Thirteen Nigerian banks on the floor of the Nigerian Stock Exchange collectively spent a total of N413.49 billion on their staff between January and September 2020.
According to checks by Nairalytics – the research arm of Nairametrics, the N413.49 billion personnel cost represents a 6.36% increase compared to N388.77 billion spent in the corresponding period of 2019, despite the economic shocks caused by the Covid-19 pandemic this year.
The personnel expenses encompass all of a company’s expenditure in relation to staff remuneration and welfare within a specific financial reporting period.
In other words, such expenses may include salaries/wages, other benefits like health insurance costs, pension, training, amongst others. FBN Holdings Plc
FBN Holdings Plc is a holding company for First Bank of Nigeria Ltd and other subsidiaries such as FBNQuest and FBN Merchant Bank, which means the figures represent personnel expenses for all the subsidiaries across the FBN Holdings group of companies. The bank paid a sum of N74.2 billion as personnel expenses in the review period, representing 16.9% of the N439.9 billion gross revenue generated in the same period.
The premier bank posted an impressive performance in the year, growing its profit after tax by 31.7% from N51.7 billion recorded in 2019 9M to N68.16 billion in 2020.
Staff cost incurred by First Bank Holdings increased by 7.2% compared to N69.2 billion spent in the comparable period of 2019, and 6.4% increase compared to N69.7 billion recorded in 2018.
Checks by Nairalytics Research shows that FBN Holdings has a total of 9,016 employees as of December 2019.
United Bank of Africa
UBA paid a total of N66.6 billion to its workers in the review period, which represents 14.7% of the N453.7 billion generated as gross revenue.
The tier one bank increased its staff expenses significantly by 20.7%, from N55.2 billion recorded in 2019 to N66.6 billion in 2020. UBA also recorded a 5.9% increase in gross revenue (N453.7 billion) and posted a profit after tax of N77.13 billion as at September 2020, representing a 5.5% decline compared to N81.63 billion recorded in the corresponding period of 2019. As of June 2020, UBA has a total employee of 11,200, 15.4% decrease when compared to 13,237 recorded as of December 2019. Zenith Bank Zenith recorded a 5% increase in staff expenses from N57.1 billion in 2019 to N59.9 billion in 2020, which represents 11.8% of the total gross revenue […]
