11 banks generate N72bn from account maintenance charges

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Nigerian banks have recorded a 7.44% increase in account maintenance charges in H1, 2023, when compared to the same review period in 2022.

Zenith Bank generated ₦21.02 billion from account maintenance during the period. The bank accounted for 28.91% of the total income earned by the 11 banks.

Access Holdings came in second place with a total income of ₦13.363 billion from account maintenance. When compared with its income in the preceding year, Access Holdings recorded a 10.97% year-on-year increase in its account maintenance income.

GTCO came in third position as the bank recorded revenue of ₦10.481 billion from account maintenance during the period. The amount indicated an 11.08% year-on-year increase when compared to ₦9.44 billion recorded in half-year 2022.

UBA came next on the list with an income of ₦9.64 billion from account maintenance between January and June 2023. The amount indicated a 46.11% increase compared to ₦6.595 billion recorded in the corresponding period in 2022.

Although First Bank came in fifth position with an account maintenance income of ₦5.19 billion, the figure indicated a decline of 43.5% compared with ₦9.17 billion generated in the same review period in 2022.

FCMB with an account maintenance revenue of ₦3.85 billion in H1, 2023 came sixth on the list. The amount represented a 16.3% increase compared with the ₦3.32 billion recorded in the corresponding period 2022.

Other banks on the list include;

β–  Stanbic IBTC – ₦2.643 billion

β–  Sterling Bank – ₦2.392 billion

β–  Fidelity Bank – ₦1.769 billion

β–  Wema Bank – ₦1.636 million

β–  Unity Bank – ₦745 million