South African banking executive Emrie Brown received R46.68 million ($2.92 million) in compensation from FirstRand in 2025 as she led Rand Merchant Bank, the group’s corporate and investment banking business.

Brown, who became RMB CEO in October 2022, was the first woman to lead the bank. Her 2025 pay package included a R8.76 million ($548,318) base salary, R20.42 million ($1.28 million) short-term incentive and R17.5 million ($1.09 million) long-term incentive.

Her total compensation rose roughly 11% from R42.06 million ($2.63 million) in 2024.

Earnings support higher compensation

The increase came as FirstRand reported stronger earnings. The group posted normalized earnings of R23.2 billion ($1.45 billion) for the six months ended Dec. 31, 2025, up 11% from a year earlier.

Net interest income increased 8%, while non-interest revenue rose 12%. FirstRand also continued to expand its banking, lending and investment operations in 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).

Brown’s long career at RMB

Brown has more than 28 years of experience in financial services and is a registered chartered accountant in South Africa. She began her career at RMB in 2001, working across lending businesses including property, cross-border finance and leveraged finance.

She became head of acquisition and leveraged finance in 2006, when RMB established its investment banking division. In 2009, she became business development director in Cape Town before returning to Johannesburg in 2015. Earlier in her career, she worked at Nedbank and KPMG.

Under Brown, RMB’s investment banking business has received several industry awards, including recognition from The Banker, Global Finance, M&A Today and the Johannesburg Stock Exchange.

Brown is also a member of RMB’s Executive Committee and serves on several other RMB committees.

RMB drives FirstRand’s capital-light income

RMB describes itself as FirstRand’s corporate and investment banking business, providing advisory, lending, trading, securities, corporate banking, private equity and investment solutions across Africa.

The bank’s investment banking and private equity businesses have been key contributors to RMB’s capital-light income, while its lending strategy has helped improve returns on equity.

Brown also has a direct financial interest in FirstRand. She owns 784,000 shares in the group, equivalent to about 0.014%, with a value of roughly R75.71 million ($4.73 million) at the time of writing.

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