Four Banks Explains Delay In Releasing H1 2020 Audited Financial Statements

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bank ImagesFour Banks: Stanbic IBTC Bank Plc, United Bank for Africa (UBA) Plc, Guarantee Trust Bank (GTB) Plc and Zenith Bank Plc have explained the reasons for the delay in making their half-year 2020 audited financial statements available to the public.

The four banks made the explanations in separate letters signed by their respective company secretaries and published by the Nigerian Stock Exchange (NSE) today explains the cause of the delay to either be their auditors finalizing the statement or the Central Bank of Nigeria (CBN) approvals.

Stanbic IBTC in its letter stated that “This delay is occasioned by the fact that we are currently seeking the approval of our primary Regulator, the Central Bank of Nigeria (“CBN”) for the Half Year Audited Financial Statements, following which the said Financial Statements will then be released to the Market.

We are working diligently to ensure that our Company’s 2020 Half Year
Results are published on or before Friday 25 September 2020″.

UBA’s letter partly reads “Audited Financial Statements for the Half Year ended June 30, 2020, within the extended regulatory filing deadline as the Audited Financial Statements are still undergoing necessary regulatory approvals.

“However, the Bank is optimistic that the Audited Financial Statements will be submitted to the Exchange on or before September 29, 2020”.

Zenith Bank stated that “The delay is to enable banks to conclude all outstanding regulatory in the course of approval of the financial statements.

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Zenith Bank Plc is however optimistic that the report will be submitted to the Exchange on or before September 30, 2020″.

GTBank explains ” The Bank’s primary regulator is still in the process of reviewing the AFS and same would be released to the market upon receipt of the said approval“.

In view of the foregoing, the bank requested for an extension of the time from the Nigerian Stock Exchange to publish its AFS, subsequent to which 30 days extension was granted. Kindly be assured that if the approval of the primary Regulator is received earlier, the Bank’s AFS would be released to the market earlier than the period approved by the Exchange”. Nigerianbanker

 


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