Productivity in all three banks has improved in 3Q17.
UOB Kay Hian reports that DBS has the most productive workforce amongst Singapore banks with income per employee at S$538,805 as of 3Q17 (annualised), significantly above the S$323,465 for OCBC and S$361,289 for UOB.
Here’s more from UOB Kay Hian:
DBS benefits from economies of scale due to its established presence in Singapore and Hong Kong, which are major financial centres, with market shares estimated at 20.6% for S$- denominated loans and 4.2% for HK$-denominated loans respectively.
OCBC’s income per employee stayed flat in 2015 and 2016, possibly held back by the integration of Wing Hang Bank, but had improved 11.3% yoy in 9M17. UOB’s income per employee has grown steadily at CAGR of 5.8% for 2013-17.
OCBC’s and UOB's income per employee grew at a faster CAGR at 4.6% and 5.8% respectively for 2013-17, vs 2.1% for DBS.
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