ANZ Banking Group chief executive Mike Smith was paid just over $5 million in fiscal 2011, down nine per cent on the previous year.

The total value of Mr Smith’s remuneration for the year to September 30 was $10.04 million, but with segments of his incentives to be paid in shares and deferred, Mr Smith was actually paid $5.01 million, ANZ said in its annual report released on Friday.

Mr Smith’s total remuneration package in fiscal 2010 was $10.86 million, but after deferred amounts, the actual pay was $5.5 million, according to the report.

The main reason for the fall in pay was lower short term incentives, with $3.3 million awarded in fiscal 2011, down from $4.75 million in the previous year.

ANZ last week reported a record $5.36 billion full year profit, up 19 per cent on the previous year.

Underlying profit, the bank’s preferred measure, rose 12 per cent to $5.652 billion.

ANZ is the first of the three major banks that report to a September fiscal year to releases its annual report.

Commonwealth Bank, which follows the financial year, said earlier this year that its chief executive Ralph Norris received remuneration worth $8.64 million, with $4.76 million paid in cash.

Mr Smith’s cash salary for the year to September was stable at $3.15 million, and ANZ said that would remain steady in the current financial year.

Alex Thursby, ANZ’s chief executive of Asia Pacific, Europe and America, was the next highest paid executive, with remuneration worth $4.29 million in fiscal 2011.

ANZ’s eight executives received remuneration totalling $31.46 million in the year, up from $30.81 million in the previous year.