Bank profits tumbled in 2012
Financial reports from six listed banks showed that staff at the Vietnam Joint Stock Commercial Bank for Industry (Vietinbank) had the highest incomes, while employees from the Saigon-Hanoi Bank Commercial Joint Stock Bank (SHB)were the lowest paid last year.
Several Vietnamese banks cut staff salaries compared to a year earlier due to the difficulties they faced in 2012.
Vietinbank staff took home average salaries of VND18.9 million (USD901.71) per month in 2012, down 9% from the previous year.
Last year, Vietinbank had the largest number of banking staff, employing 19,840 people. On average, the bank paid VND21 million (over USD1,000) to each staff member, including salaries and bonuses.
Vietcombank offered average incomes of VND20.4 million (USD973.28) per month in 2012, down 3.6% from VND21.1 million (over USD1,000) income in 2011.
Incomes of Asia Commercial Joint Stock Bank (ACB)’s staff dropped 2% to around VND13.3 million (USD634.54) in 2012 compared to a year earlier. The bank incurred a loss of VND1.7 trillion (USD81.1 million) from gold trading last year.
The Vietnam Export Import Commercial Joint Stock Bank (Eximbank) applied the biggest pay cut among six listed banks in 2012. Its staff were paid an average VND6.3 million (USD300.6) each month last year, down 11.4% from a year earlier.
Saigon Hanoi Commercial Joint Stock Bank (SHB) staff had the lowest income at VND4.2 million (USD200.4) each per month on average in 2012, down 1% from 2011. This is a result of an increase in its staff by 76% after merging with Habubank, adding 74% to its staff payment.
The same situation is also recorded at many other unlisted banks.
The fall in banking salaries has been attributed to major bad debts as a result of the country’s economic difficulties.
In 2012, profits of the entire banking system decreased by a half compared to a year earlier.
The total net profits of six listed banks last year were down 28% from the previous year, at nearly VND14.29 trillion (USD681.77 million).
