Bank of Shanghai has disclosed the 2024 compensation packages for its top executives.
On December 10, the bank announced the annual salaries of ten senior executives, including the president, vice presidents, board secretary, business directors, and former executives. The compensation structure for the president and vice presidents consists of three components: base salary, employer contributions to social insurance and housing funds (six insurances and two funds), and long-term incentive income. However, the chairman, board secretary, business directors, board supervisor, and chief auditor do not receive long-term incentives.
Notably, most executive positions saw salary increases in 2024: - Vice President Hu Debin, who served throughout both 2023 and 2024, saw his base salary rise from 1.0808 million yuan to 1.2224 million yuan, while his long-term incentive income increased from 711,100 yuan to 802,300 yuan. - Board Secretary Li Xiaohong’s base salary climbed from 1.6993 million yuan to 1.9275 million yuan. - Business Director Zhu Shouyuan’s base salary rose from 1.8055 million yuan to 2.0479 million yuan.
In 2024, President and CFO Shi Hongmin received the highest total compensation at 2.6298 million yuan, including a base salary of 1.4286 million yuan, employer contributions of 261,900 yuan, and long-term incentives of 939,300 yuan. Vice President and Chief Information Officer Hu Debin earned 2.2866 million yuan, while Vice President Yu Minhua ranked second with 2.4056 million yuan. Former Vice President Wang Ming received 2.2892 million yuan.
Interestingly, Yu Minhua, who joined as vice president in April 2024 after serving at Shanghai Rural Commercial Bank, surpassed Hu Debin—who has been a vice president since May 2016—in total compensation, base salary, and long-term incentives.
Apart from the president and vice presidents, two other executives earned over 2 million yuan: Business Director Zhu Shouyuan (2.3072 million yuan) and Board Secretary Li Xiaohong (2.185 million yuan). Another business director, Wu Jun, received a base salary of 1.5358 million yuan, about three-quarters of Zhu’s pay, likely due to differences in tenure length during 2024.
Four former executives were also included in the disclosure: - Former Chairman Jin Yu: 1.4483 million yuan (base salary: 1.1864 million yuan). - Former Board Supervisor Jia Ruijun: 1.2678 million yuan (base salary: 1.0492 million yuan). - Former Vice President Wang Ming: 2.2892 million yuan (base salary: 1.2235 million yuan, long-term incentives: 803,800 yuan). - Former Chief Auditor Zhou Ning: 1.8219 million yuan (base salary: 1.6061 million yuan).
The disclosed base salaries include deferred payments to be distributed in future years.
Beyond salaries, some executives have gained substantial returns from equity incentives. President Shi Hongmin, for instance, holds 494,000 Bank of Shanghai shares. With the stock price surging 74.95% in 2024, his paper gains reached 1.8291 million yuan—exceeding his cash compensation.
In contrast, the average employee salary at Bank of Shanghai was approximately 326,300 yuan in 2024. The bank’s 14,712 employees (including contract workers) received a total payroll of 4.8 billion yuan, with fixed salaries accounting for no more than 35% of total compensation.
As of Q3 2025, Bank of Shanghai reported total assets of 3.31 trillion yuan, up 2.52% year-on-year. Revenue grew 4.04% to 41.14 billion yuan, while net profit rose 2.77% to 18.075 billion yuan. The non-performing loan ratio remained stable at 1.18%, with a provision coverage ratio of 254.92%. Capital adequacy ratios improved slightly.
Founded in December 1995 and headquartered in Shanghai, Bank of Shanghai is listed on the Shanghai Stock Exchange and is one of China’s 20 systemically important banks.
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