South African businessman and leading executive Mfundo Nkuhlu, the COO of Nedbank Group, one of the continent’s most valuable financial services groups, received a total compensation of R30.1 million ($1.58 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 R28.09 million ($1.48 million) by 7.11 percent.
This significant increase in his salary can be linked to the group’s robust financial performance in 2022, as Nedbank, recorded a total income of R64.46 billion ($3.47 billion) and a profit of R15.42 billion ($811.7 million) at the end of its 2022 fiscal year.
Nkuhlu’s 2022 compensation package comprises a base salary of R6.6 million ($346,970) and a performance-based short-term incentive of R11.5 million ($605,536) derived from the bank’s exceptional performance during the fiscal year.
He also received a long-term incentive award of R12 million ($632,124) from the lender to acknowledge his unwavering dedication to the group and his wealth of expertise as a seasoned professional.
Nkuhlu joined the Group Executive Committee in 2008. He 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 business executive also sits on the board of Ecobank Transnational Incorporated, a pan-African bank with operations in more than 35 countries across the continent in which Nedbank holds a 21.2 percent interest.
Since assuming the mantle of COO, Mfundo 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.