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5 Banks Earn N15.7bn on Account Maintenance Charges in Q1 2019

A total of N15.7 billion was netted by the five biggest banks in Nigeria from maintaining the account of their customers in the first quarter of 2019, the research team of Business Posthas confirmed.

The five bank are Zenith Bank, Access Bank, Guaranty Trust Bank (GTBank), United Bank for Africa (UBA) and First Bank, which our research team tagged ZAGUF.

Some days ago, the banks, alongside other publicly quoted companies, released their financial statements to the Nigerian Stock Exchange (NSE) for the period ended March 31, 2019.

An analysis of the financial positions of these ZAGUF banks showed that the amount generated from Account Maintenance Charges increased in the period under review when compared with the same period of last year.

In the first quarter of last year, the five big boys in the Nigerian banking industry generated the sum of N13.2 billion from Account Maintenance Charges, indicating that the amount increased by N2.5 billion or 18.94 percent in 12 months.

A further analysis of the results indicated that Zenith Bank made the highest amount from maintaining accounts of customers domiciled with them.

The lender netted N5.238 billion from current account maintenance charges against the N4.962 billion it generated in the first three months of 2018.

Following were First Bank, which earned N3.218 billion in Q1 2019 in contrast to N2.986 billion in Q1 2018, and GTBank, which raked N3.045 billion in the period under review versus N2.745 billion earned exactly 12 months ago.

Occupying the fourth position was Access Bank, which generated N2.212 billion from Account Maintenance Charges against N896 million in Q1 2018, while UBA raked N1.967 billion in Q1 2019 versus N1.598 billion in Q1 2018.

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By Modupe Gbadeyanka

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