South African banker Faisal Mkhize’s salary at Absa tops $1 million

Omokolade Ajayi -

South African banker Faisal Mkhize, the chief executive for relationship banking at Absa Group, one of Africa’s leading financial services providers, was awarded a total compensation package of R18.38 million ($1 million) in 2022 for his exemplary contributions to the group.

Mkhize‘s compensation for the year 2022 comprised a base salary of R2.88 million ($153,008) and a performance-based short-term incentive of R7 million ($372,542), reflecting the key role he played in the company’s financial performance in 2022.

In recognition of his continued commitment and wealth of expertise, the South African banker also received a long-term incentive award of R8.5 million ($452,373) from Absa Group.

With more than two decades of experience in the banking sector and a solid track record in Retail and business banking, Mkhize is a seasoned veteran renowned for his extensive knowledge within South Africa’s financial services sector.

Since assuming pivotal executive roles in Absa Group in July 2022, his exceptional functional and commercial skills have driven the organization’s success, even during challenging times.

Under Mkhize’s leadership, Absa Group achieved remarkable financial milestones in 2022. The group’s headline earnings increased from R18.59 billion ($974 million) in 2021 to R21.02 billion ($1.1 billion), showcasing impressive growth.

This surge in earnings was underpinned by a 15-percent increase in revenue, which climbed from R85.87 billion ($4.5 billion) to R98.87 billion ($5.18 billion) during the same period.

This financial performance also led to a significant increase in Absa Group’s total assets, which grew from R1.64 trillion ($85.9 billion) in 2021 to R1.79 trillion ($93.7 billion) in 2022. This has solidified Absa Group’s position as one of Africa’s largest financial service providers, further reinforcing its reputation as a powerhouse in the industry.

Mkhize’s leadership and contributions to Absa Group’s success testify to his position in the financial services sector. His compensation package reflects the group’s recognition of his invaluable role in driving growth and profitability.