FirstRandChief’s pay rises 15% on profit boost

FirstRand increased chief executive Sizwe Nxasana’s pay by 15 percent after the lender boosted profit by a third. Nxasana was paid a total of R22.5 million for the year to June, including a salary of R7.5m and performance-related compensation of R15m, according to the firm’s annual report published on its website on Friday. Nxasana received R19.6m last year, comprised of R6.9m in salary and a R12.7m bonus. FirstRand said on September 11 that full-year profit rose 34 percent as consumer lending was boosted by unsecured credit and low interest rates. Sanlam Investment Management head of equities Patrice Rassou called the company’s results the best of South Africa’s four largest banks. Nxasana was also awarded more than 800 000 shares. – Bloomberg