Nedbank chief banks R32.5m

Nedbank, South Africa's fourth-largest bank, has increased CEO Mike Brown's pay by 13% to R32.5-million a year.

Brown, 47, received a guaranteed package of R6.5-million, short-term incentives of R13-million and long-term share-based awards also valued at R13-million, according to the bank's annual report published yesterday. Brown was paid R28.7-million in 2012.

Nedbank's full-year profit climbed 16% to R8.64-billion as revenue increased and bad debts slowed. The bank's share price has risen by 80% and return on equity has climbed to 17.2% from 13.4% since Brown took over from Tom Boardman in 2010.

Nedbank was little changed at R223.50 a share by late afternoon trading.