GTCO makes N15.6bn from account maintenance charges

Tier -1 bank, GTCO Plc, has raked in the sum of N15.6 billion as account maintenance charges in the first half of this year.

This was N5.2 billion higher than 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 customer-induced debit transactions to third parties and debit transfers/lodgements to the customer’s account in another bank

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

The tier-1 bank recorded N494.5 billion in Q2 of the year following the N509.3 billion reported in the first quarter of the year.

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

READ ALSO: GTCO profit rises by 184.5%, hits N609.3bn for 2023

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

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

A further breakdown showed that N361.9 billion was earned from its Nigerian operations and another N255.9 billion from outside the country.

However, Nigeria contributed N843.1 billion to pre-tax profits.

The bank also reported gross commission and fees of N113.9 billion which was driven by e-business income of N32.5 billion and N16.3 billion in commission on foreign exchange deals.

GTCO also declared an interim dividend per share of N1 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

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