Chart of the Week: See which Singapore bank has the most productive workforce

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.