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thisdaylive.com 15 Sep, 2021 01:15 am

Ten Banks OPEX Hits N932.26bn in H1 2021 Driven by Double-digit Inflation, AMCON Levy, Others

Ten Banks OPEX Hits N932.26bn in H1 2021 Driven by Double-digit Inflation, AMCON Levy, Others

Despite the bountiful profits reported by deposit money banks in the country in their Q2 reports, it has emerged that double-digit inflation rate, among other factors drove a total of 10 banks Operating Expenses (OPEX) by seven per cent to N932.Recently, the National Bureau of Statistics (NBS) announced that Nigeria’s inflation rate closed June 2021 at 17.Inflation rate in January was 16.17 per cent inflation rate in March of 2021.

Further analysis of the results showed that banks operating in the country reported OPEX below inflation rate in the period, attributable to cut in personnel expenses.GTCO in a presentation to investors and analysts attributed increasing in OPEX to headline inflation rate and marginal Naira/US dollar rate movement in the official market that resulted in the increase in general prices of goods and services.

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