Nine commercial banks in Nigeria recorded an aggregate operating expense of N874.8bn in the first half of the year.
The banks, in their audited financial results for H1, identified double-digit inflation rate, regulatory costs such as the Asset Management Corporation of Nigeria charge of 0.5 per cent on total assets and the Nigeria Deposit Insurance Corporation, fall in domestic currency, among others as factors that contributed to the rise in OPEX within the review period.
However, in April, inflation rate fell to 18.12 per cent; it fell further to 17.93 per cent and 17.75 per cent, in May and June respectively.
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