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Helen Wong, the chief executive officer (CEO) of OCBC Group, received a remuneration of S$11.19 million in 2022, which comprises salary, bonus, and non-cash components, according to the bank's 2022 annual report released on Mar. 31.
Screenshot via OCBC
This translates to a hefty 46.7 per cent increase from her renumeration in 2021, which amounted to S$7.63 million, according to the group's 2021 annual report.
The increase in Wong's remuneration was made public together with the bank's announcement that it achieved a record net profit of S$5.75 billion in 2022, marking an 18 per cent increase from 2021.
Wong was appointed the group CEO of OCBC Bank in April 2021 and executive director in February 2023.
2022 "a year of strong performance": Wong
According to Wong, 2022 was a year of strong performance for OCBC despite economic challenges.
In addition to achieving its best-ever net profit, the bank was also awarded one of the world's best banks in Singapore by Forbes last year.
On the sustainability front, it unveiled the OCBC Mangrove Park and would be contributing S$3 million to help grow 9,000 mangrove trees.
In total, these trees will have the potential to sequester up to 30 million kg of carbon dioxide.
Also a stellar year for other local banks
However, Wong was not the only bank CEO who received an increased paycheck after their employer delivered a strong performance in 2022.
Earlier this month, Piyush Gupta, the CEO of DBS Group, received a remuneration of S$15.38 million last year after the bank made a record S$8.19 billion net profit.
On Mar. 23, the United Overseas Bank (UOB) also announced that its deputy chairman and CEO, Wee Ee Cheong, took home a remuneration of S$14.23 million in 2022 after its core net profit grew to a new high of S$4.8 billion.
Top images via OCBC Bank/Facebook