220K a month. How Gazprombank beats VTB at average salary

Review of banks’ expenses on workers and business trips

Russian public banks are increasing costs on their employees: they've grown by a quarter in some of them in the first half of 2018, others have had a twofold rise. At the same time, average salaries at Gazprombank have exceeded 220,000 rubles a month. The average salary at VTB has reduced and totals about 130,000 rubles now. The banks' overall travel expenses have been more than 2 billion rubles for six months. Realnoe Vremya's review tells the details.

Gazprombank's generosity and Rosselkhozbank's modesty

10 Russian banks with the biggest assets have paid their workers over 244 billion rubles in six months. But Sberbank's salary fund accounted for the most part of this sum. In comparison with Q1 2017, the costs on salary of almost all top 10 banks have increased. Only rehabilitated Otkritie FC and Promsvyazbank became an exception: their costs have reduced by 18,4 and 4,9% respectively.

Costs on workers have doubled at VTB – to 37,2 billion rubles. However, the reason is hidden in the merger of VTB 24 early this year and the expansion of the staff 2,6 times compared to 2017. Total payments to workers at Sberbank have augmented by 11% a year, by 26,3% at Gazprombank, 5,7% at Rosselkhozbank, 7,8% at Alfa-Bank.

There has been considerable growth in expenses among big banks except VTB at Tinkoff Bank (+60% compared to January-June 2017) and Sovkombank (+40,7%).

However, not only general costs on labour but also average salaries are growing. Gazprombank has had the highest indicator in the first quarter among the 10 biggest financial institutions – 221,800 rubles a month. Meanwhile, there have been more workers in the bank during the year – by 4,7%. VTB and Alfa-Bank are on the second place where the average salary has totalled 129,400 rubles. The lowest salary per one worker has been paid at Rosselkhozbank in the top 10 – 67,900 rubles a month.

Average salaries have increased in the majority of big banks during the year. The growth is equal to 13,7% at Sberbank, 7,8% at Alfa-Bank, 5,7% – Rosselkhozbank, 9% – Raiffeisen Bank, 7,7% – Tinkoff Bank, 5,8% – Sovkombank, 6,7% – Rosbank, 19,1% – Moscow Credit Bank, 3,8% – Unicredit Bank, 17,8% – Ak Bars Bank.

However, some players have had a reduction. VTB is among them where the average salary has decreased by 21,6% in comparison with January-June 2017 as well as Pochta Bank (-13,8%), which is linked with VTB. In addition, the average salary has been lower at Otkritie FC(-12,2%).

Mainly all Tatarstan banks have raised their total costs on the personnel. Tatneft's Devon-credit's salary fund has notable risen – by more than 76%, to 360,2 million rubles. Ak Bars Bank's total expenses have exceeded 2 billion rubles totalling 25% growth a year.

Akibank has spent 247,3 million rubles on its employees (+0,8%), Kazan Bank did over 146 million (+10,2%), Tatsotsbank – 138,8 million (+19,4%), Energobank – over 136 million (+8,8%). At the same time, some banks have spent less to maintain their staff than the previous year. For instance, Altynbank's costs have reduced by 6,7%, Zarechye has had 4% less, Kamkombank has an 8,6% fall.

Two-billion trips

Many banks' travel expenses are growing together with costs on workers. Costs of at least eight banks of 10 who spent most have been higher. Sberbank had the biggest costs in January-June – they exceeded 882 million rubles. VTB and Gazprom are next – 250,2 and 200,5 million rubles respectively.

Other several banks from the 4th to 10th places in nominal costs have spent 785,6 million rubles in total. It's Sovkombank, Alfa-Bank, Raiffeisen Bank, Rosselkhozbank, Russky Standart, Moscow Industrial Bank and Citibank.

As for dynamics, costs of many institutions have doubled or grown even more. For instance, QIWI Bank's costs have increased almost 2,8 times, Moscow Credit Bank has had a more than twofold rise, the growth is almost threefold at BM-Bank.

However, it's not the limit. So Sauber Bank from Saint Petersburg, which is in the top 300 and owned by Aleksandr Timokhin and Aleksey Smolyanov, have spent 4,9 times more than one year ago. And Timur Turlov's Freedom Finance has increased travel expenses 7,7 times.

The biggest growth in travel expenses has been at Devon-credit among Tatarstan banks like in case of salaries. It's spent 2 million rubles, which is two times more than in the first quarter of 2017. Ak Bars Bank has increased travel expenses by 22%, to 32,1 million rubles, Akibank – by 37%, to 1,9m rubles, Avtogradbank – from last year's 830,000 rubles to 1,5 million rubles. Kazan Bank and Tatsotsbank, on the contrary, have reduced their expenses by 9 and 12% respectively (to 1,3 and 1,1 million rubles). Avtocreditbank's workers almost haven't had trips – its costs have totalled just 10,000 rubles.

By Artyom Malyutin, Realnoe Vremya's analytic staff

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