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ICICI Bank CEO Chanda Kochhar’s salary rose 64% to Rs7.85 crore in FY17

LiveMint logoLiveMint 26-05-2017 PTI

New Delhi: Chanda Kochhar, the head of country’s largest private sector lender ICICI Bank, has drawn Rs7.85 crore as total remuneration in 2016-17, a jump of over nearly 64% from a year ago.

ICICI Bank MD and CEO Chanda Kochhar’s basic salary increased over 15% to Rs2.67 crore during the fiscal ended March 2017, as per bank’s annual report. Calculated on daily basis, her cost to the company was Rs2.18 lakh.

During the year, she took home performance bonus of Rs2.2 crore. However, the bank had not given performance incentive in 2015-16 due to weak financial status. Her total cost to the company was over Rs4.79 crore in 2015-16 and basic salary was Rs2.32 crore. The total remuneration included perquisites as well as retiral benefits.

Furnished accommodation, gas, electricity, water and furnishing, club fees, group insurance, use of car and telephone at residence, reimbursement and leave travel concession, provident funds are among the major heads of perquisites. The monthly basic salary for Kochhar will be within the range of Rs1,350,000-Rs 2,600,000, said the annual report 2016-17.

In her message, Kochhar said ICICI Bank is focused on capitalising on growth opportunities. At the same time, the bank is taking steps to address challenges in environment. “Our large size, capital base, robust funding profile, extensive distribution network, diversified portfolio, presence across the financial services sector and leadership in technology, position us very well to leverage the growth opportunities across the economy,” Kochhar said.

Shares of the company traded at 0.79% up at Rs320.10 on BSE. PTI

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