FirstRand CFO Markos Davias gets $2.8 million pay package in 2025

FirstRand Group Chief Financial Officer Markos Davias received total compensation of R45.81 million ($2.86 million) in 2025, reflecting the higher pay awarded to the executive as South Africa’s largest financial services group delivered stronger earnings and expanded its balance sheet.

Davias’ 2025 compensation was 73.7% higher than the R26.38 million ($1.65 million) he received in 2024. The increase came as FirstRand strengthened its financial performance and as Davias settled into his role as group CFO, which he took up in April 2024.

Davias’ salary and incentive pay 

The FirstRand CFO’s 2025 compensation included a base salary of R8.81 million ($550,963), according to the company’s remuneration disclosures. He also received R18 million ($1.12 million) in short-term incentives tied to performance, while his long-term incentive award amounted to R19 million ($1.18 million). 

The structure of the package gives investors a clearer view of how Davias’ remuneration was linked to FirstRand’s financial performance and his responsibilities as an executive director.

FirstRand reports stronger earnings 

Stronger earnings support higher pay FirstRand reported normalized earnings of R23.2 billion ($1.45 billion) for the six months ended Dec. 31, 2025, an 11% increase from a year earlier. 

Net interest income rose 8%, while non-interest revenue climbed 12%, helping drive the increase in earnings. The results came as FirstRand continued to expand its banking, lending and investment businesses across South Africa and other markets. 

The group’s total assets increased to R2.68 trillion ($167.53 billion) at the end of 2025, from R2.54 trillion ($158.8 billion) a year earlier. Shareholders’ equity rose to R244.83 billion ($15.3 billion), from R227.6 billion ($14.22 billion).

Davias brings long FirstRand experience 

Davias has spent much of his career in financial management roles within FirstRand’s businesses. 

He became a manager at Deloitte from 2006 to 2008 before joining Rand Merchant Bank in 2008 as head of finance for Global Markets. During his 12-year tenure at RMB, he held several senior roles, including CFO of RMB South Africa from 2015 to 2020. He then served as CFO of FNB South Africa for four years from 2020 before being appointed FirstRand Group CFO in 2024.

His responsibilities have included supporting the group through the complexities linked to the UK Financial Conduct Authority process and related legal matters. FirstRand has also credited him with working closely with management on major strategic decisions and helping its operating businesses address areas requiring change.

FirstRand expands across key markets 

FirstRand operates in South Africa, the United Kingdom and several Sub-Saharan African markets through brands including FNB, RMB, WesBank and Aldermore. 

The group was founded in 1966 by Lauritz Dippenaar, Gerrit Ferreira and Paul Kenneth Harris and has grown into one of Africa’s largest financial services companies. 

Davias also has a direct financial interest in the company. He owns 182,000 FirstRand shares, representing about 0.0032% of the group, with a value of roughly R17.37 million ($1.08 million). 

His compensation and shareholding put a clear figure on Davias’ financial interests in the group as he enters another year at the helm of FirstRand’s finance function.