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Nigerian banks generate N57B maintenance fee

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By Timothy Akintola

Total fee and commission income of tier 1 banks increase by 19%.

The tier one banks in Nigeria are reported to have generated about N57 billion from maintenance of their customers’ bank accounts in the first half of the year. These banks which include First Bank, United Bank of Africa, the Guarantee Trust Holding Company, Zenith Bank and Access Bank. Research indicate Zenith, Access and GTCO are the banks with the highest recorded income from account maintenance in the first half of 2022, followed closely by First Bank and United Bank of Africa.

Zenith Bank reportedly earned about N19.8 billion, Access Bank with N12 billion. GTCO generated about N9.4 billion, while First Bank and the United Bank of Africa generated N9.1 billion and N6.6 billion from account maintenance respectively. Reports also indicated that there was an increase in the total fee and commission income for the top-rated banks by 19% to N359 billion, surpassing the N302 billion realized in the first half of 2021, the highest in the last four years. The electronic banking income was also welt up 17.6 percent, hitting N136.4 billion from the N115.billion realized in the first half of 2021.

NIBSS reports transactions of about N32 trillion in September.

This report released by the Nigeria Inter Bank Settlement Systems (NIBSS) indicate that transactions worth about N32.8 trillion were done electronically in September via the NIBSS Instant Payment Platform (NIP) and in the last 9 months this year, a total transaction worth N271.56 trillion were electronically performed, up 26 percent when compared to the reported N215.76 trillion in 9 months in 2021. Zenith Bank was reported to have earned more from the maintenance of accounts than any other bank tier one banks, earning N19.8 billion for the first half of the year, witnessing a 23.7 percent increase from its N16 billion in June 2021.

Furthermore, the fee and commission income of Zenith Bank increased 35 percent to N64.4 billion in the first half of 2022, compared to their N47.7 billion in the first half of 2021. It also witnessed a 44.7 percent increase in the income of its electronic banking to N24.6 billion in the first half of 2022, compared to the N17 billion accrued in the same period in 2021. Zenith Bank’s gross income also increased by 17 percent to N405 billion from the N346 billion accounted in the first half of 2021. Importantly, the bank’s after-Tax profit grew by 4.9 percent, from the accrued N106 billion in the first half of 2021 to N111.4 billion by the same period this year.

GTCO’s electronic banking income rises be 4.7 percent.

Access Bank, a commercial multinational bank also ranked amongst the top generators of the maintenance fee in the banking industry in Nigeria, accruing about N12 billion, a 9 percent rise from its previous first year N11 billion earning. The bank’s commission and fee also witnessed a significant 10.5 percent rise from N73.4 billion in the first half of 2021 to N81.1 billion in the same timeframe for 2022. Access Bank’s electronic banking income also saw a 30 percent jump from N30 billion to N39 billion in the first half of 2021 and 2022 respectively.

Guarantee Trust Holding Company (GTCO), a multinational financial service group that offers Retail and Investment banking was the third bank with the highest earning of the account maintenance fee, accruing about N9.4 billion, a 20.5 percent rise from the N7.8 billion made. In the first half of 2021. GTCO’s electronic banking income also rose by 4.7 percent from N10.5 billion to N11 billion in the first half of 2021 and 2022 respectively. First Bank was also the 4th ranked bank for its N9.1 billion earning in the first half of 2022, compared to the N8 billion accrued in the first half of 2021. The bank’s electronic banking system dropped to N25.5 billion, an 11.4 percent decrease from the N28.8 billion realized in the first half of 2021.

UBA’s fee and commission grew to N96.4 billion in 1st half of 2022.

The United Bank of Africa, a multinational pan-African financial service group recorded about N6.6 billion for its account maintenance fee, an increase from the N5.4 billion recorded in the first half of 2021. It’s fee and commission income also witnessed a growth from N74.1 billion to N96.4 billion in the first half of 2021 and 2022 respectively. It also recorded a 22.6 percent increase N29.6 billion in the first half of 2021 to N36.3 billion in 2022. Reports suggests that the tier one bank accrued a gross earning of N372.4 billion within the first half of 2022, a 17.8 percent increase from the N316 billion accrued in 2021.


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