By India Today Business Desk: HDFC Bank’s CEO Sashidhar Jagdishan witnessed a significant increase in his annual remuneration for the fiscal year ending March 31, 2023, as per the recently released annual report.
Jagdishan’s total earnings stood at Rs 10.55 crore in FY23, compared to Rs 6.52 crore in the previous fiscal year.
His remuneration package comprises a basic salary of Rs 2.82 crore, allowances and perquisites amounting to Rs 3.31 crore, and a performance bonus of Rs 3.63 crore.
Furthermore, as part of his cash variable pay for the performance year 2020-2021, the CEO was awarded Rs 1.05 crore. It may be noted that this figure constitutes only 50 per cent of the total cash variable pay approved by the Reserve Bank of India (RBI), which amounted to Rs 2.10 crore.
It is also worth mentioning that for 2021-2022, the RBI approved a total cash variable pay of Rs 5.16 crore for Jagdishan, out of which he received Rs 2.58 crore.
Meanwhile, HDFC Bank’s executive director Kaizad Bharucha received an annual remuneration of Rs 10.03 crore for the year ending March 31, 2023. This marks a slight decrease from his previous annual salary of Rs 10.64 crore, as of March 31, 2022.
Bharucha’s earnings for the year comprised Rs 2.74 crore as a basic salary, Rs 4.36 crore in allowances and perquisites, and Rs 2.18 crore as a performance bonus.
HDFC Bank recently reported a 30 per cent increase in first-quarter profit, surpassing market expectations.
This growth was attributed to higher net interest income (NII) and robust loan growth, reinforcing HDFC Bank’s position as India’s largest private lender.