ICICI Bank chief Chanda Kochhar grows richer by 12%

Chanda Kochhar, the head of ICICI BankBSE 0.87 %, received a 12.06 per cent pay increase in the previous financial year, when the country's largest private lender grappled with increased stress on its balance sheet. The board of directors rewarded managing director and chief executive officer Kochhar with a salary of Rs 5.85 crore, the bank said in its annual report for 2014-15.

ICICI Bank's profit rose 14 per cent to Rs 11,175 crore for the year ended March 2015 from Rs 9,810 crore a year earlier. Earnings at Axis BankBSE 1.75 % and HDFC BankBSE 2.12 % increased 18.33 per cent and 20.49 per cent, respectively, in the same period.

The board maintained the minimum and maximum ranges of remuneration and supplementary allowances for Kochhar and executives at 2013 levels. The minimum and maximum range of monthly supplementary allowance for Kochhar was Rs 10-18 lakh.

The pay hikes of other directors ranged from 11 per cent to 16 per cent. NS Kannan, the chief financial officer, received a 15.29 per cent increase, the steepest among the bank's top brass. K Ramkumar, executive director and head of human resources, got a 12.03 per cent raise to Rs 4.19 crore.
As published in ET.