Standard Bank CEO Earns R89 Million Amid Mixed 2024 Financial Results

Standard Bank’s financial performance for 2024 showed mixed results despite the company’s top executives receiving substantial paydays. The bank reported a 4% increase in headline earnings, reaching R44.5 billion, while basic earnings per share dropped by 1%. Total income only increased by 2% to R181 billion.

Despite these mixed results, the group’s return on equity remained solid at 18.5%, and its active clients grew by 4% to 20 million. The South African division posted double-digit earnings growth, while the Africa Regions saw a decline in rand terms, but a 22% growth in local currencies. The overall credit impairments decreased from R16.2 billion to R15.1 billion due to the improved interest rate environment.

Financials Overview

Executive Pay Breakdown

The bank’s CEO, Sim Tshabalala, saw his total compensation increase to R89.2 million for 2024, up from R83.3 million the previous year. His pay rise was mainly due to a R6 million increase in his vested Performance Reward Plan (PRP). However, Tshabalala’s fixed salary, excluding incentives and PRP, was R11.9 million.

Other top earners included Group CFO Arno Daehnke, whose pay increased slightly to R68.4 million, and Group Deputy CEO Kenny Fihla, whose compensation decreased due to reduced incentives, dropping to R67.3 million. Fihla will soon leave the bank to join Absa as its new CEO.

Other notable executive pay increases include Funeka Montjane, CEO of Personal and Private Banking, whose pay rose from R59.6 million to R65.5 million, and Yurush Maharaj, CEO of Insurance and Asset Management, whose pay surged from R25.1 million to R41.7 million.