Frank Newman, a former US deputy secretary of treasury earned 9.95 million yuan last year from the Shenzhen bank in southern China's Guangdong Province, according to the bank's annual report.

Frank Newman topped the pay list of executives of Chinese banks listed on the mainland stock market. [file]

Shenzhen Development Bank reported a 319-percent growth in net profits to 1.3 billion yuan (US$168 million) last year due to improved interest rate spread, more efficient use of funds and healthy loan growth.

Among bank chairmen, Wenbiao Dong, of China Minsheng Banking Corporation, came second at 4.53 million yuan, followed by Pudong Development Bank Chairman Yun Jin at 1.59 million yuan.

China's largest credit card issuer, China Merchant Bank's president Weihua Ma, is the highest paid bank president with earnings of 4.46 million yuan, far more than the 1.74 million yuan his counterpart Tongshi Wang made at China Minsheng Banking Corporation.

China Merchant Bank reported an 81-percent rise in profit in 2006 while China Minsheng Banking Corporation saw a growth of 43.3 percent.

Zhiwei Yang from Bank of China (BOC) led the board secretaries in annual income after receiving 5.62 million from the country's second biggest bank. And following him in second is Xiaofeng Mao of China Minsheng Banking Corporation with 2.24 million yuan, and Qi Lan is third with 1.54 million yuan in annual salary.

Weihua Ma is the highest paid bank president with earnings of 4.46 million yuan. [file]

Yang's income more than tripled those of BOC Chairman Gang Xiao and President Lihui Li who each earned 1.52 million yuan last year.

However, Xiao and Li earned more than their counterparts in the Industrial and Commercial Bank of China (ICBC), the country's top lender. ICBC paid its chairman Jianqing Jiang 1.3 million yuan and president Kaisheng Yang 1.25 million yuan in 2006.

In a country where the per capita income averaged 11,759 yuan in 2006, the bank executives' income was remarkable, but not as remarkable as the insurance sectors.

Mingzhe Ma, chairman of China Ping An Insurance, got a handsome 12.38 million yuan last year. But he is not the highest paid insurance executive. His colleague, executive vice president Ka Kui Leung got 17.1 million yuan.

Also at Ping An, Chi Yan Louis Cheung, executive director, president and chief financial officer was paid 11.15 million yuan, compared with 12.28 million yuan for chief finance business officer Richard Jackson. (US$1=7.72 yuan)