DESPITE a profit growth of less than 10 per cent last year, FPB Bank Holding Co has rewarded its directors with a total pay rise of almost 30 per cent.
The company said yesterday the total payments were $6.06 million, up 29 per cent on 1993's total of $4.69 million.
In the notes to the bank's financial statement in the annual report, the company said that out of this total, directors' fees last year rose to $328,000, up 156 per cent on 1993, and salaries and other emoluments increased 32 per cent to $4.43 million.
It said 11 directors were in the band to $1 million. One director was in the $5.5 million to $6 million band.
In 1993, the highest paid director was in the $4.5 million to $5 million bracket, according to the accounts. This represents a rise of between 22 per cent and 33 per cent.
Aggregate payments to senior executives in the group came to $9.45 million, a rise of 36 per cent on 1993.