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Banks rake in N89bn from customers’ account maintenance in H1

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11 Banks listed on the floor of the Nigerian Exchange generated N89.05 billion from account maintenance charges in the half year of 2023.

This is according to data extracted from the half-year financial statements of these listed commercial banks in the Nigerian stock market.

According to the Central Bank of Nigeria, the account maintenance fees are charged on current accounts only in respect of customer-induced debit transactions to third parties and debit transfers/lodgements to the customer’s account in another bank

Banks’ earnings from account maintenance charges, though low when compared to other revenue streams, still make up a significant portion of their non-interest income.

Read also: Nigerian banks increase salaries to cushion economic downturn

The banks analysed include Guaranty Trust Holding Company (GTCO), Zenith Bank, Access Bank, United Bank for Africa (UBA), FBN Holdings, First City Monument Bank (FCMB), Fidelity Bank, Stanbic IBTC Holdings, Sterling Holdings, Wema Bank and Unity Bank.

Bank analysis

Guaranty Trust Holding Company (GTCO)

GTCO’s account maintenance earnings rose to N21.22 billion in H1 2023 from N18.57 billion in the same period of 2022.

The holding company’s electronic banking income grew to N21.22 billion from N18.57 billion in the period reviewed.

Zenith Bank

Zenith Bank account maintenance earnings rose to N21.02 billion in H1 2023 from N19.77 billion in the same period of 2022.

The bank’s electronic banking income dropped to N22.27 billion in H1 2023 from N24.64 billion in the same period of 2022.

Read also: Nigerian banks boost fees, commission income with digital services

Access Bank

Access Bank’s account maintenance earnings increased to N13.36 billion in H1 2023 from N12.04 billion in the same period of 2022.

The bank’s electronic banking income surged to N43.95 billion from N38.86 billion in the comparable period.

United Bank for Africa (UBA)

United Bank for Africa account maintenance earnings increased to N9.64 billion in H1 2023 from N6.6 billion in the same period of 2022.

The bank’s electronic banking income grew to N51.08 billion from N36.32 billion in the comparable periods.

FBN Holdings

FBN Holdings account maintenance earnings increased to N9.17 billion in H1 2023 from N9.11 billion in the same period of 2022.

The holding company’s electronic banking income surged to N34.01 billion from N25.54 billion during the period reviewed.

First City Monument Bank (FCMB)

First City Monument Bank’s account maintenance earnings rose to N3.85 billion in H1 2023 from N3.32 billion in the same period of 2022.

The bank’s electronic banking income increased to N7.4 billion from N6.7 billion in the comparable period.

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Fidelity Bank

Fidelity Bank’s account maintenance earnings rose to N3.38 billion in H1 2023 from N2.34 billion in the same period of 2022.

The bank’s electronic banking income climbed to N1.85 billion from N1.35 billion in the comparable periods.

Stanbic IBTC Holdings

Stanbic IBTC Holdings account maintenance earnings increased to N2.64 billion in H1 2023 from N2.37 billion in the similar period of 2022.

The holding company’s electronic banking income dropped to N2.14 billion from N2.44 billion.

Sterling Holdings

Sterling Holdings account maintenance earnings rose to N2.39 billion in H1 2023 from N1.85 billion in the same period of 2022.

The holding company recorded an electronic banking income of N4.49 billion in H1 2023 from N3.92 billion in the similar period of 2022.

Read also: Banks N120bn debt to telcos unresolved, discussion ongoing

Wema Bank

Wema Bank’s account maintenance earnings increased to N1.64 billion in H1 2023 from N1.29 billion in the same period of 2022.

The bank’s electronic banking income grew to N3.14 billion from N1.65 billion in the comparable period.

Unity Bank

Unity Bank account maintenance earnings dropped to N742.61 million in H1 2023 from N744.86 million in the same period of 2022.

Unity Bank’s electronic banking income increased to N1.96 billion in H1 2023 from N1.64 billion in the similar period of 2022.