Royal Bank of Canada president and chief executive officer Gordon Nixon was awarded $12.6-million in total direct compensation for 2012, according to regulatory filings.
That compares with the $10.1-million he received in 2011.
Other top RBC executives also saw their pay packages for last year increase.
Mr. Nixon made a base salary of $1.5-million , the same as the previous year.
His total compensation includes $2.85-million in short-term incentives and $8.25-million in mid- and long-term incentives, according to the bank's proxy circular, made public Monday.
The incentives consist mostly of performance deferred share units, with a smaller proportion of stock options.
RBC said Mr. Nixon's 2012 compensation was 12 per cent above the target level, compared with 10 per cent below target for 2011.
The bank – Canada's largest by assets – cited record profit of $7.5-billion in 2012, up 17 per cent from the prior year.
Among other senior executives' pay packages:
* Douglas McGregor, the co-head of the capital markets unit, took home $10.4-million for 2012, compared with $8.2-million for 2011.
* Mark Standish, capital markets co-head, pulled in $10.4-million as well, up from $8.2-million in the previous year.
* Chief financial officer Janice Fukakusa made $4.6-million last year, compared with $3.93-million in 2011.
* David McKay, the head of Canadian banking, received $4.7-million, up from $3.93-million.
Editor's note: An earlier online version of this story gave an incorrect figure for David McKay's 2011 compensation. This online version has been corrected.