Nine Banks Report N2.99tn Operating Expenses in 2026

In the half year ending June 30, 2026, nine banks, including Ecobank Transnational Incorporated and Zenith Bank Plc, reported N2.99 trillion in operating expenses (OPEX), marking a 7.8% increase from N2.78 trillion in H1 2025. Despite this rise in OPEX, the banks achieved a profit before tax of N3.2 trillion, a 19.2% increase from N2.69 trillion in H1 2025.

Inflation in Nigeria increased to 15.91% in June 2026, while other Sub-Saharan African countries experienced varying inflation rates. The Central Bank of Nigeria responded by reducing the Monetary Policy Rate from 26.50% to 23% to manage inflation and stabilize the exchange rate.

Ecobank reported the highest OPEX at N856.5 billion, followed by Zenith Bank with N633.76 billion and First HoldCo with N608.09 billion. GTCO also reported N277.39 billion in OPEX, attributing the increase to higher regulatory charges and infrastructure costs.