IBK Tops Labor Productivity Ranking
By Lee Hyo-sik
Staff Reporter
The state-run Industrial Bank of Korea (IBK) posted the highest earnings per employee last year among six major domestic lenders, as its profit surged on the sale of its stake in LG Card.
The Korea Exchange Bank (KEB) was the most financially generous to employees as the bank paid the highest annual salary per worker.
The IBK's net profit rose to 1.17 trillion in 2007 as on top of earnings from ordinary banking operations, it realized huge profits from selling its LG Card stakes to Shinhan Financial Group. Divided by a total of 8,980 bank employees, each worker generated an average net profit of 130 million won, recording the highest labor productivity among banking institutions.
But excluding earnings from the LG Card sale, IBK's net profit decreased to about 900 billion won and its employees made about 100 million won per person, lower than the KEB's average of 125 million won per-worker profit.
Employees at Shinhan Financial Group generated average 89.5 million won per person last year, followed by Hana Financial Group with 87.9 million won, Kookmin Bank with 86.8 million won and Woori Financial Group with 71.7 million won
Meanwhile, KEB workers received the most last year with an average of 85 million won per person. Woori Bank paid average 81.9 million won per employee, followed by Kookmin Bank's 68.3 million won and IBK's 65.6 million won.