13 banks listed on the Nigeria Stock Exchange (NSE) spent N271.64 billion on personnel expenses in the first half of 2020.
This is an increase compared to the N254.06 billion recorded in same period in 2019.
According to checks, the banks increased their expenses by over N17 billion during the period under review and this shows a 6.92% increase.
Personnel expenses captures all of a company’s expenditures in relation to its staff’s remuneration and welfare.
Such expenses may include salaries/wages, other benefits including health insurance costs, pension, and training among others.
From the available data, FBN Holdings recorded the biggest personnel expense in H1 2020.
UBA Plc followed closely with N44.56 billion for its staff’s remuneration during the first six months of the year, compared to the N37.17 billion in H1 2019.
Zenith Bank came third with about N38.86 billion as personnel expenses. Interestingly, this is just 0.37% higher than its expenses in H1 2019. The bank has 6,521 employees.
Access Bank Plc witnessed a 16% increase in its personnel expenses from N31.24 billion in H1 2019 to N36.25 billion in H1 2020.
Guaranty Trust Bank, Nigeria’s second most profitable bank, experienced a 1.1% rise in its expenses from N18.57 billion to N18.77 billion in the period under review.