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H1 2023 – Banks rake in N72.723 billion from account maintenance fees

11 Banks listed on the floor of the Nigerian Exchange generated N72.723 billion from account maintenance charges in the half year of 2023.  

This is according to data extracted from the half-year financial statements of these listed commercial banks in the Nigerian stock market. 

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. 

According to the Central Bank of Nigeria, the account maintenance fees are charged on current accounts only in respect of customer-induced debit transactions to third parties and debit transfers/lodgements to the customer’s account in another bank 

Banks’ earnings from account maintenance charges, though low when compared to other revenue streams, still make up a significant portion of their non-interest income.

According to the directive by the CBN on bank charges, Nigerian banks are allowed to charge their customers a “negotiable” N1 per mille. 

What this means is that banks can charge N1 per N1,000 debit transactions on current accounts. Banks’ account maintenance charges come in the form of COT (i.e., Commission on Turnover) which is a charge levied on customer withdrawals by their banks. 

Below is a ranking of the 11 banks based on their account maintenance earnings in the half-year of 2023. 

#6: FCMB – N3.85 billion 

FCMB came sixth on the list with N3.85 billion in revenue from account maintenance, which is 16.3% higher than N3.32 billion recorded in the corresponding period of 2022. 

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. 

#5: First Bank – N5.19 billion 

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. 

Its profit after tax increased significantly by 231% year-on-year to N187.18 billion in half year 2023 from N56.54 billion recorded in the previous year. 

#4: UBA – N9.64 billion 

UBA generated a sum of N9.64 billion from account maintenance income between January and June 2023. This represents a 46.11% increase compared to N6.595 billion recorded in the corresponding period of 2022. 

Also, UBA’s net profit increased significantly by 437.76% compared to N70.335 billion recorded as of the same period in the previous year to stand at N378.24 billion. 

#3: GTCO – N10.481 billion 

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. 

Also, the holding company grew its profit after tax to N280.48 billion from last year’s figure of N77.56 billion, representing a 261.65% year-on-year increase. 

#2: Access Holdings – N13.363 billion 

Access Holdings recorded a 10.97% year-on-year increase in its account maintenance income reaching N13.363 billion in half-year 2023 ranking the company 2nd in terms of account maintenance income. 

However, the holding company ranks 5th in terms of profit before tax growth.  The bank reported a 52.37% increase in PAT, reaching N135.441 billion in H1 2023. 

#1: Zenith Bank – N21.02 billion 

Zenith Bank sits comfortably in the top position having generated a sum of N21.02 billion from account maintenance, representing 28.91% of the total income of the 11 banks. Zenith Bank increased its account maintenance income by 6.32% compared to N19.77 billion that was made in half-year 2022. 

Similarly, the tier-1 giant printed a year-on-year 162% increase in its profit after tax to N291.73 billion compared to N111.413 billion recorded in the corresponding period of 2022.  


  • Stanbic IBTC – N2.643 billion 
  • Sterling Bank – N2.392 billion 
  • Fidelity Bank – N1.769 billion 
  • Wema Bank – N1.636 million 
  • Unity Bank – N745 million 


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