Vietnam - Huge income of employees at big banks revealed

Data from some banks’ financial report in the fourth quarter (Q4) of 2011 has revealed the huge income of employees working in the banking sector. The income at Vietcombank, particularly, averaged at 22.4 million dong per month, leading in the industry last year.

Such a high average income is attached with Vietcombank’s pre-tax profit of over 5.9 trillion dong in 2011.

Meanwhile, in the fourth quarter of last year, Vietinbank’s average salary for each employee was 20.27 million dong per month and their average income was 20.76 million dong/person/month. In 2011, Vietinbank earned the pre-tax profit of 8.105 trillion dong.

Compared with 2010, the average income reached 18.25 million dong and salary at 17.9 million dong; Vietinbank’s employees now enjoy the salary increase of nearly 3 million dong/month.

According to unedited 2011 fiscal report, Sacombank’s employee income might increase strongly against 2010 as its salary fund doubled while the workforce rose only 13%.

Sacombank’s cost for employees also doubled between 2010 and 2011, from 907 billion dong to 1.816 trillion dong. In which, the cost for salary and allowances soared to 1.690 trillion dong from 817 billion dong.

The bank has not revealed the average income but the figure was estimated at 176 million dong per year (14.7 million dong/person/month) after dividing 1.690 trillion dong into 9,600 employees.

In 2009 and 2010, average income of Sacombank employee was 9.4 million dong and 8.6 million dong/person/month, respectively.

The data, which was estimated based on real salary cost and total number of employees at some banks, indicated that last year’s income of ACB employees averaged at around 16 million dong, Eximbank’s at 7-8 million dong/person/month.

In 2010, Vietinbank led among banks with the average income of 18.55 million dong/month, followed by Vietcombank with 17 million dong/month. They were also two banks posting the highest profits in that year. Ranking after the two banks were SCB, BaoVietBank, BIDV, SHB, ACB, Techcombank and LienVietPostBank.

Notably, as the third top salary payer in 2010, SCB’s employee salary was 13 million dong/month, up 30% year on year. SCB was one of three banks being merged into new SCB with TinNghiaBank and Ficombank.

Other lenders which had the income of over 10 million dong/person/month included BaoVietBank with 12.9 million dong, BIDV with 11.8 million dong, Eximbank 10.6 million dong and SHB with 10.3 million dong, ACB 9.9 million dong, falling 3.3% against 2009.

The lowest salary payers were Western Bank with 5.7 million dong/person/month, Oriental Commercial Bank 6.3 million dong, and HDBank 6.4 million dong.

Currently, many banks have not announced official date on their employee salary. But basing on financial reports, in 2011, top payers mainly are big banks.

VietBiz24

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