There are over 25 licensed Commercial Banks in Uganda. And as financial institutions, these are charged with, among others, accepting deposits from the general public and giving loans for investment with the aim of earning profits.
But how you ever wondered how much the Managing Directors and Executive Directors of these banks take home each month?
According to a research conducted by the CEO East Africa Magazine, Barclays Bank’s Managing Director Rakesh Jha is the highest paid local bank MD, taking home Shs148.6 million as of January 2019, enough to pay off about 291 primary school teachers earning about Shs509,671 each.
On the other hand, Bank of Baroda’s Managing Director, Ashwini Kumar earns a ‘paltry’ Shs14.4 million, regardless of the fact that his bank is the sixth largest and fourth most profitable in the country.
Citibank Uganda’s Managing Director Sarah Arapta, at Shs72.8 million a month, is the most highly paid female boss.
Centenary Bank’s Simon Kagugube is the highest paid Executive Director, earning about Shs83.7 million. His boss, Managing Director Fabian Kasi earns Shs89 million.
“The list, which includes only four females and 39 males was put together using various credible sources within the banks and auditing firms basing on January 2019 earnings,” CEO East Africa Magazine stated.
Apparently, the 43 Managing Directors and Executive Directors of 23 of the 25 banks earn an average of Shs61 million or a combined Shs2.6 billion per month. This adds up to a total of Shs31.5 billion per year.
SEE LIST IN DESCENDING ORDER;
Managing Director Rakesh Jha- Shs148.6 million
Executive Director Michael Segwaya- Shs40.2 million
Managing Director Clement Dodoo- Shs133.1 million
Executive Director Annette Kihuguru- Shs34.5 million
Managing Director Patrick Mweheire- Shs131.8 million
Managing Director Johnson Agoreyo 109.6 million
Executive Director Joseph Balikudembe- Shs53.4 million
Managing Director Sabhapathy T. Krishnan- Shs108.7 million
Executive Director Rajarshi Banerjee- Shs69.9 million
Standard Chartered Bank
Managing Director Albert Saltson- Shs105.2 million
Executive Director Keval Bid – Shs54.6 million
Executive Director Kelvin Musana- Shs76 million
Bank of Africa
Managing Director Arthur Isiko- Shs105 million
Executive Director Bernard Robinson Magulu- Shs75.7 million
Managing Director Mathias Katamba- Shs103.8 million
Executive Director William Sekabembe- Shs59.2 million
Managing Director Varghese Thambi- Shs90.3 million
Executive Director Kariuki Maina- Shs33.7 million
Managing Director Fabian Kasi – Shs89 million
Executive Director Simon Kagugube- Shs83.7 million
Guaranty Trust Bank
Managing Director Olalekan Sanusi- Shs77.7 million
Executive Director Irenosen Ohiwerei- Shs27.5 million
Managing Director Sarah Arapta- Shs72.8 million
Executive Director Robert Jjagwe- Shs35.5 million
Managing Director Samuel Kirubi- Shs72.9 million
Executive Director Anthony Kituuka- Shs51.8 million
Commercial Bank of Africa
Managing Director Anthony Ndegwa- Shs65.1 million
Executive Director Gerald Muhereza- Shs27 million
Ag Managing Director Dennis Mugagga Kakeeto- Shs58.4 million
Finance Trust Bank
Managing Director Annet Mulindwa Nakawunde- Shs52.7 million
Executive Director Annet Kiggundu- Shs32.2 million
Ag Managing Director Michael Mugabi Karokora- Shs45.7 million
Executive Director Peace Ayebazibwe Kabunga- Shs31.4 million
Managing Director Sam Ntulume- Shs44.7 million
Executive Director Mark Anthony Muyobo- Shs28.5 million
Managing Director Julius Kakeeto- Shs44.5 million
Executive Director Darshana Bhatia- Shs37.1 million
Ag Managing Director Byamah Edgar Shs27.6 million
ABC Capital Bank
Ag Managing Director Jesse Timbwa- Shs21 million
Bank of India
Managing Director Ajay Kumar Panth- Shs17.8 million
Executive Director Amrendra Kumar- Shs16.7 million
Bank of Baroda
Managing Director Ashwini Kumar- Shs14.4 million
Executive Director Manoj Kumar Bakshi- Shs13.4 million
Managing Director Ahmed Maher NA
Executive Director Hesham Ghoneim NA