First bank announces Tet bonus
First bank announces Tet bonus
Techcombank is the first bank to announce a Tet (Lunar New Year) bonus for its employees, amounting to up to seven months of their salary.
Techcombank said all its employees would also receive a 13th month’s salary. In addition, each staff member would be given a bonus equivalent to 1.5-6 months’ salary, depending on their unit’s business results and each employee’s personal achievements.
Techcombank’s managing board said in the first nine months of the year, its after-tax profit rose by 89.5 per cent from the same period last year to VND2.29 trillion (US$101 million).
By the end of September, its total assets were VND222.7 trillion, up 16 per cent from last year. Its total loan outstanding balance was VND135.6 trillion, or a 21.5 per cent increase. The bank’s deposit mobilisation was also 15 per cent higher, reaching VND163.5 trillion.
Techcombank is the second largest earner among joint stock banks, following VPBank. It held the top position in return on asset, which was at 1.47 per cent, while return on equity (ROE) was 17 per cent.
The bank said it was Techcombank’s positive business results that were responsible for the Tet bonus for its employees.
Phung Quang Hung, Techcombank’s head of Sales and Distribution Division, said the bank focused on retail banking as it believed retail profits would be higher than that of wholesale banking.
Its retail banking department has some 5,000 employees, accounting for 70 per cent of the bank’s total employees. Its annual labour productivity was VND450-500 million per employee, and it was listed among the top banks in term of productivity.
Techcombank held the second position in terms of spending through visa card this year.
In addition, the bank improved risk management and resolving of bad debts, thus minimising costs.
