11 banks in Nigeria generated N72.723 billion as maintenance charges..

    In the first half of 2023, a total of 11 banks listed on the Nigerian Exchange collectively generated a substantial sum of N72.723 billion from account maintenance charges, reaffirming the significance of this revenue stream in the banking sector. These earnings reflect the fees charged by banks for maintaining and managing customer accounts, a practice common in the industry.

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    Here is a detailed ranking of the 11 banks based on their account maintenance earnings during the first half of 2023:

    1. Zenith Bank led the pack with the highest earnings, amassing an impressive N21.02 billion in account maintenance charges. This reflects the bank’s extensive customer base and efficient account management services.
    2. Access Holdings secured the second position with N13.363 billion in earnings, underlining its substantial account holder portfolio and competitive fee structure.
    3. GTCO (Guaranty Trust Bank) claimed the third spot, reporting N10.481 billion in account maintenance charges. The bank’s commitment to providing quality financial services is evident in these earnings.
    4. United Bank for Africa (UBA) ranked fourth, with N9.64 billion in earnings, indicating its ability to attract and retain a significant number of customers.
    5. First Bank, a longstanding financial institution, generated N5.19 billion in account maintenance charges, cementing its position as one of Nigeria’s leading banks.
    6. First City Monument Bank (FCMB) reported earnings of N3.85 billion, showcasing its ability to generate substantial revenue through account maintenance fees.
    7. Stanbic IBTC, a subsidiary of a multinational bank, earned N2.643 billion in account maintenance charges, benefiting from its robust customer base and diverse service offerings.
    8. Sterling Bank secured N2.392 billion in earnings, emphasizing its contribution to the sector’s revenue pool.
    9. Fidelity Bank generated N1.769 billion in account maintenance charges, reflecting its commitment to providing tailored banking solutions to its customers.
    10. Wema Bank, a dynamic player in the industry, reported earnings of N1.636 million from account maintenance fees, showcasing its competitiveness.
    11. Unity Bank rounded off the list with N745 million in account maintenance charges, underscoring its role in serving a portion of the banking market.

    These figures highlight the importance of account maintenance charges as a revenue source for Nigerian banks and signify the diversity and competitiveness within the country’s banking sector. It’s evident that customer base, efficient service delivery, and competitive fee structures are contributing factors to the earnings of these banks in the first half of 2023.

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