OCBC group chief Helen Wong’s salary reaches S$11.2 million in 2022, behind other local banks

OCBC group chief executive officer (CEO) Helen Wong’s salary reported on Friday (Mar 31) reached S$11.2 million in 2022, behind the annual salaries paid by other local banks to their respective CEOs.

This comes after the bank reported a net profit of S$1.3 billion for the fourth quarter ended December 2022, up 34 per cent from the previous year.

Though the group’s net interest income hit a new quarterly high of S$2.4 billion, its earnings still missed the S$1.6 billion average estimate based on four analysts polled by Bloomberg.

Wong’s annual remuneration for 2022 comprised a base salary of S$1.4 million, a bonus of S$5.4 million, deferred shares amounting to S$3.6 million, as well as payment in the form of other benefits worth S$782,244.

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

In comparison, DBS’ chief executive Piyush Gupta’s salary was reported to be S$15.4 million in 2022, while UOB’s CEO Wee Ee Cheong was paid S$14.2 million.

OCBC has a market capitalisation of nearly S$56 billion. Its earnings per share (EPS) for FY2022 was S$1.27.

Comparatively, DBS’ market capitalisation stands at S$85.6 billion and its FY2022 EPS was S$3.15. UOB has a market capitalisation of S$50.6 billion, and its EPS for FY2022 was S$2.68.

Wong was appointed as one of the bank’s new directors in February this year, after some directors retired, having served nine years on the board – the maximum tenure for an independent director.

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Besides helming the role of group CEO at the bank, she also sits as a member on the bank’s risk management committee, as well as the board’s sustainability committee.

Wong’s salary in FY2021 was reported to be S$7.6 million, after she was appointed as group CEO on Apr 15, 2021.

OCBC shares rose S$0.01 or 0.08 per cent to S$12.40 as at 3.47pm.