The bank that pays the highest salary in the market

Techcombank continues to be the champion in terms of employee income. The average total income (salary, bonus, other allowances) per month of employees in the first 9 months of the year reached 48 million VND/person, an increase of 3 million VND compared to the same period last year.

Of which, the average employee salary is 41 million VND/person/month, an increase of 3 million VND/person/month compared to the same period last year.

Techcombank said that the average number of staff in the first 9 months of the year was 10,762 (11,242 in the same period last year). To ensure the above income level for employees, Techcombank spent more than VND4,676 billion in the first 9 months of the year on salaries and allowances (VND4,535 billion in the same period last year).

Bank employees’ income includes average monthly salary and allowances. Among the 28 commercial banks that have published their financial statements, MB and SHB did not disclose detailed salary and allowance levels. Instead, these two banks only disclosed the “employee expenses” item, which includes salary, allowances, and salary-based contributions (insurance, meal allowances, uniforms, and other allowances).

Accordingly, the average expenditure per SHB employee in the first 9 months of 2024 is 36.56 million VND/person/month, a decrease of 440,000 VND/person compared to the average expenditure in 2023.

The average expenditure per MB employee in the first 9 months of 2024 is 47 million VND/person/month (in 2023, the average income including salary and allowances of each MB employee is over 39 million VND/person/month, second only to Techcombank).

Behind Techcombank in terms of salary and allowances for employees is Vietcombank. The average monthly income of this bank's employees is up to 37.38 million VND/month, a slight decrease of 270,000 VND/person compared to the average income in 2023.

ACB also recorded a slight decrease in average employee income compared to 2023. However, the average income of this bank's employees is still among the top, up to 36.88 million VND/person/month.

Coming in next is HDBank with an average monthly income of 36.54 million VND/month, an increase of more than 500,000 VND compared to last year's average income.

With a similar income level, VietinBank employees pocket an average of 36.06 million VND/person per month, an increase of 1.38 million VND compared to 2023.

TPBank employees are also among the top in the industry in terms of average income, receiving 35.26 million VND/person per month.

Meanwhile, the average income of VPBank employees increased by more than 2 million VND/month to 34.04 million VND/person. The average salary alone is 31 million VND/person.

The average income of BIDV and Sacombank employees is similar, at VND33.13 million and VND33 million/person, respectively. Notably, the average income of Sacombank employees increased by VND5 million per month compared to 2023.

The average income of MSB and VIB employees decreased slightly, reaching 32.35 million VND and 31.35 million VND/person, respectively.

MSB is also the 10th bank in the Top 10 banks with the highest salaries. However, this order may change when Agribank announces its third quarter financial report.

Currently, apart from weak banks subject to compulsory purchase or under special control such as OceanBank, CB, GPBank, Dong A Bank and SCB that have not publicly disclosed their financial statements, Agribank is the only remaining bank that has not yet disclosed them.

In addition, the order in the Top 10 may also change if SHB and MB are more transparent in announcing employee income.

Notably, NCB unexpectedly surpassed and entered the group of banks paying employees over 30 million VND/month. Specifically, the average income of each NCB employee in the first 9 months of the year reached 31.06 million VND/person, an increase of 7 million VND compared to the average in 2023, becoming the bank with the highest increase in employee income in the system.

SeABank employees also have a "dream" income level when each person earns an average of up to 30 million VND/month.

The remaining banks all maintain an average income of less than 30 million VND/month. Of which, Nam A Bank employees have an average income of 24.73 million VND, Bac A Bank 24.139 million VND/person (an increase of nearly 5 million VND), OCB 22.87 million VND/person, LPBank 22.25 million VND/person. This is also the first period that the average income of LPBank employees has decreased since Mr. Nguyen Duc Thuy took over the position of Chairman of the Board of Directors at this bank.

Banks with average employee income of over 20 million VND/month include ABBank (22 million VND), Viet A Bank (21.64 million VND), BVBank (21.34 million VND), PGBank (20.27 million VND), Eximbank (20.74 million VND) and KienLongBank (20 million VND).

There are only 3 banks with an average employee income of less than 20 million VND/person/month, including: BaoVietBank (18.8 million VND), Saigonbank (18 million VND) and VietBank (17.376 million VND).

It should be noted that the average income of bank employees includes all bank officers and employees, both employees and managers. In fact, high income levels mostly belong to department/division leaders and above, while there are joint stock commercial banks that currently only pay their tellers 8 million VND/month.

The income payment policies of banks are also different. Some banks only pay fixed salaries, but there are also banks that pay fixed salaries and KPI salaries. Even some banks in the Big 4 group, which pay lower monthly salaries than the leading group of joint stock commercial banks, have high average incomes for Big 4 bank employees thanks to bonuses.

Although the income of banking employees is higher than the average of the labor market, to get this income, most of them have to trade off by coming in early and coming home late and having to endure extremely high pressure on assigned KPIs.