| The financial year 2005-06, when the retail lending boom peaked, has turned out to be a very remunerative one for the CEOs of ICICI Bank and UTI Bank.
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| KV Kamath, managing director and CEO of ICICI Bank, saw his remuneration cross the Rs 2-crore mark. Kamath’s remuneration, including the basic salary, jumped almost 30 per cent to over Rs 2.47 crore from over Rs 1.91 crore in 2004-05.
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| PJ Nayak of UTI Bank, too, was rewarded with an about 27 per cent rise in salary in 2005-06. Nayak’s remuneration, however, was still below the Rs 1-crore mark.
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| He would see his salary package going beyond the Rs 1-crore mark in 2006-07 as a resolution has been proposed for shareholders’ approval to a hike in his annual basic salary by 42 per cent.
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| Nayak’s remuneration rose to Rs 95 lakh in 2005-06 from Rs 75 lakh a year earlier, but his counterpart at HDFC Bank was not as lucky. HDFC Managing Director Aditya Puri’s salary in 2005-06 was Rs 1.3 crore, the same as in 2004-05.
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| However, he is likely to see an increase in his salary in 2006-07. A resolution has been proposed to increase his basic salary by 25 per cent to Rs 90 lakh per annum from Rs 72 lakh per annum now.
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| Another private sector bank CEO, Shailendra Bhandari of Centurion Bank, saw his remuneration rise 22 per cent to Rs 1.62 crore in 2005-06, from Rs 1.35 crore in 2004-05.
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| For ICICI Bank’s whole-time directors — Kamath, Lalita Gupte, Kalpana Morparia, Chanda Kochhar and Nachiker Mor — the increase in their combined remuneration in 2005-06 was 25.45 per cent. The remuneration paid to the ICICI Bank’s top brass in 2005-06 was Rs 7.59 crore, against Rs 6.05 crore in 2004-05.
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| Gupte, ICICI’s joint managing director who retires in October this year, received a total remuneration of over Rs 1.88 crore in 2005-06. Morparia, the bank’s second joint managing director, got Rs 1.36 crore.
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| The bank’s deputy managing directors, Kochhar and Mor, received a remuneration of Rs 1.13 crore and Rs 97 lakh, respectively, in 2005-06. |
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