Narev banks $7.8m salary

CBA chief confirms freeze on executive salaries will end in 2014.

Commonwealth Bank of Australia (CBA) chief executive officer Ian Narev's total remuneration increased in 2013, as the lender moves to lift a freeze on executive salaries.

For the full-year, Mr Narev's total remuneration was $7.81 million, significantly higher than the $5.68 million he banked in 2012, according to the lender's annual report.

The previous year's remuneration only covered seven months of the year, as Mr Narev replaced Ralph Norris during the period.

At 1057 AEST, CBA shares were 2.82% lower at $71.23, against a benchmark index lift of 0.02%.

The report comes as the lender said it will end a freeze on the salaries of its executives, following  last week's record full-year profit The Australian Financial Review reports.

According to the newspaper, Mr Narev said despite lifting the freeze, which was in place throughout fiscal 2013, there was no guarantee of exorbitant pay increases.

"The specific freeze, we haven’t said that we are going to roll that over, but we have said to everybody starting with me that we are going to be very, very moderate in the way that we think about any remuneration," Mr Narev told the AFR.

"We are keeping a very strong look on year-on-year remuneration increases, that has always got to start with me and my executive team."

In the year to June 30, CBA posted cash profit of $7.819 billion, a 10% lift on the $7.113 billion recorded in 2012.

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