South African banker Ciko Thomas, the group managing executive for retail and business banking at Nedbank Group, one of the continent’s most valuable financial services groups, received a total compensation of R28.4 million ($1.47 million) from the 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 R25.38 million ($1.31 million) by an impressive 11.99 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.
Thomas’ 2022 compensation package comprises a base salary of R5.9 million ($305,765) and a performance-based short-term incentive of R11.5 million ($594,270) derived from the bank’s exceptional performance during the fiscal year.
He also received a long-term incentive award of R11 million ($568,432) from the lender due to his unwavering dedication to the group. Thomas has effectively held the reins as group managing executive for retail and business banking at Nedbank Group since his appointment in 2016.
With a rich background spanning financial services, consumer goods, and the automotive industry, Thomas ranks as one of the top business executives in the South African financial services sector.
He began his journey with Nedbank in 2010 as group executive of group marketing, communications, and corporate affairs, and in November 2010, he was appointed managing executive of consumer banking in the retail and business banking cluster.
Since he was appointed group managing executive for retail and business banking at Nedbank Group, Thomas has significantly contributed to impressive financial milestones of Nedbank Group, with the group’s headline earnings soaring by 20 percent from R11.7 billion ($628.18 million) in 2021 to R14 billion ($751.67 million) in the fiscal year 2022.
