Who Was the Most Efficient Bank Teller in the First Half of 2024?

Techcombank Leads in Profitability and Employee Productivity in the First Half of 2024

Out of 29 banks, 22 reported growth in net profit for the first six months of 2024, with an average increase of 43% year-on-year. BVB witnessed the highest growth, tripling its profit to 442 billion VND, followed by LPB (doubling its profit), KLB (+82%), BaoVietBank (+78%), and SeABank (SSB, +64%).

In terms of absolute values, the state-owned banks took the lead. VietinBank (CTG) topped the list with 28,826 billion VND, followed by BIDV (BID) at 25,295 billion VND, Agribank at 24,318 billion VND, and Vietcombank (VCB) at 23,856 billion VND.

Techcombank (TCB) led the private banks with a net profit of 18,483 billion VND, a remarkable 47% increase year-on-year. MBB followed closely with 18,141 billion VND, and VPBank (VPB) generated 16,459 billion VND, considering only the parent bank.

Source: VietstockFinance

With this impressive profit growth, TCB boasted the most productive employees for the first half of the year, with each staff member contributing 269 million VND per month – a 54% increase year-on-year.

SHB employees ranked second, generating 214 million VND per month per person, followed by VPB staff with 202 million VND. VietinBank employees contributed 195 million VND, placing MB in fifth place with 181 million VND per person per month.

Techcombank Maintains High Employee Productivity

In the first two quarters of 2024, 22 out of 29 banks reported an increase in pre-tax profits compared to the same period last year, with an average growth rate of 34%. BVB once again led the industry with a nearly fourfold increase in pre-tax profit, reaching 153 billion VND. LPB and SSB also showed strong growth, with LPB doubling its profit and SSB increasing by 61%. NAB and TCB followed closely with growth rates of 45% and 39%, respectively.

Considering absolute values, VCB maintained its lead with a pre-tax profit of 20,835 billion VND for the first six months. TCB came in second with 15,628 billion VND, followed by BID at 15,549 billion VND, MBB at 13,428 billion VND, and Agribank at 13,269 billion VND.

Source: VietstockFinance

When it comes to work efficiency based on pre-tax profit, TCB took the lead once again, with each employee contributing 227 million VND per month. SHB employees ranked second with 182 million VND, followed by VCB at 146 million VND and MBB at 134 million VND.

HDB and VPB also had impressive performances, with their employees generating an average of over 100 million VND per month. MSB, SSB, CTG, BID, LPB, TPB, and NAB fell just short of this mark, with their employees bringing in between 70 and 100 million VND per month.

Staff Reduction in a Challenging Economic Climate

In the first half of 2024, the economy continued to face challenges, and the banking industry focused on cost-cutting measures to support lower interest rates for customers. According to VietstockFinance data, as of June 30, 2024, 18 out of 29 banks reduced their staff compared to the beginning of the year, resulting in a nearly 2.5% decrease in personnel.

PGB had the most significant reduction, downsizing by 6% to 1,786 employees. TPBank (TPB) also decreased its staff by 6%, leaving them with 7,448 employees. Meanwhile, the remaining banks expanded their workforce, with an average growth rate of 3.7%. SHB had the highest growth, reaching 10,786 employees, an increase of nearly 14%. NAB followed closely with a 12% growth rate, employing 5,190 people.

LPB took the lead in recruitment during this period, hiring 1,485 new employees, an increase of nearly 14%. MBB and VCB also expanded their teams, adding 779 and 499 employees, respectively. By the end of the second quarter, the state-owned banks maintained their lead in terms of staff size, with Agribank at the top with 41,577 employees, followed by BIDV (29,228), VietinBank (CTG, 24,698), and VCB (23,992).

In the private sector, Sacombank (STB) led the way with 18,260 employees, despite a slight 1% decrease since the beginning of the year. MBB followed closely with 17,103 employees.

Source: VietstockFinance

Rising Staff Costs Despite Economic Challenges

Despite the economic challenges, banks continued to face rising staff costs in the first half of 2024. Staff costs, which typically account for the most significant portion of a bank’s operating expenses, increased by over 7% year-on-year across the 29 banks, totaling 63,091 billion VND. Notably, only 5 out of 29 banks reported a decrease in staff costs, despite the reduction in headcount.

TPB recorded the most significant decrease, with a 13% reduction to 1,820 billion VND. LPB also lowered its staff costs by 9%, totaling 1,443 billion VND. On the other hand, BaoVietBank witnessed the most substantial increase, with staff costs surging by nearly 53%. HDB and OCB followed closely with increases of 37% and 28%, respectively.

TCB maintained its lead in terms of staff costs, with an average of over 53 million VND per person per month, reflecting a more than 16% increase since the beginning of the year. MBB followed closely, with an average of over 46 million VND per person per month, and HDBank in third place with nearly 42 million VND.

Eximbank (EIB) reported the lowest average monthly income of 18.66 million VND per person, a decrease of over 23% compared to the beginning of the year.

Source: VietstockFinance

Cát Lam

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