FBN Holdings, 5 other banks generate N294.8bn from customers’ ATM charges, others

Six banks generated N294.83 billion from customers’ Automated Teller Machine (ATM) charges, among other fee and commission income in the half year ended June 30, 2023.

According to WesternPost findings, this is an increase of 24.23 per cent from N237.33 billion reported in H1 2022.

The five banks are FBN Holdings, Ecobank Transnational Incorporated (ETI), Fidelity Bank Plc, Wema Bank Plc, FCMB Group Plc and Sterling Financial Holdings Company Plc.

Other fees and commission income generated by the banks include accounts maintenance charge, E-business commission and fees.

In H1 2023, FBN Holdings generated N88.85 billion fee and commission income, a 26 per cent increase from N70.69 billion in H1 2022, while ETI announced N134.4 billion fee and commission income in H1 2023, a growth of nearly 20 per cent from N112.21 billion generated in H1 2022.

The Chief Executive Officer, FirstBank, Dr. Adesola Adeduntan in a statement said: “Given our extensive and diversified customer base of over 42 million customer accounts, our digital technology enabled processing capabilities that ensure we process over 12 per cent of industry’s payment volume, our future-proof and cutting-edge digital banking platforms with over 22 million users that enable us to process more than 95 per cent of customer-induced transactions on digital channels, the robustness of our balance sheet, and our institutionalised risk management culture and capabilities, we see a resilient franchise today and into the future.”

For Fidelity Bank, it declared N21.5 billion fee and commission in H1 2023, a growth of 49.5 per cent from N14.38 billion as FCMB group declared N28.5 billion fee and commission income from customers in H1 2023, a growth of 29 per cent from N22.07 billion reported in H1 2022.

In addition, Sterling Financial Holdings Company announced N11.6 billion fee and commission in H1 2023, a growth of 11 per cent from N10.5 billion in H1 2022 as Wema Bank reported N10.03 billion fee and commission in H1 2023, a growth of 34 per cent from N7.48 billion reported in H1 2022.