South African businessman and leading executive Mfundo Nkuhlu received a total salary package of R28.09 million ($1.9 million) from Nedbank Group in 2021 after significantly contributing to the bank’s R9.26-billion ($626.94 million) headline earnings at the end of the recently completed 2021 fiscal period.
Nkuhlu, a well-known banking executive with decades of experience in the South African financial services industry, has been the COO and executive director of Nedbank Group since January 2015, when he was appointed by the group’s board of directors.
The South African businessman, who sits on the board of Ecobank Transnational Incorporated, joined the Group Executive Committee in 2008 and was appointed managing executive of Nedbank Corporate in 2009, delivering strong and consistent performance for the group.
Nkuhlu received a total salary package of N28.09 million ($1.9 million) in 2021 as compensation for his service to the group and his wealth of experience as a trained professional.
His salary includes a guaranteed R6.3-million ($429,700) base salary and a short-term incentive of R9.25 million ($626,850) based on the bank’s performance in 2021.
Compared to the previous year’s pay of R29.45 million ($2 million), Nkuhlu’s salary in 2021 declined, albeit marginally to $1.9 million, owing to a 31-percent decrease in the value of the share-based awards that he received during the year.
Since taking over as COO in 2015, the bank’s net income and headline earnings have risen from R35.31 billion ($2.4 billion) and R8.08 billion ($547 million) in 2015 to R42.82 billion ($2.9 billion) and R9.26 billion ($626.94 million) in 2021, respectively.
While Nedbank’s total assets and shareholders’ equity have increased from R860.73 billion ($58.27 billion) and R56.17 billion ($3.8 billion) in 2015 to R1.14 trillion ($77.2 billion) and R80.8 billion ($5.47 billion),
In addition to his executive and governance roles at the leading lender, Nkuhlu owns a beneficial 0.043-percent stake in Nedbank, valued at R48.6 million ($3.29 million).
