Major banks are experiencing delay in the release of their first half financial results as the Central Bank of Nigeria (CBN) tightens examination and approval processes in a more intensive scrutiny of banks’ assets and quality of earnings.

Five major banks- Guaranty Trust Holdings Company (GTCO) Plc, Access Holdings Plc, Zenith Bank International Plc, United Bank for Africa (UBA) Plc and Stanbic IBTC Holdings Plc, which control more than two-thirds of the banking industry, are facing greater scrutiny of their financial results.

The banks, in separate statements, stated that they would not meet weekend’s deadline for the release of their audited results for the first half 2026, citing ongoing review of their financial statements by the CBN.

Banks that had approved their audited results and submitted same for onward examination and approval by the apex bank said they were still awaiting final approval of the apex bank.

Banks cannot make public their audited reports and accounts without prior and final approval of the apex bank.

GTCO, which had concluded its half-year report by July 28, and was ordinarily required to submit the audited report this weekend, has sought for extended timeline till September 30, 2026.

Also, Zenith Bank, which received board approval for its half-year report on July 29, stated that its report would now be released on or before October 9. Access Holdings has secured extension till September 30, while UBA said the release of its report is conditional upon receipt of apex bank’s approval.

An industry source said the delay might not be unconnected with the post-recapitalisation compliance enhancement programme of the apex bank, especially in testing the assets and earnings of the banks.

The apex bank was said to be taking proactive steps to ensure banks’ earnings and returns are sustainable, thus the additional layers of scrutiny for the major banks, all of which traditionally declare interim dividends on their half-year results.

A source said the position of the banks, which are regarded as systemically important institutions, and potential payouts to shareholders were part of the reasons for the intensive scrutiny.

The source noted that it was the first time that the banks would be submitting their audited results after the conclusion of the banking industry recapitalisation.

Post-listing rules at the Nigerian Exchange (NGX) require the five banks to submit their audited results and accounts for the first half ended June 30, 2026 not later than 60 days after the end of the period. The deadline expires on August 29.

With the CBN approval pending, the banks returned to the NGX to seek waiver and extension of the deadline, citing the need for primary regulatory approval before release of their results. (The Nation)

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