UBS Group AG paid its executive board higher total compensations for 2020 compared to the previous year.

The Swiss bank's total fixed and variable compensation for its 13-member executive board in 2020 amounted to CHF115.9 million, against CHF102.1 million in 2019. The board includes CEO Ralph Hamers, who took home CHF4.2 million for the year.

Hamers joined UBS from Dutch bank ING Groep NV in September 2020 before officially taking over as CEO in November. The executive succeeded Sergio Ermotti, who was at the helm of the bank since 2011 and is set to become chairman of Swiss Re AG.

Ermotti, for the first 10 months of 2020, was paid CHF13.3 million, up from CHF12.5 million in 2019. The executive was the highest-paid executive at the bank for the year.

In April 2020, Ermotti said he and other executives at the bank would contribute up to three months' worth of pay to help fight the coronavirus pandemic. The total donation reportedly amounted to CHF5.1 million.

The increased pay pot for the executive board comes as UBS posted higher profits for the fourth-quarter and full-year 2020. The group's attributable profit for the year rose to $6.63 billion from $4.30 billion in 2019. It was also previously reportedly be planning to increase by up to 20% the bonus pool for its investment bankers.