Ciko Thomas, a South African banker and the group managing executive for retail and commercial banking at Nedbank Group, one of the continent’s most valuable financial services firms, received R28.4 million ($1.47 million) in total pay from the lender in 2022.
The bonus package, which emphasizes his contribution to the group’s financial performance in 2022, is an astonishing 11.99 percent higher than the previous year’s total reward of R25.38 million ($1.31 million).
This considerable increase in his remuneration can be attributed to the group’s strong financial performance in 2022, as Nedbank ended its fiscal year with a total income of R64.46 billion ($3.47 billion) and a profit of R15.42 billion ($811.7 million).
Thomas’ 2022 compensation plan includes an R5.9 million ($305,765) base salary and an R11.5 million ($594,270) performance-based short-term bonus based on the bank’s extraordinary performance throughout the fiscal year.
He also received an R11 million ($568,432) long-term incentive reward from the lender for his consistent loyalty to the firm. Thomas has effectively served as Nedbank Group’s group managing executive for retail and business banking since his appointment in 2016.
Thomas is one of the top business executives in the South African financial services sector, with a diverse history encompassing financial services, consumer products, and the automobile industry.
He joined Nedbank in 2010 as group executive of group marketing, communications, and corporate affairs and was promoted to managing executive of consumer banking in the retail and business banking cluster in November 2010.
Thomas has significantly contributed to Nedbank Group’s impressive financial milestones since being appointed group managing executive for retail and business banking in 2021, with the group’s headline earnings increasing by 20% from R11.7 billion ($628.18 million) in 2021 to R14 billion ($751.67 million) in fiscal year 2022.