- About 11 Nigerian banks spent whopping sums paying salaries and wages in the first nine months of 2024
- The financial statements of the banks show that they also recorded massive profits in the period under review
- The banks were led by Access Bank, which recorded the highest wages and salaries during the review period
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
An analysis of financial statements of quoted Nigerian banks shows that between January and September 2024, about 11 banks spent a whopping N1.08 trillion on wages and salaries, representing 91% yearly growth from N564.7 billion by the banks relative to the same period in 2023.
The development comes amid massive earnings by the banks in the first three quarters of 2024.
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Top Nigerian banks with highest wages in 2024
Access Holdings Plc incurred a salary cost of N268 billion during the review period, a 140% yearly growth from N111.8 billion in the same period in 2023.
During the nine months, the holding company’s gross earnings rose by 114.5% annually to N3.4 trillion, up from N1.6 trillion in 2023.
The bank’s net profit rose 83% yearly to N457.7 billion in nine months from N250.4 billion in 2023.
First Bank, now First HoldCo, recorded an 89% yearly increase in salaries and wages to N210.4 billion from N111.2 billion in 2023.
The bank’s net profit reached N533.9 billion, representing 126% yearly growth from the N236.4 billion net profit in the nine months of 2023.
UBA ranked second among salaries and wage payers in the first nine months of this year, with a wage billion of N216 billion, a 102% yearly increase from N106.8 billion in 2023.
UBA’s net profit rose 17% yearly to N525,3 billion during the month under review, from N449.3 billion in 2023.
Zenith Bank recorded a 70% wage bill of N150.7 billion in the review period, up from N88.4 billion in the same period in 2023.
The bank’s profit surged 91% yearly, reaching N827.3 billion by September 2024, relative to N434.2 billion recorded last year.
GTBank earns the highest profit, pays the least salaries
Guaranty Trust Bank recorded the lowest wage bill of N68.8 billion in the first nine months of 2024, representing 89% yearly growth from the N36.3 billion recorded in 2023.
The bank reportedly made the highest profit among tier-1 banks in Nigeria, earning a massive N1.085 trillion from N367.4 billion, representing a 195% yearly jump.
Stanbic IBTC spent N63.7 billion on salaries and wages in the review period, representing a 39% annual growth from N46 billion in 2023.
The bank’s profit rose 67% annually to N182.9 billion from N102.2 billion in 2023.
Fidelity Bank’s wage bill increased 42% to N42.4 billion in the nine months of 2024, up from N29.9 billion in 2023.
Fidelity Bank’s nine-month profit stood at N224.6 billion, marking a 145% yearly growth from N91.8 billion in 2023.
Wema Bank’s wage bill rose 124% annually to N30.5 billion from N13.6 billion in 2023.
It recorded a net profit of N52.7 billion as of September 2024, representing a 174% growth from N19.2 billion net profit in 2023.
Sterling Bank reported a 45% increase in its wage bill for the first three quarters of 2024 at N21 billion from N14.5 billion in 2023.
Its net profit rose 66.5% yearly to N27.4 billion, relative to N16.5 billion recorded in 2023
CBN gives new orders on dorm account openings
Legit.ng earlier reported that the Central Bank of Nigeria (CBN) had asked commercial banks and other financial institutions to open domiciliary accounts for participants in its new guidelines on foreign currency disclosure, deposit, repatriation, and investment scheme, 2024.
The new guidelines were adjusted on October 25, 2024, and issued by Wale Edun, the Minister of Finance.
According to the CBN, the guideline clarifies regulatory expectations from the financial institutions on their participation in the Foreign Currency Disclosure, Deposit, Repatriation, and Investment Scheme, 2024.
Source: Legit.ng