As banks increased salaries to alleviate the effect of high living standards on their staff, about 10 banks in Nigeria spent N589.88 billion on personnel costs in the first nine months of 2023, representing a 33.2% increase from the N442.97 billion reported in the first nine months of last year.…CONTINUE READING
Access Holdings Pls, Zenith Bank, UBA, Guaranty Trust Bank, and First Bank are the banks.
Top Nigerian banks with increases in staff salaries
Others include Fidelity Bank, Wema Bank, Stanbic IBTC, Sterling Financial Holdings, and Unity Bank.
The personnel costs comprise wages and salaries, pension contributions, and other staff costs.
Many banks increased their staff salaries to cushion the effect of subsidy removal.
The Nigerian government embarked on reforms in the petroleum and foreign exchange markets, removing subsidies from petrol and unifying the Forex markets.
Banks give reasons for spending heavily on personnel costs
Analysts believe the reforms negatively impacted many Nigerians’ living standards, eroding their incomes and livelihoods.
The petrol subsidy removal meant that the Nigerian National Petroleum Company Limited (NNPCL) announced a new price for the product.
In September 2023, the inflation rate hit 26.72% from 20.77% recorded in the same period in 2022 by the National Bureau of Statistics.
According to a ThisDay report, the banks reported higher personnel costs in the first nine months compared to the first nine months of 2022.
A breakdown of the top five banks indicates that Access Bank spent about N11.6 billion on personnel costs in nine months of this year, 31% more than its expenses in the same period last year.
Zenith Bank spent N88.43 billion in nine months of this year on its staff from the N61.46 billion it spent in the same period of 2022, while UBA said it spent N111.11 billion paying salaries and other personal costs in the nine months of 2022, a 38% rise from the N80,77 billion reported in the nine months of 2022.
Others are First Bank: 113.19 billion
GTBank: N37.58 billion
Wema Bank, Zenith, UBA, and Guaranty Trust Bank announced increased staff salaries earlier in the year.
Banks with salary increases in 2023
Zenith Bank, earlier in the year, announced the implementation of a company-wide increase in salaries of regular and contract staff to cushion the effect of the economy.
Also, GTBank announced that it increased the salaries of junior and contract staff, alleviating inflationary pressures.
In the same vein, the management of GTCO said it increased the salaries of its junior and contract staff in line with rising inflation.
The bank said the raise took effect from July 2023. Oliver Alawuba, UBA’s CEO, said in a statement that the bank’s board of directors announced the implementation of a cost of living adjustment for its staff.
Inmate who stabbed George Floyd’s killer, Derek Chauvin, 22 times in prison gives reason
“He Proposed after 3 Months”: Single Mum of 2 Sheds Tears as Man Accepts Her Kids, Marries Her
Gateway poly students cry out as armed r%bbers storm their school, k+ll, r@p£ and blåckm@il them
Yomi Fash-Lanso Biography, Wife and Family
NNPC Board: Akinyelure’s appointment well-deserved — Senator Adegbonmire
Discrimination against me started from my family — Ebonyi blind graduate
Uche Ogbodo finally unveils her son face to the world, reveals his name
Dad proud I repeated his academic feat 25 years after – CU first-class graduate
BREAKING: Doctor loses US citizenship 61 years after living in America
I’m careful about kissing in movies -Sandra Okunzuwa
Why I will appoint another politician as VC — Governor
Kamal Mohammed Appointed as Board Chairman of NCBN Limited
“May the best man win” — Reactions as little boy fights his father for kissing his mum during photoshoot
Coalition Urges EFCC, ICPC To Probe Viral Audio
“You came to the family to kill and destroy but nothing lasts forever”- Rita Edochie to Judy Austin
Nigerian man lost everything in Canada after his wife falsely accused him of rapǝ
FG promotes 32,361 Immigration, NSCDC, Fire, Correctional Services personnel
Wike: Sheikh Gumi Finds It Hard To Close His Mouth When He Sees Something Wrong – Miyetti Allah Leader
Tope Alabi moved to tears as church congregation welcome her with heartfelt rendition of her hit songs- VIDEO
2023: PDP, Governorship candidate, Ahiwe, call for calm, peace in Abia
3 Men In The Bible That Never Died (Full Names)
Why I’m not serving in Tinubu’s government-Fashola
Man cancels wedding after finding out lady is born one
You Are Slowly Killing Your Brain If You Keep Doing These Five (5) Things
Stop Combining Eggs With Any Of These Things, It Is Very Dangerous To Your Health
I’m seriously in need of a husband even if he is poor, a lady posted which caused a stir
If you are suffering from any of these 9 dangerous diseases, just eat okra
Here Are 5 Effective Methods To Get Rid Of Wall Geckos In Your Home Or Office
Bury Me Within 24 Hours… — How Otun Of Oyo Died Hours After Receiving Award From Ladigbolu Grammar School Alumni
BREAKING: Rukayat Shittu Wins, as A’Court Upturn Tribunal Judgement
Sacked Kano Gov Yusuf gets urgent message from APC ahead of Supreme Court judgment
Enugu: Court Of Appeal Reverses Tribunal Judgement, Nullifies Amuka’s Election
BREAKING: Deji Adeyanju Remanded In Prison Till February
BREAKING: Anxiety among federal civil servants as about 5,000 of them may not get November and December salaries
‘RIP’- Serena Williams’ Husband Alexis Ohanian Bids Heartfelt Farewell to American Business ‘Legend’ After His Saddening Demise
NEWS FLASH: Akeredolu Issued 72-Hour Ultimatum To Step Down As Ondo Gov
BREAKING: Big Surprise As North East Governors Openly Reveals ‘Who’ Fuels Insecurity In The Region
“I’m Gonna Take This Guy to Court” – Cristiano Ronaldo Sued Lionel Messi’s Biography Author For Revealing Sensitive Information
VIDEO: I’m tired of being single, 7 years in UK and no man has approached me – Lady cries out
BREAKING: Tinubu Appoints Atiku Sponsors To Head NNPC- APC Alleges
Politics2 months ago
Atiku Wins Tinubu In US : Court Orders Chicago State University To Release Tinubu’s Academic Records To Atiku
Latest News1 month ago
My Three Kids Belongs To My Father – He Always Enjoyed Me Three Times Daily, Lady Reveals (Watch Video)
Lifestyle3 months ago
One Part Of The Human Body That Never Grows After Birth Till Death
Politics3 months ago
Police Arrest NURTW President, Others as MC Oluomo Took Over Abuja Secretariat
Politics4 months ago
BREAKING: Tinubu bagman for Chicago cocaine mafia; rigged Nigerian presidential election: British MP George Galloway
Latest News4 months ago
Fuel Hike: IPMAN Reveals New Pump Price
Politics3 months ago
BREAKING: Rufai Oseni fires Reno Omokri, sends strong message
Politics3 months ago
Will Tinubu remain in power if court orders a rerun? Here’s what the law says