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Key Points
- John Gachora, CEO of NCBA Group, received Ksh185.76 million ($1.44 million) in 2023, a 25.75% increase from 2022's Ksh147.73 million ($1 million).
- Under Gachora, NCBA Group's profit after tax rose to Ksh21.46 billion ($166.44 million) in 2023, up from Ksh13.78 billion ($93.4 million) in 2022.
- Gachora has overseen a 13.9% increase in NCBA's total assets, growing from Ksh189.86 billion ($1.47 billion) to Ksh216.17 billion ($1.67 billion) since 2019.
Kenyan banker John Gachora, the Group Managing Director and Chief Executive Officer of NCBA Group, one of the leading financial services groups in the largest economy in the East African Community, received a total compensation of Ksh185.76 million ($1.44 million) from the leading lender in 2023.
The total compensation for 2023 exceeded the previous year’s total reward of Ksh147.73 million ($1 million) by 25.75 percent. This increase comes against the backdrop of the group’s robust financial performance in 2023, with its profit after tax increasing from Ksh13.78 billion ($93.4 million) in 2022 to Ksh21.46 billion ($166.44 million).
Gachora’s 2023 compensation package comprises a base salary of Ksh93.48 million ($723,531) and a performance-based short-term incentive of Ksh60 million ($464,397) derived from the bank’s exceptional performance during the fiscal year ending December 2023.
Gachora earns long-term Incentive from NCBA
In addition to the base salary and his performance-based short-term incentive, Gachora also received a long-term incentive award of Ksh21.28 million ($164,748) from NCBA Group, a financial services conglomerate with subsidiaries in Kenya, Tanzania, Uganda, and Rwanda. This award recognizes his dedication and extensive expertise in the industry.
Gachora has served as CEO and executive director of NCBA Group since 2019, solidifying its status as a leading financial services group in East Africa. He also sits on the NCBA Group board. Previously, he was appointed Group Managing Director and CEO of NIC Bank Group in September 2013, prior to the merger with Commercial Bank of Africa Limited in 2019.
NCBA Group assets rise under John Gachora
John Gachora became CEO of NCBA Group in September 2019, after six years as Group Managing Director and CEO of NIC Bank Group. Under Gachora's leadership, total assets grew 13.9 percent, increasing from Ksh189.86 billion ($1.47 billion) to Ksh216.17 billion ($1.67 billion).
Since taking on the CEO role, Gachora has guided NCBA Group to strong financial results. In 2023, the group reported a profit after tax of Ksh21.50 billion ($166.44 million), allowing the directors to propose a total dividend payout of Ksh6.59 billion ($51 million) for the fiscal year.
Apart from his executive and governance roles, John Gachora owns a minority 0.14-percent stake in the leading financial group, which translates to a total of 2,364,255 ordinary shares.
