TimesNow.com.ng data analysis of 10 banks’ financial statements shows that their combined personnel expenses rose to N476.06 billion as of March 2024.
This represents a 123.41% increase compared to the N213.08 billion recorded by the banks as workers’ expenses in 2023.
Personnel expenses include salaries(majorly), other benefits, bonuses, and pensions.
The banks surveyed for the analysis include Access Bank, First City Monument Bank(FCMB), Fidelity Bank, Guaranty Trust Bank (GTB), Stanbic IBTC Bank, United Bank for Africa(UBA), Wema Bank, Zenith Bank, First Bank and Ecobank.
TimesNow.com.ng analysis also revealed that Ecobank has the highest staff expenses in 2024, followed by Access Bank and United Bank of Africa.
Amachukwu Okafar, Senior Consultant at Native Insight, explained to TimesNow.com.ng that Ecobank’s figures are higher because of its pan-African presence.
Following the removal of the petrol subsidy and the biting effects of inflation, many Nigerian banks adjusted their employees’ salaries and wages in 2023.
This adjustment is reflected in the increased staff expenses reported in 2024.
Ecobank reported the highest personnel expenses, totalling N152.48 billion as of March 2024, marking a 178% increase from N54.83 billion in 2023.
Access Holdings, the parent company of Access Bank, is the second bank with the highest staff expenses as of March 2024. Its financial statement submitted to the NGX revealed that the bank spent a total of N79.84 billion, a 137.7% increase from N33.56 billion.
It is important to note that these figures do not only represent banking staff, as Access Holdings also operates a payment and switching services company, a digital lending company, a pension fund company, and an insurance brokerage company.
The staff expenses are captured as a group.
TimesNow.com.ng reported that on Monday, January 8, 2024, the United Bank for Africa (UBA) hit the N1 trillion mark in market capitalisation.
The bank’s market value increased due to a rise in its share price, which climbed to N29.90 on Monday, January 8, 2024, from its previous closing price of N28.95 on Friday, January 5, 2023.
UBA’s latest performance has helped the bank join the list of Nigerian companies with a market value exceeding N1 trillion.
Source: TimesNow.com.ng
