Bank employees get raises in Q1

May, 10/2016 - 09:00

Commercial banks employees have received higher salaries in the first quarter this year thanks to the improved performance of banks. 

Customers have banking transactions conducted at a branch of Vietcombank in Hà Nội. Several commercial bank employees received higher salaries in the first quarter of this year. – VNS Photo Trương Vị
Viet Nam News

HÀ NỘI – Commercial banks employees have received higher salaries in the first quarter this year thanks to the improved performance of banks.   

According to the financial reports released by banks recently at their shareholders’ meetings, employees at Vietcombank got the highest monthly average wage of VNĐ23.5 million (more than US$1,000) in Q1 this year, up VNĐ5 million against the same period last year. The bank, which has 14,750 employees, spent VNĐ1.016 trillion for wages in the period, up 30.7 per cent against Q1 2015.

Vietinbank also reported an average salary rise of VNĐ2.4 million per month in Q1, helping more than 21,000 employees to receive VNĐ20.6 million as monthly salary.

The bank, whose pre-tax profits surged 54 per cent in the first three months this year to VNĐ2.404 trillion, set aside VNĐ1.3 trillion for its employees’ salaries, up 21 per cent year-on-year.

Though the number of employees increased 24 per cent to 23,834 due to its merger with Mekong Housing Bank (MHB), Bank for Investment and Development of Việt Nam (BIDV)’s salary costs in Q1 this year still rose 18 per cent to VNĐ1.25 trillion. Average monthly wage at the bank was VNĐ17.5 million.

After the merger with MHB, BIDV’s provision fund in Q1 nearly doubled in the same period last year to nearly VNĐ2 trillion, causing the bank’s pre-tax profit to decline to roughly VNĐ2 trillion. 

Though the business results were not as good as expected with total assets declining from VNĐ124.8 trillion by the end of 2015 to VNĐ122.2 by the end of Q1, Eximbank’s total salaries for employees still rose from VNĐ243 billion to VNĐ267 billion, helping a bank employee receive a monthly wage of VNĐ14.5 million.

According to experts, finance and banking have been among the industries that have offered the highest salaries to mid-level and senior managers.

A report from Navigos Search, a personnel recruiting agency in Việt Nam, said that the highest salaries were offered by employers in the banking and services sectors in the first quarter this year. Senior directors of a commercial bank and a customer services company get a monthly salary of over VNĐ200 million.

Monthly salaries from VNĐ100 million to VNĐ145 million were also offered to candidates by companies in the banking, healthcare, customer services and trading in Q1 this year, Navigos reported. – VNS