Access Bank reported the highest total salaries paid among selected Nigerian banks in 2024, reaching ₦357.6B

  • Access Bank paid the highest total salaries in 2024, amounting to ₦357.6 billion.
  • Stanbic IBTC devoted the largest share of its revenue to salaries at 9.96%, despite a much lower total salary bill than Access or FirstHoldCo.
  • Zenith Bank had one of the highest salary bills (₦137.7 billion) but spent the smallest portion of its revenue on staff at just 3.47%.
  • Wema Bank, though paying the lowest in total salaries (₦33.8 billion), had one of the highest salary-to-revenue ratios at 7.81%.
  • FirstHoldCo, with ₦229.1 billion in staff costs, maintained a moderate salary-to-revenue ratio of 7.14%.
  • The gap between total salary spend and salary-to-revenue ratios reveals more about each bank’s internal cost structure.

Access Bank, led in 2024, paid the highest total staff salaries among selected Nigerian banks, reaching ₦357.6 billion. This salary outlay accounted for 7.33% of its gross revenue, indicating both the scale of its operations and the size of its workforce. It was followed by First Bank’s holding company (FirstHoldCo), which paid ₦229.1 billion in staff salaries—just over 7% of its gross revenue.

While Access Bank paid the most in naira terms, Stanbic IBTC stood out with the highest salary-to-revenue ratio at 9.96%, meaning nearly one-tenth of its total earnings went to staff salaries. This suggests a more compensation-heavy structure, potentially due to a smaller workforce or stronger emphasis on human capital per unit of revenue. On the other hand, Zenith Bank’s salary spend stood at ₦137.7 billion, accounting for only 3.47% of its gross revenue—the lowest among the listed banks, indicating a leaner cost structure or higher gross income.

Source:

Banks’ audited financial reports

Period:

2024
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