Sacombank's executive salary is sky-high: over 800 million VND per month

According to the semi-annual financial report, Saigon Thuong Tin Commercial Joint Stock Bank ( Sacombank , stock code: STB) said that the senior leadership group including the Board of Directors, Board of General Directors and Board of Supervisors received a total remuneration of more than VND 96.6 billion, an increase of nearly VND 1 billion compared to the same period in 2023.

Although the total income of the leadership team in the first half of the year did not fluctuate much compared to the same period in 2023, it increased significantly for the Board of Directors. Accordingly, Sacombank spent more than VND 32.2 billion on remuneration for members of the Board of Directors, an increase of nearly VND 10.5 billion over the same period.

Members of Sacombank's Board of Directors (Photo: STB).

As of the end of June, Sacombank's Board of Directors had 7 members, including Chairman Duong Cong Minh, 2 Vice Chairmen Nguyen Duc Thach Diem and Pham Van Phong and 4 members Phan Dinh Tue, Nguyen Xuan Vu, Vuong Cong Duc, and Pham Thi Thu Hang.

With this total expenditure, on average, each member of the Board of Directors receives more than 4.6 billion VND every 6 months, equivalent to 768 million VND/person/month.

With a Board of Directors of 11 members, Sacombank spent more than VND54 billion on remuneration, a decrease of nearly VND9.4 billion compared to the first half of last year. On average, members of the Executive Board received a salary and bonus of more than VND4.9 billion, equivalent to about VND818 million/person/month.

The current General Director of Sacombank is Ms. Nguyen Duc Thach Diem. In addition, the Executive Board also has 10 Deputy General Directors, of which Mr. Bui Van Dung worked until April 1.

The Board of Supervisors as of the end of June had 4 members, paid more than 10.3 billion VND in 6 months, equivalent to each person receiving more than 2.58 billion VND. Thus, the average monthly income of these members is about 430 million VND.

According to the financial report, by the end of June, Sacombank had 18,357 employees, a decrease of nearly 100 people compared to the same period last year. The bank spent nearly VND 4,200 billion on salaries and bonuses for employees, an increase of 6%. The average income per employee was more than VND 38 million/month, an increase of about VND 2.3 million/month compared to the first 6 months of 2023.

(Source: Sacombank's semi-annual consolidated financial report, unit: million VND)

In 2024, the bank aims for pre-tax profit of VND10,600 billion. In the first half of this year, the bank achieved 50.4% of the plan, with VND5,342 billion, up more than 12% over the same period last year.

At the general meeting of shareholders held earlier this year, shareholders approved the remuneration of the Board of Directors and the Board of Supervisors in 2024 at 1% of consolidated pre-tax profit.

This is also the level approved in 2023, however, despite the excess business results, the 2023 senior management remuneration level only accounts for 0.71% of pre-tax profit, with the reason of cost savings.

Source: https://dantri.com.vn/kinh-doanh/thu-lao-lanh-dao-sacombank-cao-ngat-moi-thang-hon-800-trieu-dong-20240820171300840.htm