Thursday, May 13 2010 15:31
Average salary in banking system of Armenia for Q1 2010 up 6.3% per year to 274,000 drams
ArmInfo. The average salary in the banking system of Armenia for Q1 2010 totaled 274,000 drams or $685, which is 6,3% higher than for Q1 2009.
The Ranking of Armenian Commercial Banks prepared by the Agency of Rating Marketing Information (ArmInfo) says the total labor costs of the country's commercial banks (inclusive of payments equalized) for Q1 2010 totaled 7.6 billion AMD ($19 million, up 64% per year). The average number of employees in the banking system totaled 8.485 people (by 218 people or a 2.6% annual rise). Eight banks showed annual decline of average monthly labor costs, especially tangible decline was registered at Byblos Bank Armenia - 65%. Staff reduction was registered at 10 banks, including 16.3% to 134 people at BTA Bank (a 22% fall of average salary).
The average monthly labor costs per employee of Byblos Bank Armenia proved the highest - $1.8 thousand or 727,000 AMD (a total of 87 employees, a 4.5% annual staff reduction). Then goes HSBC Bank Armenia with $1.4 thousand or 569,000 AMD (10% growth of salary per year) with 365 employees ( a 3.2% annual staff reduction), and Mellat Bank - $1.2 thousand or 461.000 AMD (28.7% annual rise) with 38 employees (no changes per year). The bank's staff is the smallest in the banking system. ArmSwissbank is on the 4th position with $1.139 thousand or 456,000 drams monthly labor costs per employee (24.8% annual rise) and 78 employees (a 5% staff reduction), and ACBA-Credit Agricole Bank is the 5th with $1.077 thousand or 432,000 drams (16% annual fall) and 829 employees (15.3% staff growth). Anelik Bank ensured the highest annual growth of average monthly labor costs per employee - 30% to $819 or 328,000 drams (440 employees).
Ardshininvestbank has the largest staff of 1,106 people (1.5% staff reduction per year). The bank's average monthly labor costs per employee is $416 or 167,000 AMD). VTB-Armenia is on the second position by 883 employees (1.7% staff reduction per year) and $458 or 184,000 AMD monthly labor costs per employee). ACBA-Credit Agricole Bank is in the 3rd position with 829 employees (15.3% annual staff growth) and $1.1 thousand or 432,000 drams monthly labor costs per employee (16% decline per year). Armeconombank is on the 4th position - 651 employees (13.2% staff reduction) and $532 or 213,000 AMD monthly labor costs per employee (8.6% decline per year). Unibank is on the 5th position with 589 employees (6% staff growth per year) and $686 or 275,000 drams labor costs per employee (21.7% decline per year). The big staffs of these banks are conditioned by the broad branch networks. Thus, top five banks in terms of the number of branches are VTB Bank (Armenia), Ardshininvestbank, ACBA-Credit Agricole Bank, Armeconombank and Unibank. Mellat Bank has the smallest number of employees, but it is on the 3rd position in terms of annual labor cost per employee. Ameriabank (former Armimpexbank) is in the lead in terms of the annual staff growth (25.5% or by 47 people to 231) due to opening of branches in the capital city, in the regions and in the NKR. The bank's average monthly labor costs per employee is $1.066 thousand or 427,000 drams (11.2% annual growth).
Top three banks by labor costs (inclusive of payments equalized to it) forQ1 2010 are ACBA-Credit Agricole Bank - 1.1 billion AMD ($2.9 million), HSBC Bank Armenia - 0.7 billion AMD ($1.7 million) and Ardshininvestbank - 0.6 billion drams ($1.5 million). VTB Bank (Armenia) and Unibank are on the 4th and 5th positions (by 0.5 billion drams or $1.3 million). Staff reduction at half of the banks was the result of branch reduction (for instance, if a bank served several branches in one region) or staff optimization. ProCredit Bank entered the Armenian market in Feb 2008. Cascade Bank merged with Cascade Credit Company in July 2009. Afterwards on March 31 2010 a merger agreement was signed between Cascade Bank and Ameriabank. The merger will take 3-4 months. Afterwards, the merged bank will operate under brand Amerabank much more improving positions in the market.
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