Hana Financial Group Chairman Kim Jung-tai was the highest-paid banking CEO last year, taking home an annual salary of 2.4 billion won ($1.98 million), according to annual reports filed by financial firms Sunday.

Kim ranked No. 1 in annual salary paid to executives among his peers, with KB Financial Group Chairman Yoon Jong-kyoo ranking No. 2 with 1.7 billion won and Shinhan Financial Group Chairman Cho Yong-byoung No. 3 with 800 million won.

Woori Financial Group has yet to file a similar report, but based on last year’s performances, its chairman Son Tae-seung is likely to be No. 4.

Of Kim’s total salary last year, performance pay worth 1.5 billion won accounted for well over half the total amount.

Despite what may seem like a lucrative payment, Kim’s annual salary has shed some 280 million won on-year from his previous income of 2.6 billion won in 2020.

Kim has been at the helm of Hana since 2012, and plans to step down from his role as chairman on March 25. The role is expected to be passed down to the firm’s sole nominee, Vice Chairman Ham Young-joo.

Kim’s industry rival Yoon raked in a total 1.7 billion won last year, ranking No. 2 among the banking group chiefs. Kim’s performance pay also accounted for about half of the total income, at 880 million won. His total income declined on-year from the previous 2.6 billion won in 2020.

Shinhan’s Cho earned 800 million won in the cited period, without any performance pay. His earnings declined some 500 million won on-year from the previous 1.3 billion won in 2020.

Woori plans to unveil Son’s annual salary following its shareholders meeting scheduled on March 25. Last year, Son received a total 1.1 billion won.

In terms of their employees’ average annual salary, KB ranked No. 1 at 172 million won, gaining 3.6 percent on-year in the cited period. Shinhan and Hana both came to an average 145 million won, gaining 2.1 percent and 7.4 percent, respectively, in the same period.