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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