• Guaranty Trust Bank has reportedly increased employee salaries by 40% as part of an upgrade to its platform.
• The bank has quietly increased salaries as Nigerian workers face unprecedented costs of living.
• A bank employee reportedly said he now earns about N720,000 after the increase.

Legit.ng’s Pascal Oparada has been reporting on technology, energy, stocks, investing and the economy for over a decade.

Guaranty Trust Bank, one of Nigeria’s most efficient deposit money banks, has quietly increased the salaries of its staff by 40% in September 2024, amid the ongoing cost of living crisis.

Four bank employees reportedly did not disclose any prior communications before the increase. However, there were expectations among the staff.

GTBank maintains the lowest personnel costs

TechCabal said one of the employees, an assistant bank officer who now earns N720,000, revealed that the position is just one level above the entry level in the bank’s employee structure.

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According to reports, GTBank has one of the lowest cost-to-cost ratios among Tier 1 banks in Nigeria and spent N0.25 to earn N1 in 2023, maintaining its position as the most profitable Tier 1 bank from Nigeria.

The report said the increase in salaries will not affect the bank’s position among leading banks as it now spends N0.26 to reach n1.

Last year, GTBank spent N45.1 billion on salaries, three times less than other tier one banks.

Despite increasing salaries by almost half, GTBank’s total staff cost stands at N63.1 billion, the cheapest among tier one banks.

The bank reportedly doubled the salaries of its tech employees in 2022, when several employees left for other banks and countries.

More than 3,000 employees affected

The team still earns more than other employees in other divisions, with the assistant bank manager earning about N1 million per month.

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The recent increase affected around 3,300 bank employees, which represents a break with previous practice.

GTBank completes migration to another platform

Legit.ng reported that the development comes as the bank announced that its digital banking channels were live following a system upgrade.

In a statement released on X, the bank reassured its customers that all branches across Nigeria are also now operational and ready to serve.

GTBank has moved to a new and robust Finacle Core suite of banking application systems.

The transition affected electronic banking services to customers and continued even after its completion.

However, he assured that the system upgrade was completed and all digital services were back online.

List of the most profitable banks in Nigeria in 2024

Legit.ng earlier reported that Nigerian financial institutions recorded impressive numbers despite a challenging economy in the first half of 2024.

Legit.ng analysis showed that the total profit after tax (PAT) of the 11 banks listed on the Nigerian Stock Exchange increased by 68.21% year-on-year from N1.67 trillion in the first half of 2023 to 2.82 trillion Naira in the first half of 2024.

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Fitch Ratings explained that the good performance of Nigerian banks was due to the sharp devaluation of the official exchange rate, which led to significant gains in foreign exchange revaluation.

Source: Legit.ng