Following a high inflation rate and regulatory charges, 14 Nigerian banks reported N2. 03 trillion in total operating expenses in nine months of 2022, representing a 19.2 percent increase from N1.7 trillion reported in the corresponding nine months of 2021, according to an analysis of the banks’ results.
Thus, the group increased its profit before tax to N147.3 billion in the first nine months of 2022, a nine-month increase from the N135.2 billion reported in the first nine months of 2021.
Another pan-African bank, UBA, increased its operating expenses by 27.5% to N262.63 billion in nine months of 2022 from N206,01 billion in nine months of 2021.
Mr. David Adnori, vice president of Highcap Securities Limited, commented that the increase in pan-African bank operating expenses is a concern. Fidelity Bank saw its total operating expenses increasing to N91.66billion in nine months of 2022, a growth of 52 per cent from N60.33billion reported in nine months of 2021.