A total of six banks generated N675.9bn from non-interest income in the first nine months of 2019, an increase of about 12 percent from the N606 billion generated by the banks in the same period last year.
Non-interest income is a bank’s income derived primarily from fees including deposit and transaction fees, annual fees, monthly account service charges, inactivity fees, cheque deposit slip fees and so on.
Of the six banks, United Bank for Africa Plc generated the highest in terms of percentage increase while Ecobank Transnational Incorporated (ETI) hit a record high in terms of value generated in the period under review.
From the bank’s unaudited financial statements for nine months ended September 30, 2019, UBA generated N107.08 billion in non-interest income, an increase of 22 percent from the N87.7 billion in the same period of 2018.
ETI reported a N227.2 billion non-interest income in the first nine months of 2019, representing an increase of 12 percent from the N203.44 billion reported in the same period of last year.
First Bank of Nigeria Limited reported an increase of 0.5 percent in its non-interest income to N75.9 billion in nine months ended September 30, 2019 from the N75.5 billion in nine months ended September 30, 2018.
Zenith Bank reported N156.7 billion non-interest income in the nine months of 2019, indicating a 21.7 per cent increase from the N128.7 billion recorded in the similar period of 2018.
Stanbic IBTC Holdings’ non-interest income grew by 2.5 percent to N81.9 billion from January to September 2019, up from the N79.9 billion reported in the same period of last year.
However, the non-interest income of Union Bank of Nigeria dropped by 11.7 percent to N27.1 billion in the same period of 2019 from N30.7 billion reported in the first nine months of 2018.