Vietcombank’s employees- most effective and highest paid

09-Nov-2019 Intellasia | BizLIVE | 6:02 AM Print This Post

At the end of the first nine months of 2019, most banks continued to announce profit growth over the same period last year, although the growth rate was somewhat slow.

Accordingly, the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) was still leading the system in absolute profit, with 17.612 trillion dong achieved in the first nine months, up to 50.8 percent over the same period last year. With this result, the bank’s profit plan of exceeding 20 trillion dong this year, which was feasible when Q4/2019 was the peak season of the banking industry.

Meanwhile, although no specific financial statements had been released yet, another state-owned ‘big’ bank, Vietnam Bank for Agriculture and Rural Development (Agribank), also achieved positive results with 9.7 trillion dong in profit before tax after nine months, the second-highest in the system. With this result, Agribank had completed 88 percent of the year profit plan (11 trillion dong). Currently, the bank was urgently accelerating the equitisation process under the direction of the government.

Vietnam Technological and Commercial Joint-Stock Bank (Techcombank), a representative from the private commercial bank division, continued to surpass Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank) and Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) to become the third-highest profitable bank in nine months, with 8.86 trillion dong, increasing by 14 percent year-on-year.

In terms of growth speed, Sai Gon Thuong Tin Commercial Joint Stock Bank (Sacombank) was one of the fastest-growing banks when the first nine months of the year recorded an 89.5 percent increase in profit before tax compared to the same period last year, reaching 2.491 trillion dong. With this result, Vietnam International Commercial Joint Stock Bank (VIB) had completed up to 94 percent of the year profit plan (2.65 trillion dong).

Some smaller banks also had positive business periods, such as Saigon Bank for Industry and Trade (Saigonbank) with profit growth of 81%, VIB’s of 69.4%, Lien Viet Post Joint Stock Commercial Bank (LienVietPostBank)’s of 61.3%, etc.

In the opposite direction, among 22 surveyed banks, two members recorded a decrease in profit in the period, including BIDV (declined 3.1 percent over the same period) and Vietnam Export Import Commercial Joint Stock Bank (Eximbank) (fell 2.9%).

Which bank employee works best?

Leading the system of profits, Vietcombank employees were also the most effective ones.

Specifically, as of the end of September 2019, Vietcombank had 18,838 employees. Meanwhile, the bank’s net profit before credit risk in the period reached 22.432 trillion dong, and profit before tax reached 17.612 trillion dong.

As calculated, each Vietcombank employee had generated 132.3 million dong of net profit per month and 103.9 million of profit before tax per month.

Meanwhile, despite a slight decrease in profit, BIDV still had the second most efficient employee in the survey group, with each employee making 101.6 million dong in net profit per person per month and 30.3 million dong profit before tax per person per month.

Techcombank ranked third with 98 million dong of net profit per person per month and 91.8 million dong of profit before tax per person per month.

In the opposite direction, National Citizen Commercial Joint Stock Bank (NCB) was the last bank in the survey group when each employee only generated 7.8 million dong of net profit per month and 1.5 million dong of profit before tax per month, much lower compared to the average of 50.4 million dong of net profit per person per month and 34.9 million dong of profit before tax per person per month in the group.

Kien Long Commercial JointStock Bank (Kienlongbank) was also at the bottom of the rank when, on average, each employee generated only 10 million dong of net profit and 8.4 million dong of profit before tax.

In terms of staff costs, Vietcombank was currently the bank with the highest per capita expenditure, with 37 million per person per month.

In second place was Techcombank with 33 million dong per person per month, and the third was VietinBank with 31.5 million dong per person per month.

Different working efficiency, the income of employees at banks also had a big difference when ranging from 8 million dong to nearly 34 million dong per person per month.

In particular, Vietcombank employees were still the highest earners when the average employee received 34 million dong per month, increased slightly from the average income in 2018 of 33.5 million dong per person per month.

Techcombank employees’ income also increased sharply in the first nine months when reaching 33 million per person per month, with only 27 million dong per person per month in the same period last year.

In the remaining banks, most employees had an increase in income compared to the previous year, with an average salary of 9 million dong to 22 million dong per person per month.

The above calculations were taken from the banks’ consolidated financial statements for Q3/2019 and 2018 consolidated financial statements, with the number of employees calculated as the closing number of the period while the number of employees an actual period of the bank might fluctuate.

Therefore, the average income and cost for actual employees, as well as actual performance of employees, might fluctuate compared to the number of articles given.

Besides, employees in different departments, working in different positions in the bank would also receive different income levels, different work efficiency.

The average level of income, efficiency, and expenses were relative, reflecting the general picture of this group of banks in the first nine months of 2019.

 


Category: Finance, Vietnam

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