Zenith Bank, seven others’ salaries rise in Q1

Eight of the 10 banks whose financial statements were analysed by BusinessDay increased their wages and salaries in the first quarter (Q1) of this year, compared to the same period a year earlier.

Zenith Bank’s wages and salaries increased the most in the three-month period, followed by Access Bank, United Bank for Africa, Stanbic IBTC Holdings, Wema Bank, Ecobank Transnational Incorporated, FMCB Group, and Sterling Bank.

The 10 banks spent a total of N127.94 billion on wages and salaries in Q1 2022, representing a 14 percent increase compared to N112.03 billion in the same quarter in 2021.

Zenith Bank increased wages and salaries for the period by 46.56 percent to N661 million from N451 million in Q1 2021.

Access Bank’s wages and salaries rose by 46.51 percent to N27.68 billion in Q1 2022 from N18.92 billion in Q1 2021.

UBA’s wages and salaries rose by 20 percent to N24.79 billion in the period under review from N20.63 billion in Q1 2021.

Stanbic IBTC Holdings spent N197 million on wages and salaries, representing an increase of 15 percent from N170 million in Q1 2021.

Wema Bank paid wages and salaries to the tune of N3.24 billion during the quarter under review, 12.3 more than N2.89 billion in Q1 2021.

Read also: How Zenith bank is driving financial system resilience, soundness

Ecobank Transnational Incorporated, which spent the most on wages and salaries in Q1 2022, paid its staff N46.80 billion, up 8 percent from N43.41 billion in Q1 2021.

FCMB Group’s wages and salaries for its employees increased by 6.83 percent to N6.34 billion from the N5.66 billion recorded in the same period last year.

Sterling Bank recorded a 0.37 percent increase in wages and salaries to N3.26 billion from N3.25 billion in the same quarter last year.

Two of the banks, Guaranty Trust Holding Company (GTCO) and Unity Bank, saw their wages and salaries decline in the first three months of this year.

GTCO’s salaries and wages fell by 1.46 percent to N9.52 billion from N9.66 billion in Q1 2021.

Union Bank spent N5.66 billion on wages and salaries, representing a 19 percent decline from N7.01 billion in Q1 2021.

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