Exiting BNZ boss Anthony Healy saw a 16 per cent jump in his pay packet this year, pushing his total remuneration to over $3 million.
The move comes as the bank has been cutting staff with up to 100 jobs expected to go, mainly at its head office in Auckland.
Healy who will leave the top job in New Zealand and head back to parent company National Australia Bank in January, saw his remuneration increase from A$2.38m ($2.64m) in 2016 to A$2.77m ($3.07m) in the year to September 30, 2017.
At the same time the BNZ increased its net profit by 2.6 per cent $937 million and its cash earnings rose 7.9 per cent to $983 million.
But Tali Williams, secretary retail, finance and commerce division for First Union, said Healy's increase was inappropriate given some BNZ staff were facing job losses or a reduction in hours.
"We don't think that it is appropriate that Anthony received a 16 per cent increase," she said.
The rise comes as the average Kiwi worker received a wage rise of 1.9 per cent in the year to September, according to Statistics New Zealand.
BNZ chairman Doug McKay said Healy's base salary had increased by around 1.9 per cent.
"The total remuneration increase is due to variable incentives based on strong results and deferred incentive payments from previous years falling due.
"Incentive payments are highly variable year on year based on performance and can be zero based on the performance outcome rating determined."
Fellow bank chief executives at Westpac and the ANZ took a dip in their pay packages this year.
ANZ New Zealand chief executive David Hisco received remuneration of A$3.84m in the year to September 30. That was down from A$4.07m in 2016.
Westpac's David McLean earned A$2.1 million ($2.3m) in the year to September 30, down from A$2.18m last year.
ASB bank doesn't release the remuneration figures for its New Zealand chief executive Barbara Chapman.