GTCO generates N15.6 billion from account maintenance fees

Tier-one bank GTCO Plc has raked in account maintenance fees of N15.6 billion in the first half of this year.

This amount is higher by N5.2 billion compared to the N10.4 billion recorded by the bank in 2023.

According to the Central Bank of Nigeria (CBN), account maintenance fees are charged on current accounts only in respect of debit transactions made by customers to third parties and debit transfers/handovers to customers’ accounts in other banks.

The bank’s pre-tax profit jumped to N1 trillion in the first half of this year.

The first-tier bank recorded N494.5 billion in Q2 this year following N509.3 billion reported in the first quarter of this year.

GTCO disclosed this in its second quarter audited financial report submitted to the Nigerian Exchange Group (NGX).

One of the key drivers of the bank’s performance was a 177% increase in net interest income which jumped to N264.2 billion.

It is also the best net interest income reported by the bank for any quarter in its history.

Further details show that N361.9 billion was earned from its operations in Nigeria and another N255.9 billion from abroad.

However, Nigeria contributed N843.1 billion to profit before tax.

The bank also reported gross commissions and fees of N113.9 billion driven by e-business revenue of N32.5 billion and N16.3 billion in commissions on foreign exchange transactions.

GTCO also declared an interim dividend of N1 per share to its shareholders which is double the 50 kobo per share paid in the same period in 2023.

The bank’s share price closed at N45.45 per share, down 0.11%.

By: Babajide Okeowo

GTCO earns N15.6 billion from account maintenance fees first appeared on Latest Nigeria News | Top Stories from Ripples Nigeria.