LAGOS — Nine Nigerian banks spent a combined N2.99 trillion on operating expenses in the first half of 2026, up 7.8 per cent from a year earlier, according to an analysis by ThisDay of their results. Their combined profit before tax rose 19.2 per cent to N3.2 trillion. Ecobank Transnational had the highest costs at N856.5 billion, followed by Zenith Bank at N633.76 billion and First HoldCo at N608.09 billion. At GTCO, costs included a N55.9 billion AMCON charge and N18 billion in deposit insurance premiums. David Adonri of Highcap Securities warned that rising costs could reduce dividends.