Four banks have posted N979.77 billion as Profit Before Tax for the first quarter of 2025 ended March 31.
The banks’ quarter I unaudited financial statements posted on the Nigerian Exchange Group platform reveal that all the banks recorded an increase in their gross earnings.
The charges ranged from Teleco fees, SMS alert charges, Value Added Tax charges, Electronic money transfers, and interest reduction, among others.
The figure represents a 120.8 percent increase from the amount recorded during the corresponding period in 2024.
The banks analysed include Guaranty Trust Holding Company, Zenith Bank Plc, Fidelity Bank Plc and Access Holdings Plc.
GTCO posted a Profit Before Tax (PBT) of N300.4 billion on the back of strong performance posted on the earnings of interest income, which grew year-on-year by 41.1 percent and fee income up by 41.2 percent.
Zenith Bank recorded N949.86 billion in gross earnings in Q1 against N780.6 billion posted in the same quarter of 2024.
Zenith Bank’s Profit After Tax (PAT) rose from N258.3 billion in the first quarter of 2024 to N311.8 billion in the same period of 2025.
Access Holdings Plc recorded N222.78 billion as Profit for the period against N202.74 billion recorded in the same period of 2024.
Similarly, Fidelity Bank’s gross earnings grew from N192 billion in Q1 2024 to N315.4 billion in 2025, while the profit for the period also grew from N31.4 billion recorded in 2024 to N91.1 billion in the same period of 2025.
Reacting to the development, some of the bank customers called on the Central Bank of Nigeria to look into undue transaction charges by banks.
Some of the customers who spoke to NAN described the charges as unfair and uncalled for.
Mr Okechukwu Unegbu, a former President of the Chartered Institute of Bankers of Nigeria said that banks usually initiate all forms of charges at the expense of their customers.
Unegbu who regretted that banks even charge electronic transfer levy on cheques, said it was about time for customers to hold banks accountable.
”Banks charge all sorts, even illegal charges, and if customers complain, they won’t respond because they feel that the money is not much,” he said.
Dr Anthony Nnadi, a customer of Guaranty Trust Holding Company and Access Holdings Plc, said he received a message from the GTCO concerning an SMS alert charge increase.
Nnadi who said he had continuously received debit alerts from his banks on various transaction charges, regretted that customers bore the heat of recapitalisation.
He called on the CBN to review and monitor banks’ transaction charges to bring discipline to the system.
Mrs Catherine Omale, a Zenith Bank customer, appealed to the CBN to check the excesses of some banks, who were allegedly defrauding customers and posting huge profits.
