MENU

Westpac’s Kelly pockets $9.2 million

Despite having taken a pay cut in 2013 as she drove the bank towards a record $7.1 billion profit, Westpac’s (ASX: WBC) CEO Gail Kelly has pocketed more than $9 million for the year, according to the group’s annual report.

The report showed that her pay cheque totalled $9.2 million, down from the $9.6 million she received in 2012. This exceeded the amount earned by Commonwealth Bank’s (ASX: CBA) boss, Ian Narev, who earned $7.8 million in 2013 after delivering a record profit of $7.8 billion. The amount earned by the chief executives of ANZ (ASX: ANZ) and NAB (ASX: NAB) will be revealed over the next week or so when they release their annual reports.

According to The Australian Financial Review, Kelly’s pay packet consisted of $3 million in fixed salary as well as other cash and share-based payments attributed to meeting future performance hurdles. Westpac executive Brian Hartzer was also paid a total of $7.5 million for the year.

Foolish takeaway

Although the banks’ profits are soaring and expected to remain strong in the near-term, their shares have become overpriced with investors heavily attracted to their high yields. As such, the banks are not the best place for your money at this time.

Our top dividend stock -- FREE

If you are looking for some stock ideas to add to your portfolio today, look no further than our #1 dividend-paying stock. Discover The Motley Fool's favourite income idea for 2013-2014 in our brand-new, FREE research report, including a full investment analysis! Simply click here for your FREE copy of "The Motley Fool's Top Dividend Stock for 2013-2014."

Motley Fool contributor Ryan Newman does not own shares in any of the companies mentioned.

The 5 mining stocks we’re recommending in 2019…

For decades, Australian mining companies have minted money for individual investors like you and me. But if you believe the pundits and talking heads on TV, those days are long gone. Finito! Behind us forever…

We say nothing could be further from the truth. To earn the really massive returns, you’ve got to fish where others aren’t fishing—and the mining sector could be primed for a resurgence. That’s why top Motley Fool analysts just revealed their exciting new research on 5 ASX miners they believe could help you profit in 2019 and beyond…

Including:

The best way we see to play the global zinc shortage… Our #1 favourite large-cap miner (hint: it’s not BHP)… one early-stage gold miner we think could hit the motherlode… Plus two more surprising companies you probably haven’t heard of yet!

For free access to our brand-new research, simply click here or the link below. But be warned, this research is available free for a limited time only, and we reserve the right to withdraw it at any time.

Click here for your FREE report!