Zenith, GTB, Others Earn N15.7bn Account Maintenance Charges in Q1 2019

• Zenith, GTB, Others Earn N15.7bn Account Maintenance Charges in Q1 2019

Top Nigerian banks profit big from Account Maintenance Charges levied on customers during the first quarter of the year.

The banks, which released their financial results for the quarter last week, generated a total of N15.7 billion.

A break down of the financial results showed Zenith Bank, Access Bank, Guaranty Trust Bank (GTBank), United Bank for Africa (UBA) and First Bank Account Maintenance Charges surged by 18.94 percent or N2.5 billion during the first quarter, more than the N13.2 billion realised in the same quarter of 2018.

In the first quarter, Zenith Bank netted the highest among the five top banks, generated N5.2388 billion or 33.3 percent of the total amount, up from N4.962 billion it generated in the first quarter of 2018.

First Bank realised N3.218 billion in Q1 2019 against N2.986 billion in Q1 2018, GTBank raked N3.045 billion in the same period, up from N2.745 billion earned a year ago.

Access Bank came fourth with N2.212 billion from Account Maintenance Charges against N896 million in Q1 2018.

While UBA upped its Account Maintenance Charges from N1.598 billion to N1.967 billion in Q1 2019.