Full List: 11 Banks with Highest Staff Salaries Going into 2024, Access, First Bank Lead

Full List: 11 Banks with Highest Staff Salaries Going into 2024, Access, First Bank Lead

  • In the first nine months of 2023, Nigerian banks led by Access Holdings and FBN Holdings raised staff salaries by 33%
  • The leading banks quoted on the Nigerian Exchange increased staff remuneration to cushion the effects of high living standards
  • Other banks on the list include Zenith Bank, UBA, GTBank, and Fidelity Bank, among others

Pascal Oparada has over a decade of experience covering Tech, Energy, Stocks, Investments, and the Economy.

Access Holdings and FBN Holdings recorded the highest staff salary costs for their workers compared to other commercial banks in the first nine months of 2023.

Per their latest financial statements, 11 banks listed on the Nigerian Exchange Limited, Access Bank's staff expenses increased to N117.6 billion in the first nine months from N89.8 billion in the same period of 2022, and the personnel costs of First Bank rose to N113.2 billion from N84.9 billion.

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First Bank, UBA, Zenith Bank
Commercial banks in Nigeria raise staff salaries by 33% in 2023 Credit: Dan Barko
Source: UGC

Top Nigerian banks with highest staff salaries

Staff expenses include the company's expenditures concerning staff remuneration and welfare in a specific period, including salaries/wages and other benefits like health insurance, pensions, and training.

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According to BusinessDay, the financial statements of the banks show that UBA recorded the third-highest personnel expenses with N111.1 billion, followed by Zenith with N88.4 billion; Stanbic IBTC with N45.9 billion; GTBank with N37.6 billion and FCMB with N34.0 billion respectively.

Other banks include Fidelity Bank at N30.3 billion, Wema Bank at N19.0 billion, Sterling Bank at N16.3 billion, and Unity Bank at N10.3 billion in the period under review.

The banks' total personal spending increased by 33% in one year, with Zenith Bank and UBA recording the highest year-on-year growth of 43.9% and 37.6%, respectively.

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Nova Commercial Bank raises staff salaries

Earlier, Legit.ng reported that Nigeria's newly licensed commercial banks, Nova Commercial Bank, increased its staff salaries by 50%.

Nova, which moved from merchant banking into commercial banking, said the move was to enable it compete favourably in the ecosystem.

The bank said the initiative would motivation its staff the more to achieve its set goals.

The bank announced that it received the nod of the Central Bank of Nigeria (CBN) to commence commercial banking and appointed a new managing director

Experts explained some commercial banks raised staff salaries and costs so that their staff welfare will remain unaffected by the high cost of living.

UBA joins league of Nigeria's N1trn banks

Legit.ng reported that on Monday, January 8, 2024, the United Bank for Africa (UBA) hit the N1 trillion mark in market capitalisation.

The bank's market value increased due to a rise in its share price, which climbed to N29.90 on Monday, January 8, 2024, from its previous closing price of N28.95 on Friday, January 5, 2023.

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The latest performance of UBA has helped the bank join the list of Nigerian companies with a market value exceeding N1 trillion.

Source: Legit.ng

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