Zenith leads, UBA 4th: 12 banks with highest account maintenance income in 2023 – moneyamebo

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Legit reports that 11 Nigerian Banks collectively generated a total sum of N72.72 billion in revenue from account maintenance charges in the first half of 2023.

This indicates a 7.44% increase compared to the N67.690 billion the banks earned from the corresponding period in 2022.

The figures were obtained from the half-year financial statements of the banks submitted on the Nigerian Exchange.

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

Union Bank is yet to release its half year statement as at the time of writing.

A maintenance charge may be deducted either monthly or annually from an account holder’s balance by a bank.

What is account maintenance charge?

Account maintenance charges are fees charged by banks on current accounts of their customers. One naira on every N1,000 in respect of all customer-induced debit transactions is charged on these accounts.

The account maintenance fees charged by banks s one of the sources of income for banks in Nigeria.

Breakdown of banks account maintenance income

Analysis by Legit.ng shows that Zenith Bank, Access Holdings, GTCO, and UBA recorded the highest income from account maintenance charges among the banks surveyed.

Read alsoAccess Bank, Zenith, First Bank, 6 others emerge Nigeria’s biggest banks by assets worth N90.4trn

The four banks collectively generated N54.504 billion in income from the charges.

Zenith Bank – N21.02 billion

Zenith Bank recorded the highest account maintenance charges as customers paid over N21.02 billion in six months of 2023

This represents a 6.32% increase compared to N19.77 billion in the first half of 2022.

Access- N13.363 billion

Access Holdings, the parent company of Access Bank, comes in second with Account Maintenance revenue of N13.363 billion in 2023.

This is a 10.97% increase from N12.04 billion in 2022.

GTCO – N10.481 billion

Guaranty Trust Holding Company, the parent company of GTbank, recorded N10.481 billion in income from account maintenance between January and June 2023.

This is 11.08% improvement from N9.44 billion reported in the corresponding period of 2022.

UBA – N9.64 billion

UBA generated N9.64 billion from account maintenance income in the six months of 2023.

This represents a 46.11% increase compared to N6.595 billion recorded in the corresponding period of 2022.

Read alsoAccess leads, UBA 3rd: top Nigerian banks with highest loans amount to customers in 2023

Other banks account maintenance income 2023

  • First Bank – N5.19 billion
  • FCMB- N3.85 billion
  • Stanbic IBTC – N2.643 billion
  • Sterling Bank – N2.392 billion
  • Fidelity Bank – N1.769 billion
  • Wema Bank – N1.636 million
  • Unity Bank – N745 million

 

Source: Legit.ng

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