Saturday, November 13 2010 12:14

Average monthly salary in the banking system of Armenia up 4.4% over 9 months of 2010 to 277,000 drams as of October 1 2010

ArmInfo. Average salary in the banking system of Armenia was up 4.4% over 9 months of 2010 versus the same period of 2009 to 277,000 drams ($766) as of October 1 2010. Summary salary costs of commercial banks (inclusive of equivalent payments) totaled 22 billion drams as of Oct 1 2010 ($61 million, up 13% versus the same period of 2009). Total number of employees in the banking sector was 8822 people in average, which is 9% or by 732 people more than a year ago. Seven banks suffered annual decline of salary. The most significant decline was registered at BTA Bank Armenia - 26.3%. The number of employees fell at 3 banks. Especially significant fall was registered at Byblos Bank Armenia - 6.9% to 81 people.

Ranking of Armenian Commercial Banks prepared by Agency of Rating Marketing Information (ArmInfo) says the highest salary for the period under review was registered at HSBC Bank Armenia - $1.8 thousand or 638,000 drams (22.5% annual rate of growth). Total number of employees at the bank is 364 people (no changes). Byblos Bank Armenia is in the second position in terms of $1.7 thousand or 623,000 drams salary (up 43.6%). The staff of the bank numbers 81 people (down 6.9%). Mellat Bank is the 3rd with $1.4 thousand or 490,000 drams salary (up 16,6%). The number of employees grew 5.4% to 39 people and it is the smallest bank staff in Armenia. ArmSwissbank is on the 4th position with $1.3 thousand or 455,000 drams (up 13%). The number of employees grew 1.3% to 81 people. Ameriabank is on the 5th position with $1.2 thousand or 444,000 drams (up 31%). The number of employees grew 45.5% to 320 people after merger with Cascade Bank. Byblos Bank Armenia and Ameriabank are leaders in terms of annual growth of salary by 44% and 31% respectively.

Ardshininvestbank retains its top position in terms of the staff - 1068 people (up 4.8%). Average salary at the bank is $569 or 206,000 drams (down 1,1%). VTB Bank Armenia is on the second position with 958 people (up 5.4%). Salary at the bank averages $532 or 192.000 drams (up 1.8%). ACBA-Credit Agricole Bank is on the third position with 915 people (up 24.2%). Salary at the bank averages $1.1 thousand or 405,000 drams (down 13.7%). Armeconombank is on the 4th position with 659 people (down 3.1%). The salary at the bank averages $573 or 207,000 drams (down 8.4%). Unibank is on the 5th position with 609 people (up 8.6%). Salary at the bank averages %720 or 260,000 drams (up 9.5%). The banks are leaders in terms of the staff due to their wide branch networks: They are ranked in the following succession: VTB Bank (Armenia) - 1st position, Ardshininvestbank - 2nd, ACBA-Credit Agricole Bank and Armeconombank - 3rd , Unibank - 4th . Having the smallest number of employees (39) Mellat Bank is on the third position in terms of salary. Ameribank (former Armimpexbank) is the leader in terms of annual growth of the staff - 45.5% or by 100 people to 320 people (after merger with Cascade Bank and opening of new branches).

Top three leaders in terms of salary costs (inclusive of equivalent payments) for 9 months of 2010 are ACBA-Credit Agricole Bank - 3.3 billion drams ($9.2 million), HSBC Bank Armenia - 2.1 billion drams ($5.8 million) and Ardshininvestbank - 2 billion drams ($5.5 million) and VTB Bank Armenia is on the 4th position - 1.4 billion drams.

As of Oct 1 2010 the banking sector of Armenia encompassed 21 commercial banks and 400 branches.

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Average monthly salary in the banking system of Armenia up 4.4% over 9 months of 2010 to 277,000 drams as of October 1 2010