COVID-19 Impact and Financial Review
Total Expense Analysis
N'million
H1 2019 H1 2020
VAR
% VAR
Total Expenses: H1 2019
Total Expenses: H1 2020
Total Expenses
43,261
46,841
3,580
8.3%
Others Exp.,
Staff Cost
32%
Staff Cost,
27%
Others Exp.,
31%
Staff Cost,
26%
11,675
12,190
515
4.4%
Depreciation
2,377
3,030
653
27.5%
NDIC/AMCON Cost
12,844
14,615
1,771
13.8%
Technology Cost
1,696
1,755
59
3.5%
Energy Cost
750
612
-138
-18.4%
Energy,
2%
Energy,
1%
Security
453
666
213
47.0%
Technology Cost,
4%
Branding & Advert
4,430
4,645
215
4.9%
Depreciation,
5%
Technology Cost,
4%
Depreciation,
6%
Other Expenses
9,036
9,328
292
3.2%
Regulatory, 30%
Regulatory, 31%
N'million
Q1 2020
Q2 2020
VAR
% VAR
Total Expenses: Q1 2020
Total Expenses: Q2 2020
Total Expenses
21,628
25,213
3,585
16.6%
Others Exp.,
38%
Staff Cost
6,398
5,792
-606
-9.5%
Staff Cost,
30%
Others Exp.,
25%
Staff Cost,
23%
Depreciation
1,415
1,615
200
14.1%
NDIC/AMCON Cost
4,285
10,330
6,045 141.1%
Technology Cost
920
835
-85 -9.2%
Energy,
1%
Energy,
Energy Cost
330
282
-49
-14.8%
2%
Security
335
331
-4
-1.2%
Branding & Advert
2,659
1,986
-673
-25.3%
Other Expenses
5,286
4,042
-1,244
-23.5%
Technology Cost,
4%
Depreciation,
7%
Technology Cost,
3%
Depreciation,
6%
Regulatory, 20%
Regulatory, 41%
Regulatory Costs (AMCON/NDIC) was responsible for about 50.0% YoY growth in OPEX in H1 2020.
Most operating expense lines dropped on QoQ due to cost savings from remote working as staff reliance on the banks physical
infrastructure as well as maintenance moderated.
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