German CEO earns $108,000 a month running Vietnamese bank
Techcombank chief executive Jens Lottner earned nearly VND17 billion (US$650,000) in the first half this year, a 29% increase from the same period last year.
In the first half of the year, the chief executive of Techcombank, a Vietnamese bank, received a monthly salary of $108,000. This compensation package constituted VND16.9 billion, or around $720,000, out of the total VND32.9 billion paid to its board and supervisory board, and to the CEO in remuneration and bonuses. The remuneration was 6% higher than the same period last year.
Axel Lottner, the German CEO of Techcombank, was appointed to the position in August 2020. He boasts over three decades of experience in the financial services sector, having worked at McKinsey & Company, Boston Consulting Group, and Siam Commercial Bank in Thailand. His academic credentials include a doctorate in economics from Dresden University of Technology.
Techcombank's staff, on average, earned VND46 million per month in total compensation during the first six months, a 4.5% increase from the previous year. The bank allocated VND3.576 trillion to its employees in the first half of the year. The bank's pre-tax profit for the half stood at VND18.5 trillion, a 22.5% increase, surpassing its half-yearly target by more than half.
The bank's total assets were valued at over VND1.27 quadrillion ($48.7 billion) as of June 30. Customer loans increased by 10.4% to VND847.3 trillion ($32.5 billion), with a bad debt ratio of 1.08%. Customer deposits rose by 7% from the end of the previous year to VND662.4 trillion.
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