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11 Banks Generate N72 Billion from Account Maintenance Charges in First Half of 2023

According to the financial accounts of 11 commercial banks, account maintenance costs produced ₦72.723 billion in the first half of 2023.

When compared to the same review period in 2022 (₦67.690 billion), the amount recorded in H1, 2023 represents a 7.44% rise.

During the time, Zenith Bank generated ₦21.02 billion from account maintenance. The bank contributed for 28.91% of the 11 banks’ total income.

Access Holdings was ranked second, with a total revenue of ₦13.363 billion from account maintenance. Access Holdings increased their account maintenance income by 10.97% year on year when compared to the previous year.

GTCO finished third, with a revenue of 10.481 billion from account maintenance throughout the period. When compared to ₦9.44 billion in half-year 2022, the sum increased by 11.08% year on year.

UBA placed in second place, earning ₦9.64 billion on account maintenance between January and June 2023. The figure represented a 46.11% rise over the ₦6.595 billion reported in the same time in 2022.

Although First Bank finished fifth with ₦5.19 billion in account maintenance income, the amount represented a 43.5% decrease from the 9.17 billion collected in the same review period in 2022.

FCMB ranked sixth on the list, with ₦3.85 billion in account maintenance revenue in H1 2023. The figure marked a 16.3% rise over the ₦3.32 billion registered in the same time in 2022.

Other banks on the list include;

  • Stanbic IBTC – ₦2.643 billion
  • Sterling Bank – ₦2.392 billion
  • Fidelity Bank – ₦1.769 billion
  • Wema Bank – ₦1.636 million
  • Unity Bank – ₦745 million.

 

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