South African banker Harry Kellan earns $3 million pay at FirstRand in 2025

South African banking executive Harry Kellan received a compensation package of R50.18 million ($3.04 million) in 2025 for his leadership role at FirstRand, where he oversees its retail and commercial engines, First National Bank (FNB) and WesBank.

The pay package reflects his role in steering the group’s core franchises through a competitive and evolving financial services landscape.

Leadership at FirstRand driving core banking performance

Kellan’s 2025 earnings include a base salary of R9.46 million ($572,332), a short-term incentive of R20 million ($1.21 million), and a long-term incentive award of R20.72 million ($1.25 million).

A seasoned banking executive, Kellan has become a central figure within FirstRand’s leadership, overseeing finance, risk, and control functions while contributing to strategic execution at the board level. He returned to lead FNB in April 2024 after concluding his tenure as group CFO, bringing over a decade of financial leadership experience to the role.

Navigating competition and expanding market share

Since reassuming leadership of FNB and overseeing WesBank, Kellan has guided the group’s retail and commercial franchises through intensifying competition from digital banks, telecom operators, and fintech disruptors.

FirstRand’s retail engine, anchored by FNB and WesBank, remains a key contributor to performance across South Africa and broader African markets. Under his leadership, the group has focused on defending its customer base while strengthening collaboration with Rand Merchant Bank to deepen its corporate banking footprint.

WesBank’s vehicle finance operations have also delivered notable growth, reinforcing earnings resilience amid macroeconomic pressures.

Profit growth and balance sheet strength at FirstRand

FirstRand reported profit of R45.1 billion ($2.73 billion), marking a 10.05% increase from R40.98 billion ($2.48 billion) a year earlier. Normalized earnings rose 10% to R41.82 billion ($2.53 billion).

FNB contributed 56% of normalized earnings, totaling R23.62 billion ($1.43 billion), while WesBank accounted for about 6%, with earnings rising to R2.38 billion ($143.64 million), up roughly 20% year-on-year.

At the group level, normalized net asset value increased 11% to R217.4 billion ($13.14 billion), underscoring sustained financial momentum.

Total assets expanded from R2.54 trillion ($154.5 billion) at the end of 2024 to R2.68 trillion ($163.03 billion) by Dec. 31, 2025. Shareholders’ equity rose to R244.83 billion ($14.9 billion), while reserves climbed to R214.4 billion ($13.04 billion), reflecting continued balance sheet strength.

Strengthening FirstRand’s competitive position

Kellan’s leadership comes at a time when South Africa’s banking sector is undergoing rapid digital transformation and heightened competition.

His focus on operational discipline, customer retention, and cross-divisional integration has helped sustain FirstRand’s competitive positioning, particularly within its dominant retail banking franchise.

As competition intensifies, the group’s ability to deliver consistent earnings growth while investing in innovation will remain central to its long-term strategy.