We have done some preliminary testing and found prepared statements about 20% faster than stored procedures. We inserted 200,000 records at a time (28-50 columns in a table ) using stored procedures and then used prepared statements for the same dataset. Both of them were called from java using JDBC thin drivers and interestingly found prepared statements faster. Similarly, deletes were also about 15%-20% faster using prepared statements. For some reasons, updates to the same tables gave almost identical performance.
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