See the top Nigerian banks with highest earnings from fees and commission

• Nine commercialized banks person recorded robust net from fees and commissions successful 2024
• A breakdown of the bank’s financials shows that the full net from the bank’s fees and commissions reached N2.59 trillion
• The banks were led by United Bank for Africa (UBA), Access Bank, GTBank, and Zenith Bank, among others

Legit.ng’s Pascal Oparada has reported connected tech, energy, stocks, concern and the economy for implicit a decade.

Nine Nigerian banks earned astir N2.59 trillion successful fees and committee gross successful 2024.

Reports from the banks’ fiscal statements for 2024 released by the Nigerian Exchange Limited showed that they see Stanbic IBTC Holdings, FCMB Group, Wema Bank, UBA, Fidelity Bank, Guaranty Trust Holding Company, Zenith Bank, Access Holdings, and First Holdco.

Nine banks recorded N2.59 trillion gross from fees and commissions successful 2024. Credit: Bloomberg/Contributor
Source: Getty Images

Banks gain from relationship attraction and others

Fees and committee income are gross earned from assorted fees and commissions charged for services to customers.

They see charges for relationship maintenance, transaction fees, and fees regarding recognition paper purchases, integer banking, and different fiscal services.

UBA led the battalion among the 9 banks with N589 cardinal generated from fees and commissions successful 2024 alone. The net correspond a 91.8% emergence from N307.3 cardinal successful 2023.

The bank’s net were driven by higher overseas currency transaction fees, an summation successful credit-related income, and integer services crossed its operations successful Africa.

The banks with the largest fees and committee income

Access Holdings generated N514.1 cardinal successful 2024, an 85.4% summation from N277.5 cardinal successful the erstwhile year.

The summation was owed to the bank’s enlargement successful integer banking services, particularly credit-related fees and commissions.

First Bank recorded a 38.2% maturation arsenic fees and commissions deed N304.5 cardinal successful 2024 from N220.3 cardinal the erstwhile year, driven mostly by the bank’s integer maturation and overseas exchange-related transactions.

Guaranty Trust Bank recorded a robust 78.3% rise, with fees and commissions, hitting N221.2 cardinal past twelvemonth from N124.2 cardinal the erstwhile year.

Zenith Bank saw a beardown 89.4% maturation successful interest and committee income, hitting N206.9 cardinal successful 2024, from N109.3 cardinal successful 2023.

Stanbic IBTC recorded a 54.5% emergence successful fees and commissions astatine N170.4 cardinal successful 2024, up from N110.3 cardinal the erstwhile year.

Wema Bank experienced a robust increase, with commissions and fees rising by 123.7% to N55.6 cardinal successful 2024, from N24.96 billion.

Fidelity Bank reported a 30.6% emergence successful interest and committee income to N73.3 cardinal successful 2024 from N56.1 cardinal successful 2023.

FCMB experienced a 29.3% summation successful interest and committee income, which climbed to N58.8 cardinal from N45.4 cardinal successful 2023.

Fidelity Bank besides posted a coagulated maturation of 30.6 per cent successful interest and committee income, which climbed to N73.3bn successful 2024, up from N56.1bn successful 2023.

FCMB Group Plc recorded a 29.3 per cent summation successful interest and committee income, which roseate to N58.8bn successful 2024 from N45.4bn successful 2023.

Experts explicate the crushed for the surge

Punch reports that experts person attributed the summation to the displacement from cash-based transactions to digital.

According to them, alternate banking channels adopted by Nigerians, specified arsenic online transactions, PoS, and mobile transfers, person importantly affected the banks’ net from fees and commissions.

10 Banks Debit Customers Over N1trn

The improvement comes arsenic 10 starring Nigerian banks raked successful a combined N1.01 trillion from relationship attraction fees, physics banking charges, and integer transaction services successful 2024. 

The fig is simply a important summation from N688.64 cardinal recorded successful 2023.

Electronic banking income represents income taken connected transactions processed via physics channels specified arsenic ATMs, point-of-sale (PoS), mobile banking, USSD platforms, and recognition and debit paper transactions. 

The 10 banks surveyed are Access Holdings, First City Monument Bank, Fidelity Bank, First Bank, Guaranty Trust Holding Company(GTCO), Stanbic IBTC, Sterling Bank, United Bank for Africa, Wema Bank, and Zenith Bank.

UBA pb the complaint arsenic Nigerian banks rake successful N2.59 trillion from fees and commissions. Credit: Bloomberg/Contributor
Source: Getty Images

Legit.ng investigation showed that United Bank for Africa (UBA), Access Bank, and Zenith Bank topped the net chart, accounting for much than 47% of the full integer income, according to a reappraisal of fiscal statements by the banks.

Banks reap N14tn from loans to customers

Legit.ng earlier reported that 9 starring banks earned a full of N14.26 trillion successful involvement income successful 2024, a crisp emergence compared to the N6.49 trillion they recorded the twelvemonth before.

This income came from loans they gave to customers, according to their audited fiscal statements submitted to the Nigerian Exchange Limited.

According to the Corporate Finance Institute, involvement income is the magnitude paid to an entity for lending its money oregon letting different entity (individual oregon corporate) usage its funds.

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Source: Legit.ng