Seven Nigerian Banks raked in over N145 billion in Fees and commission income in the first quarter of 2019.
The seven banks in no particular order are: Zenith, UBA, Access, GTBank, First Bank and Ecobank, they are the nation’s biggest banks in terms of Balance Sheet size and they also are the biggest in terms of profitability. They are the banks that have double digit figures in all their income lines.
Fees and Commission income are an important element of the bank’s Non-Interest income and they includes: Account Maintenance fees , Loan related fees, LC Commission, E-business incomes, Charges on financial advisory services, Commission on collections, Commission on FX transactions and other income that are not interest related.
A review of their Fees and Commission income of the seven Nigerian banks revealed that FBN had the highest growth of 26% when Q1, 2018 is compared to Q1, 2019 increasing the figures from N16b to N20b followed by GTBank from N14b to N18b, Ecobank grew its Fees income from N32b to N39b, Zenith from N19 to N21b and UBA from N15b to N17billion with growth of 24%, 21%, 15% and 12% growth respectively. While Access bank and Stanbic IBTC has negative growth of -6 percent each, dropping their Fee income figures from N14b to N13b and from N18b To N17b respectively.
Eco Transnational Incorporated (ETI), the parent company of Ecobank.
The bank closed the quarter with the highest Fee income among the seven banks and indeed among all banks in Nigeria. Ecobank is expectedly riding on its spread across Africa with presence in 36 countries to boost its Fee income. See the bank Q1 analysis
Zenith bank is Nigeria’s biggest bank by balance sheet size has remained consistent in delivering value to its shareholder.
The bank is also one of the most profitable banks in Nigeria, winning multiple awards in customers service and technological innovations. See Zenith’s Q1 analysis
First Bank is undisputedly the nation’s most consistent bank brand.
With the spread visible in every local government in Nigeria and loyalty among all age brackets. The bank has used its ability to transform itself from an old-generation bank to a modern banking institution using technology to remain indelible in the banking industry in Nigeria. Firstbank rode on significant growth in e-business income to boost Q1 nets
Also the most popular bank brand among the millennials, the bank rides in it consistent deployment of banking technologies to take its customers away from the banking halls. The bank recently carted away 8 of the 12 e-payment awards at the 2019, CBN, EPIS awards. See GTBank Q1 reports
UBA, the Pan-African bank.
Is Nigeria’s indigenous bank with most presence in other African countries. The bank according to it chairman is living up to its name as a true pan-African bank. See UBA Q1 reports
Access Bank, the most disruptive financial institutions in the Nigerian banking industry in terms of growth.
The bank has achieved its size and place among the big banks through acquisition of other institutions. The industry anxiously looks forward to what Access Bank will do with its new size after the recent acquisition of Diamond Bank. Here is Access’s Q1