Ejiofor
11 Banks listed on the floor of the Nigerian Exchange generated N72.723 billion from account maintenance charges in the half year of 2023.
FCMB’s account maintenance income accounts for 5.3% of the total N72.723 billion recorded by the 11 banks under consideration. In terms of the bottom line, FCMB grew its profit after tax by 159.17% year-on-year to N35.410 billion in the review period.
GTCO recorded an 11.08% year-on-year increase in its account maintenance income in half-year 2023 to N10.481 billion from N9.44 billion recorded in half-year 2022.
Zenith Bank, Access Holdings, GTCO, and UBA led. The amount generated from account maintenance charges in half-year 2023, represents a 7.44% increase compared to N67.690 billion recorded in the corresponding period of 2022.
First Bank of Nigeria’s account maintenance income declined by 43.5% from N9.17 billion generated in half-year 2022. This represents 7.13% of the total account maintenance income of the 11 banks.
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