Access Bank Leads the Top 11 Nigerian Banks with the Highest Staff Salaries in 2024

• About 11 Nigerian banks spent huge amounts on salary and wage payments in the first nine months of 2024
• Financial statements of banks show that they also made large profits during the period examined
• The banks were managed by Access Bank, which recorded the highest wages and salaries during the review period

Legit.ng’s Pascal Oparada covers technology, energy, stocks, investing and economy for more than ten years.

Analysis of financial statements of listed Nigerian banks shows that between January and September 2024, about 11 banks spent a whopping N1.08 trillion on wages and salaries; This represents a 91% annual growth by banks from N564.7 billion in the same period in 2023.

This development comes at a time when banks are making huge gains in the first three quarters of 2024.

Top Nigerian banks offering the highest salaries in 2024

Access Holdings Plc incurred a salary cost of N268 billion during the review period; This is a 140% annual increase from N111.8 billion in the same period in 2023.

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During the nine months, the holding company’s gross earnings increased by 114.5% year-on-year to N3.4 trillion from N1.6 trillion in 2023.

The bank’s net profit increased by 83% year on year to N457.7 billion in nine months from N250.4 billion in 2023.

First Bank, now First HoldCoThere has been an 89% year-on-year increase in salaries and wages from N111.2 billion to N210.4 billion in 2023.

The bank’s net profit reached N533.9 billion, representing 126% year-on-year growth from a net profit of N236.4 billion in the nine months of 2023.

UBA It ranked second among those paying salaries and wages in the first nine months of this year, with a salary of N216 billion, up 102% year on year from N106.8 billion in 2023.

UBA’s net profit increased by 17% year on year to N525.3 billion in the month under review, from N449.3 billion in 2023.

Zenith Bank recorded a wage bill of N150.7 billion during the review period, 70% from N88.4 billion in the same period in 2023.

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The bank’s profit increased by 91% year-on-year to N827.3 billion as of September 2024, compared to N434.2 billion recorded last year.

GTBank earns the highest profit but pays the least salary

Garanti Trust Bank recorded the lowest wage bill at N68.8 billion in the first nine months of 2024; This represents an annual growth of 89% from N36.3 billion recorded in 2023.

It was reported that the bank made the highest profit among tier 1 banks NigeriaIt achieved a whopping N1.085 trillion from N367.4 billion, representing a 195% year-on-year increase.

stanbik IBTC spent N63.7 billion on salaries and wages during the review period; This represents an annual growth of 39% from N46 billion in 2023.

The bank’s profits increased by 67% year on year to N182.9 billion from N102.2 billion in 2023.

Fidelity Bank’s wage bill increased by 42% to N42.4 billion in the nine months of 2024 from N29.9 billion in 2023.

Fidelity Bank’s nine-month profit stood at N224.6 billion, up 145% year on year from N91.8 billion in 2023.

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Wema Bank’s wage bill increased by 124% year on year to N30.5 billion from N13.6 billion in 2023.

It recorded a net profit of N52.7 billion as of September 2024; This represents an increase of 174% over the net profit of N19.2 billion in 2023.

Sterling Bank has reported a 45% increase in its wage bill for the first three quarters of 2024 to N21 billion from N14.5 billion in 2023.

Its net profit increased by 66.5% year on year to N27.4 billion from N16.5 billion recorded in 2023.

CBN issues new orders regarding dormitory account openings

Legit.ng had previously reported that the Central Bank of Nigeria (CBN) was asking commercial banks and other financial institutions to open domiciliary accounts for its participants. new guidelines About foreign exchange declaration, deposit, repatriation and investment plan, 2024.

The new guidelines were issued on October 25, 2024 and were issued by the Minister of Finance, Wale Edun.

According to the CBN, the guidance clarifies regulatory expectations of financial institutions regarding their participation in the Foreign Exchange Disclosure, Deposits, Returns and Investment Plan 2024.

Source: Legit.ng