UBA, GTBank endure N18.9bn decline in electronic banking revenue
United Bank for Africa (UBA) and Guaranty Trust Bank Plc (GTBank), recorded a total drop of N18.97 billion in Electronic Banking revenue in the first six months of 2017, Daily Times finding have revealed.
Considering that the two commercial banks’ electronic banking income declared in first the six half (H1) of 2017, showed that United Bank of Africa (UBA) recorded electronic banking income slipped by 45.9 per cent or N8.3bn from N18.1bn in six months of 2016 to N9.78bn in six months of 2017.
As for GTBank, its electronic banking income dipped by 61.4 per cent or N10.6bn to N6.7bn, as against N17.26bn recorded in six months of 2016.
Earlier this week, Daily Times exclusively reported that 10 commercial bank including, Sterling Bank Plc, FCMB Group Plc and eight other DMBs operating in the country have declared a whopping N26.8bn on current account maintenance charges in the first six months of 2017.
Other lenders are, United Bank for Africa Plc (UBA), Zenith Bank Plc, Access Bank Plc, Guaranty Trust Bank Plc, First Bank of Nigeria Holdings Plc, Diamond Bank Plc, Union Bank of Nigeria Plc and Unity Bank Plc.
Although, we observed that out of the total contributed sum of N26.8bn generated from depositors’ current account maintenance, Tier-one banks accounted for N21.99bn during the period under review, and this represented a decline of 2.1 per cent from N22.46bn recorded in the corresponding period in 2016.
In fact, UBA account maintenance fee rose by 34.4 per cent from N1.9bn recorded in the first half of 2016 to N2.6bn in six months of 2017, while Access Bank, within the same period, recorded 54.4 per cent increase to N1.9bn from N1.26bn.
But Zenith Bank and First Bank of Nigeria Holdings Plc both declared depreciated figure of 6.69 per cent and 34.2 per cent drop, respectively, for the account maintenance fees during the considered period.
Therefore, Zenith Bank’s account maintenance fee, moved from N8.9bn to N8.3 billion while First Bank of Nigeria reported N4.2bn account maintenance fee in six months of 2017 from N6.4bn reported in prior six months of 2016.
