The group operating expenses of Ecobank Transnational Incorporated rose to $563m in the first half of 2023, representing an 11 percent increase when compared to figures recorded during the same period in 2022.

The bank disclosed this in its half-year financial report released on Thursday.

Ecobank said its “group operating expenses for the first half of 2023 was $563m, increasing by 11 percent or 27 percent at constant currency. The higher operating expenses in the half year were driven by a mix of inflationary-driven costs and increased staff compensation in some of our markets in line with inflationary trends.

“Key drivers of the expense increase were costs associated with the card business, insurance, IT licenses and related technical fees, and other administrative expenses. However, the rise in operating expenses was offset by higher revenues helping drive an improvement in the cost-to-income ratio to 54.3 percent compared with 56 percent in the prior year.”