- Nigerian banks have declared that they spent N23 billion in travel expenses in 2021 alone, representing a 15 per cent increase
- A total of 9 banks said they spent the amount in expenses ranging from hotels, logistics passages, amongst others
- Zenith led the banks with over N2 billion spent on travels alongside, Firstbank, Access and Fidelity and FirstBank
Nine banks in Nigeria said they spent a total of N23 billion on business trips across the globe in 2021, according to data collated from financial resorts of the banks.
The amount includes the cost of travel, hotels, passages and other logistics which are connected to travelling within and out of Nigeria.
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Access, Fidelity, Sterling, UBA, Zenith, GTB, Stanbic IBTC, First Bank and FCMB are the banks which spent the most on travel expenses.
Banks see increase in earnings
According to analysis, the amount spent during the period under review is 15 per cent higher than the N20 billion spent on travels by the banks in comparison to the same period in 2020.
Nairametrics reports that the 2021 increase is attributable to the ease of lockdown and resumption of economic activities all over the globe compared to 2020 when movement was restricted due to the pandemic.
Of the total, banks line Access, UBA, Zenith First Bank, and GTBank paid out N21 billion which represents 91 per cent of the total amount for business trips.
Fidelity Bank spent the most with N897 million on travel expenses, a 7 per cent drop from the amount it spent in the same period the year before.
The bank its gross earnings enhanced in the year under review from N206 billion to N249 billion. Also, the profit for the period reflected its improved N27 billion earnings during the pandemic and saw an increase of N38 billion.
Others are Zenith Bank N2.5 billion, and FirstBank, N4.2 billion, UBA spent N5 billion, Access Bank N8 billion, amongst others.
Zenith Bank leads the pack as Nigeria’s most valuable bank, GTCo next
Recall that Legit.ng has reported that Zenith Bank is Nigeria’s most capitalised bank listed on the equities market. It gained N32.97 billion in the month of February 2022 to close at N850.85 billion.
Data obtained from the Nigerian Exchange Group (NGX) show that the stock market enjoyed a bullish run in the month under review as the all-share index, the benchmark metrics used in determining the performance market, grew by 2.6 per cent to close the month at 47.395 index points.
Nairametrics reports that the banking sector also followed in the same trajectory as the NGX Banking Index went up by 3.2 per cent month-on-month to close at 453.53 points as of February 28, 2022.