OCBC CEO Helen Wong's salary rises to $11.2 million in 2022, up 47% from previous year
Helen Wong's salary in FY2021 has been reported at S$7.6 million, after she was appointed the group CEO on April 15, 2021.
PHOTO: The Business Times
PUBLISHED ONApril 03, 2023 7:55 AMByYong Hui Ting
OCBC group chief executive officer (CEO) Helen Wong's salary reported on Friday (March 31) reached $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 $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 $2.4 billion, its earnings still missed the $1.6 billion average estimate based on four analysts polled by Bloomberg.
Wong's annual remuneration for 2022 comprised a base salary of $1.4 million, a bonus of $5.4 million, deferred shares amounting to $3.6 million, as well as payment in the form of other benefits worth $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 $15.4 million in 2022, while UOB's CEO Wee Ee Cheong was paid $14.2 million.
OCBC has a market capitalisation of nearly $56 billion. Its earnings per share (EPS) for FY2022 was $1.27.
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Comparatively, DBS' market capitalisation stands at $85.6 billion and its FY2022 EPS was $3.15. UOB has a market capitalisation of $50.6 billion, and its EPS for FY2022 was $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.
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 $7.6 million, after she was appointed as group CEO on Apr 15, 2021.
OCBC shares rose $0.01 or 0.08 per cent to $12.40 as at 3.47pm.