BANK of Ireland chief executive Richie Boucher waived €67,000 from his salary but still took home a tidy sum of €843,000 in 2012.
More than €2.5m was earned by top staff and the board of directors at the bailed-out bank in the last year, according to their report.
The bank chief's pay packet was made up of €690,000 gross salary, €186,000 in pension contributions and a €34,000 car allowance.
However, Mr Boucher gave up €67,000 from his €910,000 salary for the last three years – this arrangement will expire at the end of the year.
Anthony Keating, the chief financial officer appointed in February 2012, received €418,000.
Bonuses at the bank were banned after it reported a €1.5bn loss earlier this year.
Minister for Finance Michael Noonan said that staff costs must be cut by 10pc at Bank of Ireland, AIB and Permanent TSB because the banks are operating at a loss.
The State owns just 15pc of Bank of Ireland compared to more than 99pc of AIB and PTSB.
BoI chairman Archie Kane said that it was a challenging year.
"The economic headwinds in our major markets of Ireland and the United Kingdom have affected the level of growth in both countries," he said.
"In Ireland, which is particularly dependent on exports, according to the latest forecasts the economy has grown modestly which is a good performance, in a general European context.
"There are also welcome signs that the contraction in domestic demand which Ireland has experienced may be coming to an end, although the painful legacies will be with us for some time."
Total operating income for the year of €1.88bn was 9pc lower than the prior year, the group said.
And the reduction in operating income arose from both a 7pc reduction in the group's average interest earning assets and a reduction in the net interest margin from 1.33pc to 1.25pc.
The group said that mortgage lending has improved, with the value of mortgage drawdowns in the final quarter of 2012 was up 56.3pc on the same period.
Mr Boucher said there were indications that property prices may have reached the bottom.
Separately, the directors of Bank of Ireland have proposed Davida Marston as a non-executive Director to the Court at the AGM on April 24. Subject to election, her appointment to the Board will take effect immediately.
Based in the UK, Davida is a non-executive director of Liberbank S.A., Mears Plc (UK), where she chairs the Audit Committee.
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