Monday, February 24 2014 18:12

Average monthly salary in Armenia's banking system up 22.9% to 920 USD in 2013


ArmInfo. In 2013 the average monthly salary in the banking system of Armenia amounted to 373 thsd AMD or $920 per employee (up 22.9% versus 2012). The commercial banks' aggregate wage costs totaled 51.1 bln AMD ($125.9 mln) in 2013 (up 26.8% versus 2012). In 2013 the total number of employees in the banking system was 11,405. As compared with 2012, this index rose by 3.2% or 350 people.

According to the Analysis and Financial Rating of Armenian Banks prepared by the Agency of Rating Marketing Information (ArmInfo), the average monthly salary dropped in 2 banks, with the biggest reduction fixed in Byblos Bank Armenia - by 10.5% (while the number of employees grew by 5.3% and the wage costs dropped by 5.7%). The biggest salary growth was registered in VTB Bank (Armenia) - by 62.9% (while the number of employees rose by 1.7% and the wage costs grew almost twofold).

As compared with 2012, the number of employees fell in 5 banks, with the biggest decline registered in Anelik Bank - by 17.4% (by 68 people). The biggest growth in personnel was registered in Prometey Bank (by 13% or 24 people) and Araratbank (by 12.6% or 72 people).

The highest average monthly salary was fixed in Mellat Bank - $2.4 thsd or 958 thsd AMD (up 15.8% versus 2012), while the number of its employees dropped from 40 to 39 (the lowest index in the banking system). HSBC Bank Armenia was the second with $1.8 thsd or 710 thsd AMD (up 10.3% versus 2012), with the total number of its employees being 379 (down 0.3% versus 2012). ArmSwissBank was the third with $1.4 thsd or 572 thsd AMD (up 13.6% versus 2012), with the total number of the Bank's employees being 100 (up 3.1% as compared with 2012). Byblos Bank Armenia was the fourth with $1.289 thsd or 523 thsd AMD (its wage decline was the biggest versus 2012). The total number of the Bank's employees was 99. ACBA-Credit Agricole Bank pays $1,261 or 511,000 AMD per employee a month (17.8% growth), with 1% growth in personnel from 1,052 to 1,063 and 18.2% growth in wage costs. VTB Bank (Armenia) registered the biggest growth in wages (62.9%), followed by BTA Bank (60.8% to $938 or 380,000 AMD paid on an average to 129 employees).

Since Q2 2012 VTB Bank (Armenia) has had the biggest staff - 1,240 employees receiving an average of $1,000 or 419,000 AMD a month. Ardshininvestbank employs 1,075 people and pays them $755 or 306,000 AMD, ABCA-Credit Agricole Bank 1,063 and $1,261 or 511,000 AMD, Unibank 997 and $770 or 312,000 AMD, Armeconombank 873 and $697 or 283,000 AMD. All the abovementioned banks have the largest branch networks in Armenia's banking sector. Mellat Bank has just 39 employees but pays them more than the other banks do. Prometey Bank and Araratbank registered the biggest annual growth in personnel (by 12-13% or 24-72 employees) and 7-20% growth in wages.

In 2013 ACBA-Credit Agricole Bank had the highest wage costs - 6.5bln AMD (18.2% more than in 2012). The 2nd was VTB Bank (Armenia) with 6.2bln AMD wage costs (63.2% growth), the 3rd was Ardshininvestbank with 3.9bn AMD (21.2% growth), the 4th was Unibank with 3.7bln AMD (37% growth) and the 5th was Ameriabank with 3.4bln AMD (21.4% growth). ArmSwisbank, Armeconobank and ACBA-Credit Agricole Bank had the biggest shares of wage costs in administrative costs (74-78%), ProCredit Bank had the smallest share (44%).
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