National Australia Bank boss Cameron Clyne’s annual pay has dropped by more than $1 million to $7.76 million.

The fall, from $8.78 million in the previous year, was caused by a slightly lower cash bonus, and a smaller value of shares being awarded to the chief executive.

Mr Clyne’s cash salary of $2.63 million in the year to September 30 was up from $2.37 million in the previous year.

His cash bonus of $1.08 million in 2012/13 was down on $1.2 million in the previous year, and his allocation of shares and rights to shares worth $3.92 million was down from $5.06 million in the previous year.

That was despite a nine per cent rise in NAB’s cash profit in the year to $5.94 billion.

The figures, contained in the bank’s annual report published on Monday, shows Mr Clyne is the lowest paid chief executive among the big four banks.

ANZ’s Mike Smith is the highest paid, earning $10.1 million in 2012/13, up four per cent on the previous year.

Westpac’s Gail Kelly was paid $9.2 million in cash and shares in the year to September 30, down slightly on the previous year.

CBA’s Ian Narev collected $7.8 million, about $2.1 million more than he was paid in the previous year.