Remuneration of bankers increased sharply, giant Duong Cong Minh led in “terrible” income

“SO GLOVES” INCOME OF BANKERS

According to statistics at 10 banks with income statements of members of the Board of Directors (BOD), the average total remuneration of bank “boss” in the first half of this year increased by 23%.

Accordingly, the average remuneration of the members of the Board of Directors of these banks is estimated at 216 million VND/person/month, while in the same period last year, it was only 175 million VND/person/month. Most banks have recorded an increase in the average remuneration of members of the Board of Directors including the Chairman of the Board of Directors, with an increase of 3% to 100%.

In the state-owned group, the two banks with a description of the remuneration of the Board of Directors are Vietcombank and Agribank.

  Remuneration of bankers increased sharply, giant Duong Cong Minh led in terrible income - Photo 1.

Changes in remuneration for 6 months of members of the Board of Directors through financial statements published by banks.

Agribank’s financial statements show that the spending level for the Board of Members, Supervisory Board and Board of Management is VND 5.7 billion, equivalent to each leader receiving VND 41.56 million/month, an increase. 5% over the same period last year.

According to the newly announced regime, salary and bonus report of Agribank, the bank plans to increase 3 more people to 25 business managers. The average salary of leaders this year is expected to be 58.5 million VND/month. After adding bonuses, the average income of Agribank leaders will increase to 65.8 million VND/month.

Regarding the financial statements of Vietcombank, the remuneration of the Board of Directors and the Supervisory Board of the bank did not exceed 0.27% of profit after tax for the 6-month period ended June 30.

It is estimated that Vietcombank’s accumulated profit after tax in the first 6 months of the year is VND 10,858 billion, 13 leaders in the Board of Directors and Supervisory Board receive a maximum of VND 29.3 billion. On average, each member of the Board of Directors receives a salary of up to 376 million VND/person every month.

At the top four private banks (Techcombank, VPBank, ACB and MB), the data in the report shows that there is a large difference in the average remuneration of the “boss”.

At Techcombank and ACB, the average income for BOD members including Chairman Ho Hung Anh and Tran Hung Huy is up to 248 million VND/month. In which, Techcombank is the leading bank in terms of profits among private banks, while ACB is the most profitable bank in this group.

Compared to the same period last year, the average income of Techcombank’s BOD members increased only slightly by 3%, while at ACB increased by 30%. With an increase of 7%, the average remuneration of MB’s BOD members is 131 million VND/month/person.

Notably, the level of remuneration paid to members of the Board of Directors increased by 100% over the same period in 2020 – the highest among the listed banks – but the average amount earned by the bosses at VPBank, including Chairman Ngo Chi Dung only 180 million.

  Remuneration for bankers increased sharply, giant Duong Cong Minh led in terrible income - Photo 2.

The big “boss” at the bank received huge remuneration in the first 6 months of the year.

Similarly, the financial statements also reveal that many joint stock banks heavily pay remuneration to the management.

SeABank has spent about 139 million VND/month on members of the Board of Directors, including Chairman Le Van Tan and Vice President Nguyen Thi Nga. While in the same period last year, this expenditure was only about 117 million VND/month, which is 19% lower than the same period this year.

Or at MSB, the average monthly salary for leaders is quite uniform at more than 230 million VND/person, of which the CEO and each member of the Board of Management earned 266 million VND per month in the first half of the year.

At VIB, in the first 6 months of the year, this bank spent VND91.4 million per person on the Board of Directors, up 40% over the same period last year.

Mr. DUONG CONG MINH RECEIVES THE MOST “BIGGEST” SPORTS, SUCCESSFULLY OUT OF THE BANKING SERIES

Leading in terms of remuneration for members of the BOD is Sacombank, owned by Chairman Duong Cong Minh.

The bank’s semi-annual financial report shows that, with an increase of over 30% over the same period last year, the total remuneration that Sacombank’s leaders received by Chairman Duong Cong Minh in the first 6 months of the year was 80, 5 billion dong.

Including 20 billion VND for 7 members of the Board of Directors, 7.8 billion VND for 4 members of the Supervisory Board and 52.6 billion VND for 15 members of the Board of Directors.

Accordingly, the average after-tax remuneration that Mr. Duong Cong Minh and each member of the Board of Directors, the Supervisory Board and the Board of General Directors receive monthly is 478.2 million dong, 325.8 million dong and 584.9 million dong, respectively.

  Remuneration for bankers increased sharply, giant Duong Cong Minh led in terrible income - Photo 3.

Mr. Duong Cong Minh, Chairman of Sacombank’s Board of Directors.

Mr. Duong Cong Minh was born on May 10, 1960 (Canh Ty) in Que Vo, Bac Ninh Duong. Mr. Cong Minh is a Vietnamese businessman who is currently the Chairman of Sacombank. He is the founder and chairman of Him Lam Group from 1997 to 2018 and the founder and chairman of Lien Viet Post Bank (LienVietPostBank) from 2008 to 2017.

Mr. Duong Cong Minh before January 2018 was Chairman of the Board of Directors at 5 companies, including: Him Lam Joint Stock Company, Bao Long Sports Equipment Joint Stock Company, Xin Man Development JSC, Lien Viet Securities Joint Stock Company, and Saigon Commercial Joint Stock Bank. Thuong Tin (Sacombank). In early January 2018, Mr. Minh resigned from the position of Chairman of the Board of Directors at 4 companies, focusing on restructuring Sacombank.

At Sacombank’s 2018 Annual General Meeting of Shareholders, Mr. Duong Cong Minh made a commitment to shareholders that “If Sacombank does not restructure in 5 years, I will leave” along with a promise to try to pay dividends after 5 years. banking structure.

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