Bank of Baroda ranks the lowest in employee productivity among public sector banks, although the bank spends more than the industry average on employees, according to a Reserve Bank of India (RBI) report.
According to the RBI data on Profile of Banks for 2009-10, profit per employee of Bank of Baroda (BoB) stood at Rs 8,000, much below the industry average of Rs 6.05 lakh in the last fiscal.
Whereas, wages as a percentage of the total expenses of Bank of Baroda is 16.14 per cent against the banking industry average of 14.83 per cent.
Other public sector lenders that are ranked low in the net earnings per employee parameter are Indian Overseas Bank, Syndicate Bank, Bank of Maharashtra and Central Bank of India.
The profit per employee of public sector banks on an average stood at Rs 5.34 lakh in 2009-10.
Corporation Bank's employees productivity is the highest among nationalised banks. The bank's profit per employee was Rs 9.52 lakh in 2009-10, followed by IDBI Bank at Rs 8.44 lakh. State Bank of India employees earned a profit of Rs 4.46 lakh each for their bank.
Private banks have fared well in this category, with the profit per employee of Axis Bank and ICICI Bank high at Rs 12 lakh each in the last fiscal. The profit generated by each employee of private sector bank stood at Rs 7.19 lakh in 2009-10.
Foreign banks, which are regulated by RBI, are way ahead when it comes to employee productivity. The profit per employee of these banks stood at Rs 17.09 lakh last fiscal.
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