Kenny Fihla, the CEO of corporate and investment banking at Standard Bank firm, Africa’s largest lender by assets, was paid R46.94 million ($2.46 million) in 2022 in appreciation of his key position in the firm.
Fihla’s 2022 pay package increased by 11.5 percent over the previous year’s total incentive of R41.94 million ($2.20 million), owing to the group’s strong financial performance throughout the year.
This package includes a base pay of R7.94 million ($416,658) and an R11.25 million ($590,730) performance-based short-term incentive. The short-term reward was given in acknowledgment of the bank’s exceptional performance during the fiscal year.
Furthermore, Fihla received an R13.75 million ($722,003) long-term incentive payment from the bank as a testament to his unwavering dedication to the business and his abundance of skills as a seasoned professional.
Since 2017, Fihla, a towering figure within Standard Bank Group, has served as the CEO of corporate and investment banking. His tenure with Standard Bank began in 2006, and he has held significant positions within the premier financial services group’s corporate and investment banking business since then.
The South African multimillionaire executive has made significant contributions to Standard Bank Group’s remarkable financial achievements, overseeing the group’s corporate and investment banking division deals, including providing financial services and solutions to corporate clients, institutions, and high-net-worth individuals.
In recent years, the business has recorded strong financial performance, with headline earnings increasing by 37% in 2022, from R25.02 billion ($1.7 billion) in 2021 to R34.2 billion ($1.83 billion) at the end of its fiscal year in 2022. In addition, its total assets grew from R2.7 trillion ($144.5 billion) in 2021 to R3.0 trillion ($160.6 billion) in 2022.
Fihla’s leadership and accomplishments will continue to be critical to Standard Bank Group’s success and growth, cementing his position as one of South Africa’s most significant corporate executives.