OCBC CEO Helen Wong's 2024 Compensation Soars to $12.8 Million!

In a landmark year for OCBC, Chief Executive Officer Helen Wong saw her compensation rise by 5.8% in 2024, reaching a stunning total of $12.8 million. This increase follows the bank's impressive financial performance, marked by record earnings highlighted in their annual report published on March 26.

OCBC’s net profit for the financial year hit an all-time high of $7.59 billion, reflecting an 8% growth compared to the previous year. This remarkable achievement was attributed to robust income growth and reduced allowances, showcasing the bank's strategic advancements in the financial sector.

Wong's remuneration breakdown reveals a complex mix of salaries and bonuses. Her base salary was reported at $1.2 million, notably lower than her previous year's compensation of $1.44 million. However, her annual bonus surged to $6.76 million, compared to $6.35 million in 2023. Additionally, deferred shares amounted to $4.5 million, marking an increase from $4.2 million last year. Wong also enjoyed increased benefits, with perks such as club and car allowances totaling $332,207, a sharp rise from $69,892 in 2023.

In comparison, Piyush Gupta, the outgoing CEO of DBS—a rival and the largest banking institution in Singapore—topped the list of local banking executives with a staggering $17.6 million in earnings for 2024. Meanwhile, UOB's CEO, Wee Ee Cheong, followed closely behind with $15.05 million.

As OCBC continues to thrive, Wong emphasized the growing wealth within Asia. The bank's Premier Banking division is set to capitalize on this trend, experiencing significant growth in customer segments throughout the region. Notably, OCBC's premier banking clientele in Hong Kong soared by over 35% year-over-year, while Indonesia witnessed nearly a 20% increase.

The digital transformation of banking continues to play a pivotal role in OCBC's strategy. Wong highlighted how an enhancement in their digital platforms, particularly the OCBC app, resulted in a staggering 70% year-on-year rise in digital wealth revenue in Singapore alone.

OCBC’s private banking division, the Bank of Singapore, also showcased impressive performance, achieving double-digit growth in assets under management for its ultra-high-net-worth individuals and financial intermediaries segments.

As the bank positions itself for future growth in an increasingly digital world, shareholders can look forward to more stellar results. With OCBC shares trading up 0.47% to $17.27 as of March 26, the financial future appears promising for this banking giant. Stay tuned as OCBC navigates the evolving landscape of wealth management!