Banks Cash Out On Account Maintenance Charges

Naira notes
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Eleven commercial banks generated N72.723 billion from account maintenance charges in the half year of 2023.

This is according to data extracted from the half-year financial statements of the listed commercial banks in the Nigerian stock market.

Zenith Bank, Access Holdings, GTCO, and UBA led the banks in the data.

Others are First Bank, FCMB, Sterling Bank, Stanbic Bank, Fidelity Bank, Wema Bank and Unity Bank.

The amount generated from account maintenance charges in half-year 2023, represents a 7.44 per cent increase compared to N67.690 billion recorded in the corresponding period of 2022.

Earnings from commercial banks’ charges on account maintenance took a large chunk of the income generated.

The breakdown includes Zenith Bank – N21.02 billion, Access Holdings – N13.363 billion, GTCO – N10.481 billion, UBA – N9.64 billion, 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 and Unity Bank – N745 million.

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