The publication of audited Half-Year (H1) 2026 financial statements for top Tier-1 and Tier-2 lenders notably Access Holdings Plc, United Bank for Africa (UBA) and Fidelity Bank Plc remains in limbo as the Central Bank of Nigeria (CBN) steps up oversight of commercial banks’ asset quality, credit provisioning, and foreign currency risk exposures.
Access Holdings Plc, Nigeria’s largest lender by assets, has yet to publish its half-year results, 114 days after the period ended and 24 days into the fourth quarter.
United Bank for Africa (UBA) and Fidelity Bank Plc are in the same position, meaning that investors are trading all three stocks on numbers that are now more than six months old.
The lenders however say their audited accounts for the six months to June 30 are “subject to receipt of regulatory approval” from the Central Bank of Nigeria (CBN).
The CBN’s heightened review reflects a systemic regulatory effort to stress-test bank balance sheets against elevated loan impairments, ongoing capital adequacy requirements, and sovereign restructuring risks across Pan-African subsidiaries before clearing interim audited accounts for public release.
None of the banks have given a new publication date, even as most tier-one peers have already reported Half-Year results including: GTCO, Zenith Bank, Stanbic IBTC and First HoldCo.
Access last reported its financial results in April. First-quarter profit after tax rose 18.5% to ₦216.54 billion from ₦182.75 billion, according to its unaudited Q1 2026 statements.
The CBN’s extended review aligns with early balance-sheet signals in Q1 2026. Access Holdings recorded a 239% spike in credit impairment charges to ₦73.81 billion in Q1, and the group reported a capital adequacy ratio of 17.25%.
UBA’s Profit Before Tax (PBT) in Q1, 2026 fell 21.4% to ₦160.66 billion, down from ₦204.26 billion, while Profit After Tax (PAT) was down 22.8% to ₦146.62 billion in the same period.
Fidelity’s first-quarter profit after tax fell 18.2% to ₦74.47 billion from ₦91.10 billion. Gross earnings climbed 37.9% to ₦434.95 billion as rising funding costs and loan impairments squeezed margins.
Waiting on the Regulator
Access’s board approved the half-year accounts on Aug. 27. The Nigerian Exchange then extended the filing deadline to Sept. 30. On Oct. 2 the exchange granted a further extension with no fixed date.
Access said it “will publish the results promptly upon receipt of the required approval.”
Fidelity got a further extension in a notice dated Oct. 5. Its insider trading window will stay closed until 24 hours after both the half-year and third-quarter accounts are released.
UBA’s Board of Directors considered and approved the half-year audited accounts on August 13, 2026. The bank secured an extension from the Nigerian Exchange Limited (NGX) moving the filing deadline to September 30, 2026. However, the Half-Year results are still being awaited as at news time and well into the fourth quarter.
According to sources, the central bank has stepped up its review of banks’ asset quality and earnings sustainability, which could be delaying the results release.
This is the first set of audited accounts filed since the industry’s recapitalisation, and it comes ahead of possible interim dividends.
Questions Over Capital
Some market participants doubt the regulator is the only reason for the delay.
“These banks seem to want to blame the CBN for their failure to release their results as at when due. I think it’s time for the CBN to clarify the situation,” said a person familiar with the matter, who asked not to be identified.
“What we hear is that there may be issues regarding capital adequacy or need to raise more capital.”
There was no public statement from either bank saying it needs fresh capital, and no comment from the CBN on the delays.
Access’s last published capital ratio of 17.25% was well above regulatory minimums. Fidelity said it lifted its qualifying capital above the ₦500 billion threshold for international banks through a private placement.
UBA, Access, Fidelity Stocks Stuck in a Range
Without fresh numbers, none of the three stocks have broken out of their set trading range over the past year.
Access has traded mostly between ₦20 and ₦30 this year: buyers step in near the bottom of that range and sellers take profits near the top. The shares fell 0.93% to ₦26.50 on Friday Oct. 23, about 27% below its 52-week high of ₦36. Fidelity stock has stayed between ₦17.10 and ₦24.25 over the past year and closed at ₦24 on Oct. 23.
UBA has traded at a range between ₦40 and ₦50 per share in the past year. The stock closed trading near the bottom of that range at ₦40.70 per share as investors have sold the stock since the release of disappointing Q1, results and lack of clarity since for when Half-year numbers will be out.
Access trades at about 0.36 times book value, one of the lowest valuations among Nigeria’s large banks, UBA at 0.43 times book and Fidelity at about 0.8 times, on Bloomberg data.
Those ratios use March balance sheets that are now more than six months old.
