Banks adjust operating time as diesel price skyrockets
Nigerian banks are adjusting their operating time as a measure to cushion the impact of the high cost of diesel occasioned by the Russia –Ukraine crisis.
First Bank of Nigeria on Monday revised its banking hours across all its locations. The revised opening and closing hours will be effective from Monday, 11 April 2022, the bank said.
Consequently, transaction hours will now be from 8 am to 10 am, to 3 pm and 4 pm in different branches across the country, a notice to customers said.
The bank, which is one of the first generation banks, said its alternative and digital channels will be available and accessible 24/7 anywhere and anytime to meet customers’ banking needs.
Also, in March 2022, Guaranty Trust Bank adjusted its closing time from 5:00 p.m. to 4:00 p.m. following the persistent increase in diesel pump price.
The price of diesel in Africa’s largest economy has jumped from N312 ($0.75) per litre in January 2022 to N800 ($1.92) in March 2022, following the impact of the ongoing Russia-Ukraine conflict.
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The bank in a flyer stated that the new operating time would take effect from Monday, March 21. “We would like to inform you that our branches will now be open from 8:00 am to 4:00 p.m., Monday to Friday effective Monday, 21 March 2022,” the bank said in the flyer.
Guaranty Trust Holding Company (GTCO), the parent company of GTBank, noted in its 2021 annual financial result that its operating expense from continuing operations increased by 7.23 percent to N126.96 billion in 2021 from N118.39 billion in 2020.
Other banks like Zenith Bank also recorded an operating expenses growth of 13 percent year-on-year but growth remains below the inflation rate, the bank said in a statement.
Access Bank’s operating expenses rose to N371.14 billion in 2021 from N326.50 billion in 2020, representing a 14 percent increase in the review period.
An operating expense is an expenditure that a business incurs as a result of performing its normal business operations, according to Investopedia.
First Bank’s other operating expenses increased by 10.1 percent to N129.57 billion in the nine-month period of 2021 from N117 billion in the comparable period of 2020.
“This was mostly as a result of the increase in the regulatory cost of the bank of N45.89 billion in that period,” First Bank said in its financial.