FBN Holdings Plc, FCMB and eight other banks quoted on the Nigerian Stock Exchange (NSE) spent a complete of about N12.2 billion on travels in the economic 12 months ended December 31, 2020.
Daily Sun evaluation of the banks’ financial statement in the year under assessment shows that this represents a 38.7 per cent drop from the N19.8 billion spent over the same duration in 2019, and tons lower than the N22.56 billion recorded in 2018.
The eight others whose tour bills had been analysed include; GTBank, Zenith Bank, United Bank of Africa (UBA), Union Bank of Nigeria (UBN), Fidelity Bank Plc, Wema Bank, Stanbic IBTC, and Sterling Bank Plc.
Highlights received from their 2020 financial statements published that of all the banks, UBA incurred the most on travels final year with N4.94 billion as towards N7.06 billion in 2019. FBN Holdings used to be subsequent with N3.67 billion as in opposition to N6.78 billion in 2019, Zenith Bank spent N1.882 billion in 2020 as towards N2.751 billion in 2019 while Fidelity Bank spent the least on travels in 2020, in contrast with its competitors, recording N217 million in 2020.
According to records received from GTBank’s audited financial assertion for full-year 2020, about N287 million was once spent on travels in 2020. The amount is much less than the N726 million, which the bank incurred for the same motive in 2019, and the N727 million in 2018.
The travel costs of Stanbic IBTC stood at N676 million in 2020 as against N1.73 billion in 2019 whilst UBN recorded a low tour fee in 2020 with a journey spend of N514 million in opposition to the N518 million incurred in 2019 and N1.136 billion in 2018.
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