In the first half of 2023, several major banks in Nigeria, including Zenith Bank, Access Holdings, GTCO, and UBA, collectively earned a substantial N72.723 billion in account maintenance charges. This figure represents a notable 7.44% increase compared to the N67.690 billion reported during the same period in 2022.
Zenith Bank Leads the Pack
Zenith Bank secured the top position, amassing a staggering N21.02 billion from account maintenance charges, making up 28.91% of the total income for all 11 banks. Notably, Zenith Bank increased its account maintenance income by 6.32% compared to H1 2022, when it earned N19.77 billion.
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Access Holdings and GTCO Follow Closely
Access Holdings, Nigeria’s largest bank, ranked second, with a year-on-year increase of 10.97% in account maintenance income, totaling N13.363 billion in H1 2023. Meanwhile, GTCO claimed the third spot, with an 11.08% year-on-year increase in its account maintenance income, reaching N10.481 billion, up from N9.44 billion in H1 2022.
UBA’s Impressive Growth
UBA generated N9.64 billion from account maintenance income between January and June 2023, marking a remarkable 46.11% increase compared to N6.595 billion recorded in the corresponding period of 2022.
First Bank’s Account Maintenance Income Declines
In contrast, First Bank of Nigeria reported a 43.5% decline in account maintenance income, dropping from N9.17 billion in H1 2022 to a lower figure. However, the bank’s profit after tax experienced significant growth, increasing by 231% year-on-year to N187.18 billion in H1 2023.
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Other Banks in the Mix
FCMB secured the sixth position on the list, reporting N3.85 billion in revenue from account maintenance, marking a 16.3% increase from H1 2022. Stanbic IBTC came in seventh place, generating N2.643 billion from account maintenance charges. The bank recorded a 108% increase in Profit Before Tax (PBT) in H1 2023 compared to the same period in the previous year.
Sterling Bank, Fidelity Bank, Wema Bank, and Unity Bank also made substantial earnings from account maintenance charges, contributing to the overall N72.723 billion reported by the 11 banks in question.
In Nigeria, banks are permitted to charge their customers a “negotiable” N1 per mile for account maintenance.
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