Zenith, UBA, First Financial institution, 2 others rake in N85bn from upkeep fees

Nigeria’s 5 largest banks, FirstBank, UBA, Zenith Financial institution, Entry Financial institution and GTB raked in a complete of N85 billion from account upkeep fees within the first 9 months of 2022, a rise of 18.5 per cent in comparison with the N72.29 billion recorded in the identical interval in 2021.

Zenith Financial institution topped the listing with a complete revenue of N28.15 billion from account upkeep fees between January and September 2022, a 16.4 per cent enhance from the N24.19 billion recorded within the corresponding interval of final yr.

Within the third quarter of the yr, the financial institution made N8.38 billion from account upkeep, in distinction to the N8.28 billion generated in the identical interval of 2021.

Zenith Financial institution additionally posted a revenue after tax of N111.41 billion in nine-month 2022, representing a 5 per cent enhance in comparison with N106.12 billion printed within the corresponding interval of 2021.

Entry Financial institution, the most important business financial institution in Nigeria by complete property earned a sum of N18.71 billion in 9-month 2022, a rise of 15.3 per cent in comparison with N16.22 billion recorded within the corresponding interval of 2021.

The financial institution accounted for 22 per cent of the whole earnings of the 5 banks. In the meantime, Entry Financial institution recorded a 24.2 per cent enhance in its account upkeep earnings within the third quarter of 2022.

GT Financial institution made a sum of N15.88 billion from account upkeep between January and September 2022, which is 21.9 per cent larger than the N13.03 billion recorded within the corresponding interval of 2021.

In the meantime, within the third quarter of 2022, its income from account upkeep fees elevated by 23.4 per cent year-on-year to N6.45 billion.

GT Holdings posted a web revenue of N130.35 billion within the assessment interval, a marginal enhance of 0.7 per cent in comparison with N129.4 billion posted within the corresponding interval of 2021.

First Financial institution grew its account upkeep revenue by 12 per cent year-on-year in nine-month 2022 to N13.15 billion in comparison with N11.74 billion recorded within the corresponding interval of 2021.

Within the third quarter of the yr, the monetary establishment made a sum of N4.04 billion from accountant upkeep, which is 5.9 per cent larger than the N3.82 billion recorded within the corresponding interval of 2021.

United Financial institution for Africa posted N9.64 billion as income from account upkeep between January and September 2022, a 35.5 per cent enhance from the N7.12 billion recorded in the identical interval final yr.

UBA noticed its account upkeep revenue surge by 80.5 per cent within the third quarter of 2022 to N3.05 billion from N1.69 billion recorded within the third quarter of 2021.

Nigerian banks are allowed to cost their prospects a “negotiable” N1 per mille. In different phrases, the banks can cost N1 per N1,000 debit transactions on the present account.