VPBank employs 2,400 staff in nine months

Wednesday, Nov 12, 2014 09:01

Many banks recruit a large number of employees despite difficult economic situation. – Photo

HA NOI (Biz Hub) – Vietnam Prosperity Bank (VPBank) has recruited more than 2,400 staff in the past nine months, bringing to 9,212 the total number of its employees.

CafeF, the domestic business news site, quoted the bank's third quarter consolidated financial statement, saying the bank's recruits in the past nine months equalled those of two small banks.

Recruitment has pushed up the bank's expenses, with staff salaries reaching VND1,317 billion (US$61.97 million) or 54 per cent of its total operational expenses in the past nine months.

It seems that the increase in recruitment is equivalent with the bank's profit. The bank's financial statement revealed that in the past nine months, it earned after-tax profits of VND1,070 billion ($50.35 million), a 150-per cent year-on-year increase.

While many of its business indicators are reportedly good, the bank did not reports on its debts, including the bad ones, reported CafeF.

Like VPBank, Sacombank likewise reported positive growth and employed a large number of workers. In the third quarter of 2014, Sacombank added 442 employees, bring its total work force to 11,531.

Asia Commercial Bank (ACB), whose profits remain low and whose bad debts are not well managed, likewise focused on recruitment rather than cutting down its staff. As of September 30, the bank had a total of 8,863 staff or 111 more than in the second quarter of 2014.

While VPBank remains the largest employer, PvcomBank recorded the highest rate of recruitment. In September alone, the bank added 400 staff or 20 per cent of its total workforce of 2,761 employees.

According to news.zing.vn, these banks employ a large number of staff to implement ambitious business plans, including the opening of more branches. VNS

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