Second Kiwi bank boss has pay dip

Westpac New Zealand chief executive David McLean, saw a dip in his remuneration package this year. Photo/Supplied.

Westpac's New Zealand boss David McLean took a dip in his pay this year - the second Kiwi bank boss to do so.

Westpac's annual report released today reveals McLean earned A$2.1 million ($2.3m) in the year to September 30, down from A$2.18m last year.

Westpac's New Zealand arm announced a cash profit of $970m on Monday but its core earnings were flat.

ANZ's New Zealand boss David Hisco was paid $4.27m this year, down slightly on what he earned in 2016.

ANZ's annual report showed Hisco received remuneration of A$3.84m in the year to September 30. That was down from A$4.07m in 2016.

ANZ made $1.78 billion in 2017 - a record profit for the bank - up 15 per cent on the $1.54b in the previous year.

BNZ's annual report is also due out soon. ASB bank does not reveal the pay of its chief executive Barbara Chapman.

New Zealand's bank bosses receive some of the biggest packages for New Zealand executives.

But they still pale in comparison to Fonterra chief executive Theo Spierings, who was paid $8.32m in 2017 - an increase of 78.5 per cent on 2016.

His remuneration included a base salary of $2.463m, benefits of $170,036, short-term incentive pay of $1.832m and long term incentive pay of $3.855m.

That pay equates to $160,000 a week.