ICICI Bank leaves behind HDFC Bank as biggest private bank employer

ICICI Bank has overtaken its competitor HDFC in terms of employee number with addition of over 10,000 jobs in the last fiscal. With this, ICICI has emerged as the biggest employer in the private banking space with more than 72,000 employees.
Except HDFC, the employee strength of other five lenders – ICICI Bank, Axis Bank, Kotak Mahindra Bank, IndusInd Bank and Yes Bank has increased by over 20,000 in 2013-14. ICICI Bank has also recorded higher total income and profits than HDFC Bank in the latest fiscal year. The number of employees in HDFC Bank was 68,165 at the end of last fiscal, while the same of ICICI Bank expanded by 10,161 to 72,226.
With the increase in staff strength, the staff expenses have also surged. But, at the same time, the Productivity Ratios – measured in terms of profit per employee and business per employee have also improved for most of these banks. Even for HDFC Bank, regardless of the reduction in its employee strength, profit per employee enhanced from Rs 10 lakh to Rs 12 lakh in 2013-14, while business per employee was up at Rs 8.9 crore (compared to Rs 7.5 crore in 2012-13). For ICICI Bank, profit per employee has remained nearly unchanged at Rs 14 lakh, while business per employee increased slightly to Rs 7.47 crore.

Month: Current Affairs - June, 2014