South African banker Mike Davis, the CFO of Nedbank Group, one of the continent’s most valuable financial services groups, received a total compensation of R28.12 million ($1.46 million) from the leading lender in 2022.
The compensation package, which highlights his contribution to the group’s financial performance in 2022, exceeded the previous year’s total reward of R24.17 million ($1.26 million) by an impressive 16.3 percent.
This significant increase in his salary can be linked to the group’s robust financial performance in 2022, as NedBank, under the leadership of Davis recorded a total income of R64.46 billion ($3.47 billion) and a profit of R13.34 billion ($717.7 million) at the end of its 2022 fiscal year.
Davis’s 2022 compensation package comprises a base salary of R5.9 million ($305,943) and a performance-based short-term incentive of R11.3 million ($586,699) derived from the bank’s exceptional performance during the fiscal year.
He also received a long-term incentive award of R11 million ($573,640) from the lender to acknowledge his unwavering dedication to the group and his wealth of expertise as a seasoned professional.
Davis is a name that resonates throughout the corridors of Nedbank Group, a financial giant that has cemented its position as one of Africa’s largest banking groups. He has been the lender’s CFO and executive director of Nedbank Group since his appointment in 2020.
The South African multimillionaire banker and executive, who is also a member of the Group Credit Committee, ranks as one of the country’s most affluent executives. His ascent to the CFO role in October 2020 came after five years as the group executive of balance sheet management of Nedbank Group, a position he assumed in 2015.
Since assuming the mantle of CFO, Davis has led Nedbank Group to impressive financial milestones, with the group’s headline earnings soaring by 20 percent from R11.7 billion ($628.18 million) in 2021 to R14.00 billion ($751.67 million) in the fiscal year 2022. The lender’s total assets have also increased significantly recently, rising from R1.21 trillion ($64.97 billion) in 2021 to R1.25 trillion ($67.11 billion) in 2022.
Besides his executive and governance roles, Brown owns a minority 0.064-percent stake in the leading lender, which translates to a total of 262,946 shares — a stake presently valued at nearly $3 million.
