These 6 Nigerian banks made N261m from charges in 9 months – Finance

 

  • Six Nigerian banks made over N260 million from charges and commissions in 9 months

  • The amount comprises of bank charges, account maintenance charges, fees on electronic products and others.

  • An analysis of the fees and commission figures show that UBA, Access Bank and Zenith Bank led with highest deductions.


Six Nigerian banks made over N260 million from fees and commissions from January to September 2018, an analysis of the banks’ financial statements by Business Insider Sub-Saharan Africa has shown.

The amount comprises of bank charges, account maintenance charges, fees on electronic products and others within the last 9 months.

The banks reviewed by BISSA include Access Bank, Zenith Bank, Guaranty Trust Bank (GTB), United Bank for Africa (UBA), Wema Bank and Sterling Bank.

An analysis of the fees and commission figures show that UBA, Access Bank and Zenith Bank led with highest deductions for the period under review.

The details are contained in the banks’ interim consolidated financial statements for the period ended September 30, 2018.

 

From the figures, Zenith Bank made N69.9 million from the fees and commission for the period while UBA and Access Bank made N69.2 million and N43.5 million respectively.

Access Bank was followed closely by GTBank with N40.3 million, Sterling Bank with N10.7 million and Wema Bank with a single digit of N5.4 million.

Here’s a further breakdown of how much the banks made from account maintenance and charges below:

GTBank

Account Maintenance – N8.3 million

E-business income – N6.7 million

Account services, maintenance and ancillary bank charges – N3.7 million

Zenith Bank

Fees on electronic products – N17.6 million

Current account maintenance – N14.6 million

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Ajose Adeogun road

(Jumia)

 

United Bank For Africa (UBA)

Account maintenance fees – N4.4 million

Electronic banking fee – N5.1 million

Access Bank

Account maintenance charge and handling commission – N4.5 million

Commission on e-business income (Electronic channels, ATM cards and other related services) – N5.5 million

Wema Bank

Retail banking charges – N3.2 million

Corporate banking commission – N1.2 million

Other charges (Not stated) – N1 million

Sterling Bank

Account Maintenance fee – N1.4 million

E-business commission and fees –  N3.4 million

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