Afrigather In 2023, Nigerian commercial banks elevated their funding in human capital, spending a complete of N799.8 billion on workers salaries, a 44.3% rise from the N554.2 billion spent in 2022.
In line with the audited outcomes of the banks analysed by Nairalytics, the banks spent a complete of N919.1 billion on personnel bills. They allotted 87% to salaries and 13% to pensions and different advantages
The banks’ strong wage buildings are a strategic device to draw and retain prime expertise, essential for his or her development and aggressive edge within the thriving monetary sector.
Here’s a have a look at the highest 5 Nigerian banks that supply essentially the most profitable salaries primarily based on wage per workers:
1. Entry Holdings
Entry Holdings, the umbrella firm for Entry Financial institution, leads the pack with a powerful common wage of N21.85 million per worker in 2023.
This determine rose from N15.48 million within the earlier 12 months. The financial institution spent a complete of N167.9 billion on personnel bills, up from N116.6 billion, and grew its workforce to 7,334 individuals.
Regardless of these excessive averages, nearly all of staff earn between N4 million and N18 million, which factors to a reasonably balanced wage distribution.
2. Stanbic IBTC
Stanbic IBTC holds the second spot with a mean wage of N20.45 million for every workers member.
The financial institution’s whole personnel bills climbed to N65.76 billion from N50.99 billion, with salaries accounting for 95% of this finances.
With a modest improve in workers numbers to three,056, the financial institution focuses on sustaining excessive remuneration, significantly for these incomes over N6 million a 12 months.
3. UBA
UBA boosted its personnel spending by 60.4% to N182.8 billion, with N173.6 billion going on to wages and salaries.
With 10,007 staff, UBA pays a mean wage of N17.35 million. It’s additionally the most important employer among the many prime banks.
Its huge operations throughout Africa and past clarify its massive workforce and substantial wage commitments.
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4. Constancy Financial institution
Constancy Financial institution noticed a major leap in common salaries to N16.41 million, up from N8.58 million in 2022.
The financial institution allotted N50.3 billion to salaries, which made up 96% of its personnel bills.
Though it barely elevated its workforce to three,063 staff, the financial institution boosted salaries, significantly for the 44% of its workers incomes above N10 million yearly.
5. FBN Holdings
FBN Holdings, which incorporates First Financial institution, completes the record with a mean wage of N15.49 million per worker, up from N12.24 million in 2023.
The group spent N135.9 billion of its N179.1 billion personnel finances on salaries and elevated its workers power by 10% to eight,771.
The financial institution ensures a excessive customary of compensation, with most staff incomes over N5.5 million annually.
These Nigerian banks reveal the profitability of nation’s banking sector. In addition they spotlight the significance of rewarding and motivating staff.
