OCBC group chief Helen Wong’s pay in 2023 up 8% to S$12.1 million

OCBC : O39 0% group chief executive officer Helen Wong received S$12.1 million in total remuneration for the financial year ended Dec 31, 2023, up 8 per cent from S$11.2 million in 2023.

She out-earned DBS chief Piyush Gupta, who made S$11.2 million after a pay cut. He is the lowest-paid chief executive among the three Singapore banks.

UOB chief executive Wee Ee Cheong is the highest paid, receiving S$15.9 million in total annual remuneration in 2023, up 11.9 per cent year on year.

In February, OCBC reported a fourth-quarter net profit of S$1.62 billion, up 12 per cent from S$1.44 billion the year prior, following a slight rise in operating profit and lower allowances.

This brought its full-year earnings to a record S$7.02 billion, crossing S$7 billion for the first time. Profit was up 27 per cent from the previous corresponding period.

Wong’s annual remuneration for 2023 comprised a base salary of S$1.4 million, a bonus of S$6.4 million, deferred shares amounting to S$4.2 million, as well as payment in the form of other benefits worth S$69,892.

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Some benefits that she enjoys, which are paid for by the bank, include club and car benefits.

OCBC shares closed on Friday (Apr 5) 0.2 per cent or S$0.02 lower at S$13.74.