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South African banker Jason Quinn, the CFO and executive director of Absa Group, one of the most diversified financial services providers in Africa, received a compensation of R34.75 million ($1.81 million) for his excellent work at the helm of the leading lender in 2022.
Quinn, who served as interim group CEO from January to March 2022 before his appointment as group financial director, has earned his reputation as a formidable force in the African financial services industry, thanks to his exceptional leadership.
With an impressive track record of achievements, he continually excels in navigating the ever-changing landscape of the banking sector. His 2022 compensation package comprises a base salary of R6.75 million ($351,689) and a short-term incentive of R15 million ($781,262) derived from the bank’s exceptional performance during the fiscal year.
He also received a long-term incentive award amounting to R13 million ($677,063) from the leading financial services group as a result of his unwavering dedication to the group and his wealth of expertise as a seasoned professional.
Absa Group (short for Amalgamated Banks of South Africa) is a South African financial services conglomerate that provides personal and business banking services, credit cards, corporate and investment banking, wealth and investment management, and bancassurance. Under Quinn’s leadership, Absa Group has achieved remarkable financial milestones.
By the end of the 2022 fiscal year, the group’s headline earnings had risen from R18.59 billion ($974 million) in 2021 to R21.02 billion ($1.1 billion). This growth was underpinned by a 15-percent surge in revenue, climbing from R85.87 billion ($4.5 billion) to R98.87 billion ($5.18 billion) during the same period.
This financial performance also led to a significant increase in the group’s assets, which grew from R1.64 trillion ($85.9 billion) in 2021 to R1.79 trillion ($93.7 billion) in 2022, solidifying the group’s position as one of Africa’s largest financial service providers.
Apart from his executive and governance roles, Quinn owns a minority stake of 0.012 percent, amounting to 99,814 shares in the financial services giant—a stake presently worth $926,692.
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