The Kenyan bank sector in 2022 recorded increased growth in interest income as it stepped up the pace of lending in line with the continued recovery of economic activities.
The increased growth positively affected the incomes of CEOs who made millions of shillings in annual salaries.
Below are the top five bank CEOs who made the most money in 2022.
Paul Russo – KCB
Paul Russo is the highest-paid Kenyan Bank CEO having made Ksh 217.4 million annual gross pay in 2022.
He holds a bachelor’s in Business Management, a bachelor’s in Business Administration and Management both from Moi University, and masters in Strategic Management from Strathmore Business School.
James Mwangi- Equity
James Mwangi is the second-highest paid Bank CEO in Kenya. In 2022, Mwangi took home a whopping Ksh 213.6 million in annual gross pay. He holds a Bachelor of Commerce degree and is a Certified Public Accountant.
Mwangi also boasts five honorary doctorate degrees in recognition of his positive impact on Kenyan society.
John Gachora – NCBA
Gachora is third in the list having made a total of Ksh 147.7 million in 2022. He holds a Masters Degree in Electrical Engineering and Computer Science from the Massachusetts Institute of Technology (MIT), USA. Gachora also boasts an MBA from the Wharton School, University of Pennsylvania, USA.
Kariuki Ngari- Standard Chartered
Ngari took home a whopping Ksh 124.4 million in 2022 comprising of Ksh 47 million annual salary, Ksh 39.8 million bonus and Ksh 13.2 million in deferred cash awards. He holds a Bachelor of Arts in Economics and Sociology from University of Nairobi and an Executive Management Course from INSEAD Business School, Singapore.
Jeremy Awori – Ecobank
Awori is the current Ecobank CEO having assumed the role in March 2023. He previously served as the Absa Bank CEO until November 2022 where he earned Ksh 106.7 million in annual gross pay.
Awori boasts an undergraduate degree from The University of Manchester, an MBA from McGill University, and an MBA from INSEAD.
Also Read: Meet Five Billionaires Eyeing Political Seats in the August Elections
