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While many workers in other business fields have become redundant or seen the salaries cut because their businesses are facing big difficulties, banking officers have been safe and sound and unhurt by the economic downturn.
In economic downturn, bank officer income still keeps rising
Chair of Vietinbank Pham Huy Hung recently revealed at a conference in Hanoi that the excellent officers of the bank are paid 10,000 dollars a month, or more than 200 million dong. As such, the excellent officers can earn 2.4 billion dong a year, which is equal to the pay to CEO of a medium class bank.
Meanwhile, in Vietnam, those, who have the monthly income of 10 million dong, are listed as high income earners.
A personal banking director of a joint stock bank said on Dat Viet that he himself gets 5000 dollars a month, or 100 million dong. Meanwhile, bigger banks pay higher for the same posts, and those who have excellent achievements would have the much higher income levels.
Deputy CEOs of medium class banks receive 6000-10,000 dollars a month. Branch directors of Vietinbank can earn 60-70 million dong. The same income levels have also been reported for Vietcombank.
On job websites, one could see the ad pieces saying that commercial banks are seeking candidates for the posts of the heads of credit, legal, personal banking departments with the monthly pay of 2500 dollars. Especially, credit officers who have been working in the field for several years, now can earn 30 million dong a month on average.
The Q4 2011 finance reports all showed the sky high income of banking officers. Vietcombank’s worker, for example, earns 22.4 million dong a month, Vietinbank 20.76 million dong, ACB 16 million dong, and Sacombank 14.7 million dong.
Analysts have pointed out that though the incomes from non-credit services remained modest, the expenses on the labor cost have been increasing rapidly and steadily year on year. Especially, though the bad debt ratio increases and the profit decreases, the bank officers’ income still keep increasing.
How high the working efficiency of bank officers?
Of the six banks which are listing their shares on the bourse, Vietinbank is the bank which has the highest number of workers – 18,142 workers by June 30, 2012, according to Thoi bao Kinh te Vietnam. Meanwhile, Vietcombank had had 12,508 workers by June 30, 2012, an increase of 327 workers in comparison with the end of 2011.
ACB has 9113 workers, Military Bank 4940, Eximbank 5579 and Navibank 1519.
If considering the post tax profit of the banks in the first six months of the year, one can see that Military Bank’s officers are working most effectively: everyone generates 172 million dong in profit in the first half of 2012, or 27 million dong a month.
Though topping the six banks in terms of the profit – 2156 billion dong, every worker of Vietcombank could only create 172 million dong in the first half of 2012.
As for Navibank, which has small scale and low profits, every officer only generated 6 million dong worth of profit a month, or 60 million dong in the last six months.
If considering the total money banks paid to their workers, Vietcombank paid 17.66 million dong for every worker, ACB 17.43 million dong, Vietinbank 16.5 million dong, Navibank 15.33 million dong and Eximbank 12.33 million dong.
If considering the income of workers (salary, allowance), ACB offered the highest pay level at 15.62 million dong, followed by VIetcombank 15.2 million dong, Vietinbank 15 million dong, Navibank 14.15 million dong and Eximbank 10 million dong.
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