NGX earnings season: MTN Nigeria, Zenith Bank lead H1 reporting in July
By Aboki Forex —
At least 18 companies listed on the Nigerian Exchange (NGX) will hold board meetings and file half-year or second-quarter unaudited results throughout July 2026, with telecom giant MTN Nigeria and banking heavyweight Zenith Bank leading the pack. The reporting schedule, drawn from the NGX Corporate Disclosures Calendar, shows most activity clustering around the final week of July.
Key dates and companies filing
July 30 is the busiest day, with board meetings or filings scheduled for at least eight companies. These include MTN Nigeria, Zenith Bank, Access Holdings, Nigerian Breweries, Unilever Nigeria, May & Baker, and AXA Mansard. Julius Berger rounds out the month with its Q2 filing due on July 31, a day after its board meeting.
Earlier board meetings set the tone. SUNU Assurances Nigeria Plc meets on July 21, Abbey Mortgage Bank Plc on July 22, and Unilever Nigeria Plc on July 23 to consider and approve their financial statements. Other notable dates include July 28 for Lafarge Africa and Mecure Industries, and July 29 for MTN Nigeria's board meeting to approve its H1 results.
MTN Nigeria: riding a strong quarter
MTN Nigeria heads into its H1 filing on strong footing. The telecom giant reported a pre-tax profit of N546.42 billion for Q1 2026, a 169.64% increase compared to N202.65 billion in Q1 2025. This was its second-best quarterly pre-tax profit since listing, just 4% below the N569.59 billion recorded in Q4 2025.
Q1 revenue climbed 41.6% year-on-year to N1.49 trillion, driven by stronger data consumption, tariff adjustments from early 2025, subscriber growth, and expanding digital services. MTN recorded a net FX gain of N90.27 billion in 2025, followed by another N33.3 billion FX gain in Q1 2026, a key driver of its return to profitability. The company's board proposed a final dividend of N15 per share for 2025, bringing total dividends to N20 per share. Agusto & Co. upgraded MTN's long-term rating to Aaa from Aa+, citing strong cash flow and low leverage. The stock traded at N780 as of July 8.
Zenith Bank and Access Holdings: steady growth
Zenith Bank goes into its July 30 board meeting after a steady start to the year. Q1 2026 group profit before tax rose 2.87% year-on-year to N360.92 billion, while profit after tax increased 0.69% to N314.02 billion. Gross revenue crossed N1 trillion at N1.01 trillion, a 6.14% increase, supported by strong interest income of N869.10 billion. Non-interest income surged, with net fee and commission income up 44.53% to N81.05 billion, though loan impairments rose 16.53% to N57.57 billion. Zenith Bank earlier became the first Nigerian bank to surpass a N5 trillion market capitalisation.
Access Holdings reports both a board meeting and filing on July 30. Q1 2026 group pre-tax profit grew 22.19% to N272.210 billion, driven by strong non-interest income growth of 19% to N444.683 billion. Interest income declined 9% to N895.034 billion. This follows a record 2025 full year where profit before tax crossed N1 trillion for the first time, rising 16.2% to N1.01 trillion.
For investors and analysts, the H1 numbers will provide a clearer picture of corporate earnings amid a challenging macroeconomic environment, with implications for the naira and consumer spending as companies report their financial health.