Bank of Scotland chief receives 47 per cent rise

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The Independent Online
BRUCE PATTULLO, the governor and group chief executive of Bank of Scotland, received a 47 per cent pay rise last year to pounds 326,000, the bank's annual report revealed yesterday, writes Peter Rodgers.

The figure included a pounds 67,000 bonus payment as part of a scheme introduced during the year based on performance measures, including the bank's earnings per share and operating profit. The report said the payment was approved by the remuneration committee. Mr Pattullo's basic pay rose pounds 37,000 to pounds 245,000 during the year.

Bank of Scotland has set a ceiling for the amount put into the bonus pool of 25 per cent of the total senior executive salaries. The report showed the deputy governor, Thomas Hutchison, received only a pounds 4,000 pay rise to pounds 206,000.

Last year Bank of Scotland made record pre-tax profits of pounds 269m, more than double the year before, and increased its dividend by 10.5 per cent. The bank has also brought its cost/income ratio to near building society levels at below 50 per cent.

Staff also benefited from the improved performance, with pounds 11.4m going into the profit-sharing scheme against nothing the year before.