OCBC's chief executive received a boost in his paycheck to match the 11 percent year-on-year growth in the bank's full-year profits for 2018.
Oversea-Chinese Banking Corporation (OCBC) chief executive Samuel Tsien received a salary boost of 10.42 percent to reach S$10.7 million in 2018, it revealed in its annual report published on Friday.
The chief of Singapore's oldest bank remuneration comprised a base salary of S$1.24 million, a bonus of $5.03 million, share options worth S$839,000, deferred shares worth S$2.51 million, and other benefits worth $61,000.
Compared to the CEOs of Singapore's largest banks, Tsien's paycheck ranks second after DBS' Piyush Gupta, who received S$11.9 million, and just ahead of UOB's Wee Ee Cheong, who got $10.56 million. However, the rate of his salary increase was the lowest of the three.
«Strong Business Growth»
In his opening message, Tsien noted the bank's «strong business growth and high customer satisfaction scores,» which translated into a record S$4.49 billion profit in 2018, up 11 percent from the $4.05 billion the year before.
The bank's total revenue stood at S$9.7 billion, up 2 percent from 2017's S$9.53 billion. Return on equity grew 0.5 percentage points to reach 11.5 percent, while its Tier 1 capital adequacy ratio was up 14 percent, up 0.9 percent from 2017.
«Our results demonstrated the resilience and strength of our diversified business franchise, disciplined cost control, prudent risk management practices and upskilling of our human talent,» Tsien said.
