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Yes, they are all men.
They are powerful. They run 8 of Uganda’s largest banks and they are paid handsomely too.
The 8 CEOs are each paid on average a gross salary of UGX94.5 million a month or collectively UGX756.2 million Shillings per month and UGX9 billion a year.
This excludes performance bonuses.
Meet the 8 perfect gentlemen and their well-lined wallets.
See complete list of the most paid bank executives here: https://www.ceo.co.ug/exclusive-earnings-of-ceos-and-executive-directors-of-23-of-24-of-ugandas-banks/
Rakesh Jha, Barclays Bank
Gross Salary: 1,783,378,716 p.a.
Nationality: Indian
A graduate of the University of Mumbai and a holder of a 1st class Marketing MBA from the Institute of Management and Entrepreneurship Development (IMED) in India, Rakesh Jha’s 26-year banking career started at Standard Chartered Bank, India as a Customer Relationship Manager.
He then went on to work at the Bank of America and HDFC Bank in India before moving on as Director, Private Banking at Standard Chartered in Dubai. In 2008, he crossed over to head Consumer and Private Banking at Barclays Mauritius and in 2011 was appointed the Managing Director & CEO, Barclays Mauritius.
After 3 years, he in September 2014 was posted to head Barclays Bank Uganda as CEO.
In the four years he has been at Barclays Uganda, he has overseen a Compound Annual Growth Rate (CAGR) of 13.3% in assets on the back of stronger deposits and lending growth.
As at end of 2018 Assets stood at UGX2.8 trillion and lending at UGX1.2 trillion versus UGX1.5 trillion and UGX594.6 billion in 2014 respectively.
He has also grown consumer deposits by 63% from UGX1.1 trillion to UGX1.8 trillion while Non Performing Loans have been reduced by 41.2% (CAGR -10.1%) from UGX91.8 billion in 2014 to UGX54 billion in 2018.
In the four years, he has been at the helm, Barclays Uganda’s profitability has also improved steadily (CAGR10.81%) from UGX41.3 billion in 2014 to UGX72 billion in 2017 and then UGX69 billion in 2018.
Overall, Barclays remains a much more stable and robust bank than it was in 2014.
Patrick Mweheire, Stanbic Bank
Gross Salary: UGX1,581,967,152
Nationality: Ugandan
Born and raised in Uganda, Patrick Mweheire, went to Buganda Road Primary School and then to Kings College Budo for six years. At the age of 18 years, he left for the United States of America where he would spend most of his education and work life.
He graduated from Daemen College in New York in 1994 with a Bachelor of Science in Economics with a distinction. At the age of 23, he started off work at Prudential Securities as a Financial Analyst.
In June 1999 he completed an MBA from the prestigious Ivy League Harvard University and immediately joined Prudential Securities Inc. (1994-97) as a Financial Analyst and went on to work at Merrill Lynch & Co, one of the top 5 biggest investment banks, as an Associate- Mergers & Acquisition Group. In 2002, he was promoted to Director- Financial Services Group for a colourful 6 years that saw him get involved either as a Mergers & Acquisition Advisor and or Book Runner in several major transactions, worth a combined $11 billion.
He returned to Uganda in 2008 and took up a position as Managing Director- Head of Investment Banking Africa and CEO East Africa, for Renaissance Capital, one of Russia’s largest investment banks with offices across the world. After 4 years, he in 2012, joined Standard Bank Group as Executive Director- Head of Corporate & Investment Banking at Stanbic Uganda.
In January 2015, he was appointed Managing Director of Stanbic Bank, Uganda’s largest bank.
In the 4 years, he has been at the bank, he’s led a 9.91% CAGR growth in assets from UGX3.7 trillion in 2015 to UGX5.4 trillion. During his time, customer lending has grown from UGX1.9 trillion to UGX2.5 trillion (CAGR 7.10%) and Customer deposits have grown from UGX2.4 trillion to UGX3.9 trillion (CAGR 12.91%). He has also maintained steady growth in income from UGX533 billion in 2015 to UGX 661.1 billion.
As a result, there’s been a 9.33% CAGR in profitability from UGX151 billion in 2015 to UGC215.1 billion in 2018.
Albert Saltson, Standard Chartered Bank
Gross Salary: 1,262,818,584 p.a.
Nationality: Ghanaian
A graduate from the Kwame Nkrumah’ University of Science and Technology, Kumasi, Ghana, Albert Saltson also holds a MBA in International Banking from the Henley Management College, United Kingdom.
His advanced banking career started at Standard Chartered Bank, Zambia as head of Consumer Baking in 1998, from whence he went to become Executive Director, Consumer Banking at Standard Chartered Bank in Ghana in 2001.
Between 2007 and 2015 he served as CEO, Standard Chartered Sierra Leone and in June 2015 he was appointed CEO Standard Chartered Gambia till April 2017 when he was appointed as CEO, Standard Chartered Bank Uganda to replace Herman Kasekende, who moved to Zambia.
Under him, Standard Chartered Bank’s assets have grown by 3.9%- from UGX2.8 trillion to UGX2.9 trillion on the back of a 7.3% growth in lending from UGX1.2 trillion to UGX1.3 trillion.
This has led to a 15.4% rise in income from UGX395.7 billion to UGX400.8 billion.
This was achieved at a relatively stable cost base- costs reduced by UGX1.3 billion from UGX284.6 billion to UGX283.3 billion, hence a 3.1% rise in profit from UGX93.2 billion to UGX96 billion- earning Standard Chartered a slot as the country’s 3rd most profitable bank, from the 4th position in 2017.
He arrived at a time when Standard Chartered was bleeding due to NPLS (UGX114 billion in 2015 and UGX112 billion in 2016. This, he reduced to UGX78.6 billion in 2017 and 22.2 billion in 2018.
Mathias Katamba, dfcu Bank
Gross Salary, UGX1,245,913,800 p.a.
Nationality: Ugandan
Mathias Katamba was poached from Housing Finance Bank (HFB) to replace Juma Kisaame who left the bank this January amidst several controversies.
Katamba’s flourishing 18-year banking career, spans various roles at Orient Bank, Post Bank, Barclays Bank, Pride Micro Finance , Finance Trust Bank and Housing Finance Bank where he grew the bank’s assets by 23% from Shs597bn in 2014 when he joined to Shs733bn in 2017 by the time he left.
He holds an MSc (Financial Management) degree from the University of East London with additional qualifications from Harvard University’s John F. Kennedy School of Government and the University of Pennyslavia’s The Wharton School.
His biggest job at dfcu will be to restore the bank’s image as well as consolidate the gains from acquiring Crane Bank and give shareholders a befitting return. He will also need to steer the bank through the several multibillion court suits emanating from the Crane Bank acquisition.
Perhaps, biggest on the agenda is to jerk up dfcu’s share price that has between July 2018 and March 2019 lost 28.8% but has since held steady at UGX670 billion.
Varghese Thambi, DTB Uganda
Gross Salary: 1,084,407,660 p.a.
Nationality: Indian
He graduated at the St Thomas College, Thrissur in Kerala State, India with a Bachelor’s Degree in physics in 1975. He was a branch Manager at India’s Dhanlaxmi Bank for 18 years, before joining IndusInd Bank in India as Senior Vice President for 12 years (between April 1995- July 2007).
He joined DTB Uganda as Chief Executive Officer in July 2007.
He is a member of the Certified Associate of Indian Institute of Bankers (CAIIB) and holds a Post Graduate Law Diploma in Cyber Laws
He has kept DTB Steadily in the top 10 Ugandan banks.
Today DTB Uganda is the 7th largest bank by assets (UGX1.6 trillion), by customer deposits (UGX1.14 trillion) and by profits (UGX18.2 billion).
It the 8th biggest lender with UGX534.2 billion lent out in 2018.
Fabian Kasi, Centenary Bank
Gross Salary: UGX1,068,458,124 p.a
Nationality: Ugandan
Fabian has been a banker almost all of his working life.
He started as a Banking Officer at Bank of Uganda in 1992. After eight years, he briefly worked as a Director of Finance & Administration at Finca Uganda, a global microfinance organisation, before heading out to Rwanda’s Banque Commerciale du Rwanda (BCR) as CFO.
After just 9 months in Rwanda, he was appointed the Managing Director for Finca a job he held for 8 years and 3 months.
He was appointed Centenary Bank Managing Director in August 2010.
He holds a Bachelor’s degree in Commerce and Accounting from Makerere University, as well as an MBA from the University of New Castle in the UK.
During his 8 years at the Bank, he has made Centenary Bank, Uganda’s fastest growing bank- growing assets by more than 5 times from UGX582.7 billion in 2010 to UGX3.2 trillion in 2018.
Customer deposits have grown by 5 times from UGX443.4 billion to UGX2.3 trillion and lending by four times from UGX343 billlin to UGX1.5 trillion in the same period.
Aa result, the bank’s profitability under his stewardship has leaped by 438% from a mere UGX20 billion to UGX107.6 billion.
Samuel Kirubi, Equity Bank
Gross Salary: UGX874,800,000 p.a.
Nationality: Kenyan
Ashwini Kumar, Bank of Baroda
Gross Salary: UGX173,167,956 p.a.
Nationality: Indian
Little is known about Ashwini Kumar before he ascended to the helm of Bank of Baroda on 12th April 2017, following the exit of Birbal Singh Dhaka, the bank’s boss, since December 2013.
In the two years, he has been at Baroda he has grown the bank’s assets by 11.8% from UGX1.53 trillion in 2017 to UGX1.71 trillion in 2018.
Shareholders of Bank of Baroda (USE: BOBU) will smile all the way to the bank following a 48.7% reported increase in net profit. According to results published last weekend, the lender’s profit grew from UGX49.4bn to UGX73.48bn- thanks to a 12.6% rise in income coupled with 6% drop in total costs.
Total income rose from UGX174bn in 2017 to UGX196bn while total expenditure declined from UGX109.9bn to UGX103.3 bn.
The bank’s assets are backed by a 22.8% rise in lending- from UGX616.6bn to UGX757.2bn leading to a 12.6% growth in income, from UGX174 billion in 2017 to UGX196 billion in 2018.
A rise in income, coupled with a 6% decline in costs- from UGX 109.9 billion to UGX103.3 billion, led to a 48.7% growth in net profit; UGX49.4bn in 2017 to UGX73.48bn in 2018.
The year before Kumar joined, total assets increased by 4.02% while net profit increased by a mere 0.27%.
Kumar’s shareholders will be smiling all the way to the bank following a proposed 33.3% increase in dividends from UGX7.5 per share to UGX10. The bank has set aside UGX25bn (34% of the profit) for dividend pay-outs.
At a monthly salary of, UGX14,430,663, Kumar is the lowest paid CEO in Uganda, even though his bank is among the top 8 banks in Uganda.