South African banker Jason Quinn receives $5.8 million salary from Nedbank

Key Points

Jason Quinn earned R106.01 million ($5.78 million) in 2024, marking his first full year as CEO after succeeding Mike Brown at one of Africa’s top financial institutions.
His compensation includes a $334,605 base salary, a $546,371 short-term incentive, and a $4.41 million long-term incentive, reflecting his leadership role in Nedbank.
Under Quinn’s leadership, Nedbank’s net profit surged 8.66% to $1.01 billion, and total assets climbed 8.17% to $77.45 billion, strengthening its JSE market position.

South African banker Jason Quinn, CEO of Nedbank Group—one of Africa’s most valuable financial services firms—earned a total compensation of R106.01 million ($5.78 million) in 2024. The salary reflects his leadership in driving the bank’s growth, strengthening its market position, and navigating an evolving financial landscape.

The year marked Quinn’s first full term at the helm after taking over from Mike Brown in the fourth quarter of 2023. A seasoned banking executive and Chartered Accountant, Quinn holds a degree in accounting and has built a reputation for strategic leadership in Africa’s financial sector.

Before joining Nedbank, he was with Absa Group, where he briefly served as interim group CEO from January to March 2022 before becoming Financial Director for both Absa Group and Absa Bank. His deep industry experience and steady leadership have positioned him as a key figure in the region’s banking industry.

Breakdown of Quinn’s 2024 compensation

Quinn’s R106.01 million compensation package reflects his role in steering the bank’s success. It includes a base salary of R5.58 million ($334,605) and a short-term incentive of R10 million ($546,371), both linked to the bank’s strong financial performance.

A significant portion of his earnings came from a long-term incentive award of R80.73 million ($4.41 million), a recognition of his contributions to Nedbank’s sustained growth. His leadership has helped solidify the bank’s standing as one of Africa’s biggest banks, with a market capitalization of R130 billion ($7.1 billion). Nedbank currently ranks as the 25th most valuable company on the Johannesburg Stock Exchange (JSE), reflecting its strong industry position.

Nedbank’s performance under Quinn’s leadership

Nedbank has continued expanding its footprint across Southern Africa, operating through subsidiaries in Eswatini, Lesotho, Malawi, Mozambique, Namibia, and Zimbabwe. It also maintains a strategic presence in Angola and Kenya.

Since Quinn was appointed a director on May 31, 2024, the bank has delivered strong financial results. In addition to leading the group, he holds a minority stake of 0.005 percent in Nedbank, translating to 237,506 shares valued at over $3.4 million.

Under his leadership, the bank’s net profit for 2024 rose 8.66 percent to R18.47 billion ($1.01 billion), up from R17 billion ($928.11 million) the previous year. Headline earnings also climbed 8.2 percent to R16.93 billion ($924.39 million) from R15.65 billion ($854.3 million) in 2023. Meanwhile, total assets grew 8.17 percent year-over-year to R1.42 trillion ($77.45 billion), reinforcing Nedbank’s financial strength.