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What are the banks with the highest employee salaries in 2020?

What are the banks with the highest employee salaries in 2020?

Tuesday 09, 02 2021
Statistics show that Techcombank, Vietcombank, VIB are the three Vietnamese banks with the highest average employee income in 2020.

Techcombank

In 2020, the number of employees in Vietnam Technological and Commercial Joint Stock Bank (Techcombank) increased by more than 600 to 11,802.

According to Techcombank's consolidated financial report for the fourth quarter of 2020, the salaries and allowances for its employees sharply increased by 17% from VND 4,414 billion in 2019 to VND 5,172 billion in 2020.

Techcombank

The average monthly salaries of employees in Techcombank and its subsidiaries increased from VND 29 million per month in 2019 to VND 30 million per month in 2020. The average incomes of employees in Techcombank and its subsidiaries also soared from VND 35 million per month to 38 million per month. 

The average incomes of employees in Techcombank parent bank in 2020 reached VND 37 million per month, witnessing an increase of VND 2 million per month compared to 2019.

Vietcombank

Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) was ranked the second in the banking system regarding employee salaries.

According to the Vietcombank’s consolidated financial report, this bank cut down on salaries and allowances for employees from VND 7,807 billion in 2019 to VND 7,674 billion in 2020. 

Vietcombank

Besides, more than 1,000 new employees were hired for the parent bank and its subsidiaries over the past year. To be specific, as of December 31st, 2020, Vietcombank and its subsidiaries have 20,062 employees, with an increase of 1,117 people compared to the end of 2019. Accordingly, the estimated average incomes of employees in Vietcombank and its subsidiaries last year reached about VND 32.8 million per month, down from VND 34.3 million per month in 2019.

At Vietcombank’s retail banks, the estimated average employee income in 2020 also reached VND 32.8 million per month, down from VND 34.5 million per month in 2019.

Compared to Techcombank, Techcombank officially surpassed Vietcombank in the average employee income in 2020 (higher than VND 4 million per month).

VIB

Vietnam International Commercial Joint Stock Bank (VIB) was also an outstanding bank in the system with a sharp increase in salaries and allowances of employees in 2020. Even if other incomes were counted, the average incomes of VIB employees in 2020 reached about VND 30.52 million VND per month, witnessing an increase of VND 4.3 million per month compared to the average of the previous year.

VIB also massively recruited personnel in 2020 with an increase of more than 2,320 employees compared to the end of 2019.

Besides the top three banks, some banks recorded a high level of employee income. Despite a decrease of VND 300,000 per month, the average income of Military Commercial Joint Stock Bank (MB)'s staff still reached VND 28.9 million per month.

VIB

Other banks with salaries and allowances of employees reaching over VND 20 million included Sacombank, TPBank, VPBank, Bac A Bank, and SeaBank. Kienlongbank was ranked the last in terms of employee income with only VND 14 million per month.

In addition to high incomes, many banks still achieved quite high profits last year although the interest rates had continuously declined.

Among nearly ten banks that had announced their business results for 2020, only BIDV and Agribank recorded a slight decrease in profits, the others still maintained positive growth.

Notably, Vietcombank achieved a profit of VND 23,068 billion, equivalent to last year, and was still the industry champion. VietinBank had a total pre-tax profit of VND 16,450 billion. Agribank gained nearly VND 13,000 billion of profit, and BIDV's consolidated pre-tax profit reached VND 9,017 billion. 

Compiled by VietnamCredit

Categories
Banking & Finance

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