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HomeCEOsJohn Gachora: Breakdown Of Ksh147.73 Million Salary NCBA Boss Earned In 2022

John Gachora: Breakdown Of Ksh147.73 Million Salary NCBA Boss Earned In 2022

John Gachora is the Chief Executive Officer and Managing Director of NCBA. NCBA was formed through a merger between NIC and Central Bank of Africa making it the third largest bank in terms of assets. John Gachora has been credited with the continuous success of the bank. 

Here is the breakdown as compiled by WoK.

Financial Rewards 

Due to his exemplary performance, the NCBA CEO received a total compensation of Ksh147.73 million in 2022.

This represented an increase of 87.70 per cent increase from 2021 where he received Ksh78.70 million.

The increase was attributed to the bank’s financial success in 2022 where its profit after tax was Ksh13.78 billion, an increase from 2021 when they made Ksh10.22 billion. 

His compensation package included a base salary of Ksh89.63 million and a performance-based short term incentive of Ksh40 million. For his unwavering dedication to the group’s success, he also received a long term incentive award of Ksh18.09 million.

The profits received in 2022 enabled the board of directors to recommend a total dividend payout of Ksh7 billion. 

Gachora also owns a minority stake of 0.14% which translates to 2,364,255 ordinary shares valued at about Ksh88.3 million. 

In an interview in October 2022 with Global finance, he had projected that the bank which also operates in Uganda, Tanzania, Rwanda and Ivory Coast would grow by 4.9%.

“We project a growth of 4.9% this year—down from the 5.2% that we had projected, because of elections and the war in Ukraine.

This is excellent growth on the back of 7% growth last year. There are a few challenges ahead due to high inflation and rising food prices. We have also seen shortages of hard currencies, particularly the dollar.

But we are seeing increasing demand from customers in sectors like construction and trade, and government spending is getting strong. Generally, the industry is having a good year and will continue to grow, depending on several factors, like the incoming government paying suppliers,” he said. 

Brief Career History 

After a successful Wallstreet career and a stint at Bank of America, he joined Absa Capital in Johannesburg, South Africa. He rose to the position of Chief Executive Officer of Absa Africa in 2010. 

In 2013, he became Group Managing Director and Group CEO of NIC bank group. After the merger between NIC and CBA, he became Group CEO and Managing Director of NCBA and has served in this position from 2019 to date.