Home Business GTBank, 3 Other Banks Generate N52bn For Maintaining Customers’ Accounts in 2019

GTBank, 3 Other Banks Generate N52bn For Maintaining Customers’ Accounts in 2019

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A total of four banks generated N52billion from maintaining customers’ accounts in 2019, about 27 per cent increase over N41.26billion reported in 2018, Western Post can exclusively report.

The four banks are Zenith bank plc, United Bank for Africa plc (UBA), Access Bank plc and Guaranty Trust Bank plc (GTBank).

According to Chart 1 above, Zenith bank reported N19.6billion, the highest amount generated from maintaining customers’ accounts in 2019, followed by Access Bank with reported N14billion in 2019.

Chart 2 below showed that Zenith bank leads others in terms of fees on electronic products income generated in 2019, followed by UBA.

Zenith bank reported N42.5 billion from fees on electronic products income in 2019 from N20.4billion reported in 2018 while UBA reported N38.77billion from fees on electronic product income in 2019 from N27.9billion generated in 2018.

Fees on electronic products income are derived primarily from USSD transaction charges, web transaction charges, ATM charges, monthly account service charges, check and deposit slip fees, and among others.

However, the four listed banks on the Nigerian Stock Exchange (NSE) reported N364.9 billion from fees and commission income in 2019, from N290.27 billion reported in 2018.

Chart three above indicated that UBA with N110billion leads others in net fees and commission reported in 2019, while GTBank came last with N62billion net fees and commission income generated in the year under review.

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