A bank raised more than 40% of employee income in the first quarter

Figures from Kienlongbank’s first quarter consolidated financial statements show that the average employee income in the first three months of the year was at VND 20 million/month, an increase of nearly 43% over the same period in 2021.

Particularly at the parent bank, the average income is equivalent to the system average of 20 million VND, an increase of nearly 43%.

Thus, on average, each employee Kienlongbank has an income of 60 million dong in the first quarter of 2022.

A bank increased employee income by more than 40% in the first quarter - Photo 1.

Source: Kienlongbank financial statements

In the first 3 months of the year, the number of employees working throughout the Kienlongbank system fluctuated around 3,402 people, an increase of 200 people compared to the same period in 2021 (equivalent to more than 6%). Particularly, the number of employees working at the parent bank was 3,227 people, an increase of 212 employees.

In terms of business results, Kienlongbank’s pre-tax profit reached 127 billion in the first quarter. According to KienlongBank’s explanation, the lower profit in the first quarter of this year is because in the first quarter of 2021, the bank generated income from revenue recover principal and interest receivable of loans secured by shares of Sacombank according to the restructuring plan associated with bad debt settlement approved by the State Bank. Losing the above sudden income causes bank profits to decline.

As of March 31, 2022, the bank’s total assets reached VND 80,844 billion; Outstanding loans to customers at 36.2 trillion; Customer deposits 52,419 billion dong. The bank’s off-balance sheet bad debt increased slightly by 25 billion to 751 billion at the end of March, accounting for 2.08% of total outstanding loans to customers.

Previously, Kienlongbank recorded impressive results in 2021 with a consolidated profit before tax of more than VND 1,010 billion, 6.4 times higher than the previous year. The bank has completed 101% of the plan and marked the first time the profit exceeded 1,000 billion dong.

As of December 31, 2021, KienlongBank’s total assets increased by 46% compared to the beginning of the year to more than VND 83,822 billion. Loans to customers increased by 10% to more than 38,387 billion VND. Customer deposits increased by 22.3% compared to the beginning of the year when reaching VND 51,397 billion, of which demand deposits (CASA) had an impressive increase of more than 5 times compared to the previous year’s reporting milestone.

Notably, the bad debt ratio of the whole product dropped to less than 2% thanks to the complete handling of loans secured by Sacombank shares.

According to Quoc Thuy

You are reading the article A bank raised more than 40% of employee income in the first quarter
at – Source: – Read the original article here

Back to top button