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Shenzhen CEO salary top of listed banks

By Hao Yan (chinadaily.com.cn)
Updated: 2010-03-12 15:12
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Shenzhen CEO salary top of listed banks

Frank Newman, CEO and board chairman of Shenzhen Development Bank. [File photo/ China Daily]

Frank Newman, CEO and board chairman of Shenzhen Development Bank, tops listed banks' payroll with his 17.4 million yuan ($2.5 million) annual pay, the Beijing News reported Friday.

Newman's annual salary grew by 9 percent from the 16 million yuan in 2008, and the other 22 executives shared a total of 31.6 million yuan last year, the bank's annual report said. Newman's salary ranked first among listed banks' executives from 2006 to 2008.

The annual report said the bank has no cash dividends plan, but retains the undistributed profit for recapitalization.

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Shenzhen Development Bank said its 2009 net profit reached 5.03 billion yuan, up 719 percent from a year ago, thanks to a lower provision for bad loans, rapid lending growth and higher fee income, the bank said in its annual report Thursday.

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