Citigroup Inc. is paying CEO Michael Corbat $23 million for 2017, a 48% increase from 2016's $15.5 million.

The $23 million consists of his $1.5 million base salary, a $6.45 million cash incentive, plus deferred stock and performance share unit incentives totaling $15.1 million.

Citi's board attributed the pay bump to the company's 2017 adjusted net income of $15.80 billion, its lower efficiency ratio, "significantly improved" shareholder returns and the non-objections received from regulators in connection with its Comprehensive Capital Analysis and Review and living will submissions.

The board also cited Corbat's "exceptional leadership" in risk and talent management, external stakeholder relations and strategic direction setting.