Ian Narev picked up almost $8 million pay for CBA’s record profit year

Ian Narev / CBA

Commonwealth Bank CEO Ian Narev’s total payout was steady at a shade under $8 million for the 2015 financial year.

He led the bank to a record $9.137 billion cash profit in 2015, equivalent to making more than $1 million per hour every hour of the day.

However, the bank’s latest annual report released today shows Narev receiving about $138,000 less than in 2014.

In 2015, Narev’s base pay was $2,650,000, plus a short term incentive payment of $1,590,000, a cash award from the previous year of $1,525,681 and an equity award of $2,200,502.

That all adds up to $7,966,183. This is the amount he received, rather than his total remuneration of $8.318 million, some of which will be paid later depending on incentive targets.

A same period comparison to the pays of the other big bank CEOs won’t be known for some months because they have different reporting periods.

However, Gail Kelly, the former Westpac CEO, took home $12.8 million in the 2014 financial year. And Mike Smith at the ANZ was reported to have received $10.7 million.