- By Vaamanaa Sethi
- Thu, 20 Jul 2023 11:24 AM (IST)
- Source:JND
HDFC Bank CEO and Managing Director, Sashidhar Jagdishan, took home an annual remuneration of Rs 10.55 crore in the year ended on March 31, 2023, against Rs 6.52 crore in 2022, according to the annual report.
Jagdishan has been part of HDFC Bank for a collectiver period of 24 years, he succeeded Aditya Puri in 2020 as MD.
As per the annual report, his package includes basic salary of Rs 2.82 crore, allowances and perquisites of Rs 3.31 crore and performance bonus amounting to Rs 3.63 crores.
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Meanwhile, the CEO also got an annual remuneration of Rs 1.05 crore as part of cash variable pay for performance year 2020 - 2021. As per Reserve Bank of India (RBI) guidelines, this is just 50% of the approved total cash variable pay, which was around Rs 2.10 crore.
According to the report, total cash variable pay approved by RBI for Jagdishan was Rs 5.16 crore of which he received Rs 2.58 crore, for the year 2021 - 2022. He was a noted key in the merger of HDFC with HDFC Bank.
Furthermore, HDFC Bank’s executive director Kaizad Bharucha was also given an annual remuneration of Rs 10.03 crore in the year ended on March 31, 2023, against Rs 10.64 crore given last year, as per the report.
Bharucha's basic salary, allowances and perquisites, and performance bonus were at Rs 2.74 crore, Rs 4.36 crore and Rs 2.18 crore respectively, as of March 31, 2023.
HDFC Bank, on Monday, reported a 30% jump in first-quarter profit, led by higher net interest income (NII) and strong loan growth.
