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How FCMB, UBA, GTCO, others raked in N69.35bn from depositors accounts in 2021
Fred Omotara, Lagos
Analysts have revealed how six banks gained a total of N69.35 billion in 2021 as income from maintenance of customers’ accounts, report have shown.
A bank charges maintenance fee, which could be deducted monthly or annually, on a holder’s account.
The institutions whose financial reports were assessed are First City Monument Bank (FCMB) Plc, Wema Bank, Sterling Bank, United Bank for Africa (UBA) and Guaranty Trust Holding Company Plc (GTCO).
The banking firms collectively made N69.35bn between January and December 2021, compared to the sum of N49.69bn they earned in the corresponding period of 2020.
Analysis of the full-year financial reports of the six firms from the Nigerian Exchange Group (NGX) indicated that the figure increased in 2021 by N19.65bn, representing a 39.56 per cent leap.