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Top 10 Nigerian Banks With Highest Revenue In Account Maintenance



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Top 10 Nigerian Banks With Highest Revenue In Account Maintenance

Account maintenance charges generated N70.47 billion in revenue for Nigerian banks in the first half of the year, a 19.4% increase from N59.01 billion in the same period in 2021.

This is according to data derived from the quarterly financial statements of Nigerian stock exchange-listed commercial banks. The top earners were the top tier-1 banks, also known as FUGAZ (First Bank, UBA, GTCO, Access, and Zenith Bank). They topped the list of Nigerian banks with the highest income from current account maintenance during the review period.

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The account maintenance fee is charged on current accounts only for customer-induced debit transactions to third parties and debit transfers/lodges to the customer’s account in another bank, according to the Central Bank of Nigeria.

Account maintenance charges, while small in comparison to other revenue streams, account for a significant portion of a bank’s non-interest income. According to the CBN’s directive on bank charges, Nigerian banks may charge their customers a “negotiable” N1 per mille.

This means that banks may charge N1 for every N1000 in debit transactions on current accounts. Account maintenance fees are levied by banks in the form of COT (Commission on Turnover), which is a fee levied on customer withdrawals.

The Nigerian commercial banks are ranked below based on their account maintenance earnings in the first quarter of 2022.


Top 10 Nigerian Banks With Highest Revenue In Account Maintenance

1. Zenith Bank – N19.77 billion

Zenith Bank comfortably holds the top spot, having generated N19.77 billion from account maintenance, accounting for 28.1% of the total income of the 13 banks. Zenith Bank increased its account maintenance income by 24.3% from N15.9 billion in H1 2021.

Similarly, the tier-1 behemoth increased its profit after tax by 5% year on year to N111.4 billion, up from N106.1 billion in the same period in 2021. In comparison to other listed banks, Zenith Bank had the highest net profit, accounting for 22% of the industry’s total N501.1 billion in the period under review.

2. Access Bank – N12.04 billion

With a total asset value of N13.2 trillion, Access Bank, the country’s largest financial institution by customer base and total asset value, increased its account maintenance income by 10.9% year on year in H1 2022 to N12.04 billion from N10.86 billion.

Meanwhile, its profit after tax increased by only 2.1% to N88.74 billion from N86.94 billion in the same period in 2021.


3. GT Bank – N9.44 billion

GT Bank generated a sum of N9.44 billion from account maintenance income between January and June 2022. This represents a 20.9% increase compared to N7.8 billion recorded in the corresponding period of 2021, accounting for 13.4% of the total banks’ inflow.

However, its net profit dropped by 2.3% compared to N79.4 billion recorded as of the same period in the previous year to stand at N77.56 billion.

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4. FirstBank – N9.11 billion

FirstBank saw a 15% rise in account maintenance revenue, going from N7.93 billion in H1 2021 to N9.11 billion in H1 2022. It represented 12.9% of the sector’s overall revenue from account maintenance.


First Bank’s earnings after tax climbed dramatically year over year, rising from N38.09 billion in H1 2021 to N56.6 billion in H1 2022, a 48.6% rise.

5. UBA – N6.59 billion

United Bank for Africa ranked fifth on the list with account maintenance revenue of N6.59 billion, or 21.5% more than N5.43 billion reported in the same quarter of 2021.

Account maintenance revenue for the Pan African Bank made up 9.4% of the total N70.47 billion recorded by the 13 institutions under consideration. UBA’s earnings after tax increased by 16.1% year over year during the review period, reaching N70.33 billion.

Other Banks

6. FCMB – N3.32 billion


7. Stanbic IBTC – N2.37 billion

8. Fidelity Bank – N2.34 billion

9. Sterling Bank – N1.85 billion

10. Union Bank – N1.4 billion





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