However, the figures are only estimates. The budgets approved by shareholders’ meetings are the maximum expected amount if the banks fulfill or exceed the yearly business plans.

MB is leading in terms of remuneration and budget for operation for the board of directors and supervisory board with the maximum expenditure estimate of 1.2 percent of post-tax profit according to a separate financial statement.

The bank just needs to obtain post-tax profit equal to 2022, and the fund for remuneration and budget for the board of directors would be over VND195 billion, which means the average expenditure for each member would be VND13.98 billion.

The second position belongs to VPBank. Its shareholders’ meeting has approved the remunerations and operation budget in 2023 for the board of directors and supervisory board at 0.5 percent of consolidated pre-tax profit.

As such, if the bank only obtains the pre-tax profit of VND24.003 trillion, the remuneration and operation budget for the board of directors and supervisory board would be VND120 billion, or VND12 billion per head.

However, this is just a provisionally calculated figure, because the bank has included the operating expenses of both the board of directors and supervisory board. 

HDBank also plans to pay high remuneration and allowance for the board of directors and supervisory board, 1 percent of separate post-tax profit at maximum.

The commercial banks with average expenditure of over VND3 billion for members of the board of directors and supervisory board include OCB, TPBank, Techcombank, ABBank, VietinBank and VietBank.

KienLongBank, MSB and NCB plan lower expenditures, VND2 billion on average per head, while the lowest level, VND1-1.2 billion, has been reported for VietABank, VietCapital Bank, PVCombank and PGBank.

Most banks reported big profits of trillions of VND for the first quarter of 2023, though the profit growth rate has slowed down and the national economy is facing difficulties.

MSB has just announced the business result of the first quarter with the pre-tax profit of VND1.526 trillion, a slight increase in comparison with the same period 2022.

Other banks with pre-tax profits of VND1 trillion and higher include Vietcombank (VND11.2 trillion), MB (VND6.5 trillion), ACB (VND5.156 trillion), Sacombank (VND2.383 trillion) and SeABank (VND1.07 trillion).

Luong Bang