Zenith Bank spends N20 billion on IT in 2020, up 122%

0 8

Nigeria’s largest financial institution by belongings, Zenith Bank Plc, spent a whopping N20 billion on Information Technology in 2020, greater than double its 2019 spend of N9 billion.  

A cursory view of the financial institution’s expense line for 2020 reveals that it spent N148.1 billion on different bills in contrast with N129. 4 billion in the identical interval of the earlier 12 months. Information know-how was the foremost driver of the financial institution’s expense line, making up about 15.5% of whole working expenses. 

Why this issues: Most banks are anticipated to file larger spend on info know-how in 2020 as a consequence of pressured work-from-home insurance policies triggered by Covid-19. Apps equivalent to Zoom, and Microsoft Teams went mainstream throughout the pandemic as most companies more and more trusted them to operate. 

  • While distant working might have been a significant contributor, the financial institution seemingly splurged closely on software program functions, cloud computing, SaaS, and investing in know-how to drive its FinTech objectives. 
  • Apart from Information Technology, the financial institution additionally spent extra on AMCON levy throughout the 12 months, incurring price of N30.9 billion.  
  • A notable discount in year-on-year expenditure was its spending on Hotels and Travels. The financial institution spent N1.8 billion in Travel and Hotels. 
  • Zenith Bank reported a file N230 billion in revenue after tax for the 12 months ended December 2020. The financial institution is now the biggest financial institution by Total Assets, with over N8.4 trillion.

Click here for the Source

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More