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.

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

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