• Ben Kruger, Sim Tshabalala paid a combined 61.8 million rand
  • Performance reviews found chiefs met most objectives for 2015

The combined compensation for Standard Bank Group Ltd.’s joint Chief Executive Officers Sim Tshabalala and Ben Kruger rose 43 percent after full-year profit climbed by a third.

Kruger’s total pay was 30.79 million rand ($2.1 million), including incentive awards amounting to 22 million rand, giving the CEO an increase of 61 percent from a year earlier, according to the Johannesburg-based bank’s annual report published on Monday. Tshabalala’s total pay was 30.99 million rand, including annual incentives of 22 million rand, giving him an increase of 28 percent.

After reducing the CEOs’ pay in 2014 following losses at the bank’s London unit, remuneration “has been normalized,” Ted Woods, chairman of the remuneration committee, said in the annual report. The two CEOs “met most expectations fully in 2015,” he said. “Failures were limited in scope,” Woods said, without giving details.

Africa’s largest lender by assets said on March 3 normalized net income for the year ended December climbed 34 percent to 21.37 billion rand. Earnings per share excluding one-time items increased 27 percent and beat analysts’ estimates, while the dividend rose 13 percent to 6.74 rand.

Tshabalala and Kruger were each paid more than Barclays Africa Group Ltd. CEO Maria Ramos, who received 28.2 million rand last year. The heads of FirstRand Ltd., Investec Plc and Nedbank Group Ltd. were all paid more than the dual CEOs during their latest fiscal years. When the compensation is combined, Standard Bank paid its CEOs more than any other South African lender, except for Investec.

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