GTBank leads 9 banks make N154b in H1 2023
By Jeph Ajobaju, Chief Copy Editor
Guaranty Trust Bank (GTBank) led nine banks that made N154 billion from electronic transaction fees in the first half of the year ending June (H1 2023).
The yield represents a 16.7 per cent year-on-year (YoY) rise compared to N131.97 billion in H1 2022, according to the financial statements of the banks.
The breakdown is as follows:
- Guaranty Trust Bank (GTBank) – N21.2 billion
- Access Bank – N43.9 billion
- Zenith Bank – N22.27 billion
- United Bank for Africa (UBA) – N51.07 billion
- Stanbic IBTC – N2.14 billion
- First City Monument Bank (FCMB) – N7.4 billion
- Unity Bank – N1.96 billion
- Fidelity Bank – N1.85 billion
- Wema Bank – N3.13 billion
Electronic banking enables transactions through electronic payment channels like internet banking, mobile banking, Automated Teller Machines (ATMs), Point of Sale (PoS), among others.
The rise in e-banking fees and commission means Nigerians’ adoption of epayment channels continues to increase.
Nigerian Interbank Settlement System (NIBSS) e-payment data for Q1 2023 shows epayment transactions volume grew 209 per cent YoY from 1.52 billion in Q1 2022 to 4.7 billion to Q1 2023.
epayment transactions value rose 48 per cent YoY from N92.85 trillion in Q1 2022 to N137.52 trillion in Q1 2023.
.__________________________________________________________________
Related articles:
Abuja makes N80.86b revenue from electronic transfer tax
Naira scarcity balloons epayment transactions value to N135.52tr
Mobile bank financial transactions rise to N1.8m
__________________________________________________________________
Maintenance fees and commission
The nine banks earned N66.7 billion revenue from account maintenance fees and commission income in H1 2023, a 14.7 per cent tick up YoY on N57.5 billion in H1 2022, per Vanguard.
Zenith Bank made the highest revenue in this category (N21.02 billion), followed by Access Bank (N13.36 billion), GTBank (N10.5 billion), UBA (N9.6 billion), FCMB (N3.85 billion), Fidelity Bank (N3.4 billion), Stanbic IBTC (N2.64 billion), Wema Bank (N1.63 billion), and Unity Bank ( N742.6 million).
UBA had the highest YoY growth of 47.6 per cent at N9.6 billion, up on N6.5 billion in H1 2022.
Cumulative net fees and commission income for the banks jumped 20.7 per cent YoY from N371.43 billion in H1 2022 to N448.47 billion in H1 2023.