S$15.3 million.

On the other hand, UOB‘s CEO, Wee Ee Cheong, earned S$14.2 million, an approximate 30.2% increase from 2021.

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Featured image adapted from OCBC Annual Report 2022 and Retail News Asia.