Top execs at Saudi banks earned nearly SAR 3 mln each in 2016

The average annual pay for top executives at Saudi Arabia’s listed banks reached SAR 2.77 million in 2016, research by Argaam showed.

Senior executives at the National Commercial Bank (NCB) were the highest paid compared to peers, earning an average of SAR 5.8 million last year.

Annual pay included salaries and other compensation received during the year.

Banque Saudi Fransi (BSF) came second as average compensation for its top executives stood at SAR 4.9 million.

Bank Aljazira followed with an average pay of SAR 3.7 million for each senior executive.

Bank Ajazira’s senior executives and staff received compensations and bonuses equal to 31 percent of the bank’s operating income last year, the highest ratio among listed banks.

Bank Albilad and Alinma Bank spent 23 percent and 21 percent of their operating income on employee compensation, respectively. 

Risk management professionals working in the sector saw an average annual salary of SAR 409,000, followed by employees working in internal auditing departments who earned SAR 351,000 per year.

By the end of last year, 54,755 employees working in the banking sector received salaries and bonuses worth a combined SAR 12.7 billion. Average pay amounted to SAR 232,000 per year.