OCBC talks sustainability in growth strategy; group CEO Helen Wong paid $7.6m in 2021

SINGAPORE (THE BUSINESS TIMES) - With a refreshed strategy set up in 2021, OCBC Bank has set its sights on becoming a sustainable bank in Asia as it focuses on capturing growth in South-east Asia and Greater China.

These were the ambitions set out by the lender's group chief executive Helen Wong in her first year in the role, even as sustainability had already been a "big agenda" for OCBC in 2021, according to its annual report released on Thursday (March 31).

Ms Wong, who was appointed to the role in April 2021, is said to have a "personal belief" in sustainability, and is steering the bank towards sustainable growth that includes investing in new economies and promoting green financing.

In 2021, OCBC recorded a net profit of $4.9 billion, up 35 per cent year on year, fuelled by growth in non-interest income and lower allowances. Its top executives had noted that the lender's profitability is back to pre-pandemic levels.

Meanwhile, Ms Wong received an annual salary of $7.6 million for the year, which comprises compensation under her employment contract as group CEO from April 15, as well as compensation under her employment contract as deputy president from Jan 1 to April 14.

Ms Wong's remuneration comprises a base salary of $1.1 million, a bonus of $2.9 million, deferred shares of $2 million, and other benefits - including club and car benefits - of $1.6 million.

As for Mr Samuel Tsien, her predecessor, he received a total remuneration of $2.6 million as compensation under his employment contract as OCBC's group CEO from Jan 1 to April 14.

Mr Tsien, who retired after nine years as group CEO of OCBC, received remuneration that comprises a base salary of $285,000, a bonus of $1.3 million, deferred shares of $855,200 and other benefits of $218,609.

Mr Tsien had received an annual salary of $8.6 million in 2020, which was 22.1 per cent lower than the $11.1 million he received in 2019. Net profit for 2020 had fallen 26.3 per cent year on year amid disruptions from the Covid-19 pandemic.

In 2022, Ms Wong expects OCBC to be well-placed to capture growth in its core markets in Asia. Despite residual uncertainties from the pandemic and simmering geopolitical tensions, strong gross domestic product growth prospects in South-east Asia and China will likely provide opportunities for businesses and investors, she said.

Ms Wong, who is OCBC's first female CEO as well as the first woman to head a Singapore bank, had started her career in banking with OCBC in 1984, and was formerly CEO of HSBC before she rejoined OCBC in 2020.