OCBC chief Helen Wong’s 2024 pay up 5.8% to $12.8 million
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OCBC group CEO Helen Wong's annual remuneration included a base salary of $1.2 million and a bonus of $6.76 million.
PHOTO: ST FILE
SINGAPORE - OCBC Bank group chief executive Helen Wong’s total pay rose in 2024 as the bank’s full-year earnings reached a new high, according to disclosures in its annual report released on March 26.
Ms Wong’s annual pay for the year came in at $12.8 million, a 5.8 per cent increase from the $12.1 million she earned in 2023.
For financial year 2024, the group’s net profit grew 8 per cent from a year ago to a record $7.59 billion, driven by robust income growth and lower allowances.
Ms Wong’s annual remuneration included a base salary of $1.2 million, lower than the $1.44 million she earned in 2023. Her bonus was $6.76 million, up from $6.35 million in 2023. Deferred shares amounted to $4.5 million, which also increased from the $4.2 million in 2023. Other benefits, such as club and car benefits, rose to $332,207 in 2024, from the $69,892 she received in 2023.
The highest paid among the local bank chiefs was Mr Piyush Gupta, outgoing CEO of Singapore’s largest lender DBS Bank, who took home $17.6 million in 2024. UOB CEO Wee Ee Cheong came in second, earning $15.05 million in 2024.
Ms Wong, in OCBC’s annual report, said wealth flows within Asia are rising, and the bank has observed more customers entering the ranks of the wealthy.
“Therein lies the opportunity for us to grow our Premier Banking segment under consumer banking to serve these customers,” Ms Wong said, noting that its premier banking customer base in Hong Kong grew more than 35 per cent year on year, and in Indonesia, it grew nearly 20 per cent.
“As more customers turn to digital means to manage their wealth, this is an increasingly important play for us, too. Improvements to the OCBC app, including those to the wealth dashboard, contributed to an over 70 per cent increase year on year in Singapore digital wealth revenue,” she added.
She noted that OCBC’s private banking arm, Bank of Singapore, has seen strong growth, recording double-digit increases in assets under management in two of its key client segments – ultra-high-net-worth individuals and financial intermediaries.
Shares of OCBC closed 0.35 per cent higher at $17.25 on March 26.
