Six biggest Nigerian banks earned N467.42bn fees, commissions in 2020

Six of the biggest commercial banks in Nigeria boosted their combined net fee and commission income to N467.42 billion last year from N466.88 billion in 2019.

Four of the banks earned more fee and commission income last year while the remaining two saw a decline, according to their audited financial statements obtained by Markets Reporters.

The net fee and commission income is the second source of revenue for banks, with net interest income being the main source.

FBN Holdings Plc, the holding company of First Bank of Nigeria Limited, earned the largest net fee and commission income of N93.78 billion in 2020, up from N82.89 billion in the previous year.

It was followed by Access Bank Plc, whose net fee and commission income rose to N93.57 billion last year from N74.05 billion in 2019.

The United Bank for Africa Plc saw its net fee and commission income increase to N82.61 billion in 2019 from N80.00 billion a year earlier.

Stanbic IBTC Holdings Plc reported a net fee and commission revenue of N71.19 billion last year, up from N70.39 billion in 2019.

Zenith Bank Plc’s income on fees and commission plunged to N79.33 billion from N100.11 billion while that of Guaranty Trust Bank Plc dropped to N46.94 billion from N59.44 billion.