A total of four listed banks have announced delay filing of audited result and accounts for half year (H1) ended June 30, 2020.
The four banks are Zenith Bank plc, Guaranty Trust Bank Plc (GTBank), United Bank for Africa (UBA) plc and Stanbic IBTC Holdings plc.
The mentioned four banks on The Nigerian Stock Exchange (NSE) announced the delay on Monday.
Zenith Bank in a statement announced extension of releasing its audited results till September.
The lender in a statement on the NSE on Monday, attributed the delay to plans to meet all requirement of the Central Bank of Nigeria (CBN).
The Company Secretary/General Counsel of the bank, Michael Otu, in a signed statement said, “Zenith Bank wishes to notify the NSE and the investing public of a slight delay in the release of the Audited half year financial reports by the Bank.
“The delay is to enable the bank conclude all outstanding regulatory requirements in the course of approval of the financial statements. Zenith bank is however optimistic that the reports will be submitted to The Exchange on or before September 30, 2020.”
With the news, the shares of Zenith bank depreciated on Monday by 0.59 per cent to close at N16.75 per share.
Otu in a statement in July expressed that the management of the bank at its meeting considered and approved the 2020 half year audited results of the group and the payment of an interim dividend, subject to the approval of the CBN.
In his statement, he explained that, “The NSE and the investing public would be notified upon receipt of the approval of the CBN of the 2020 half year audited accounts and financial statements.”
It would be recalled that in first quarter of 2020 (Q1), Zenith Bank Group recorded a six per cent increase in Gross Earnings from N158.1 billion in March 2019 to N166.8 billion for the period.
This top line growth is an outcome of the 43per cent expansion in non-interest income from N32.7 billion in the prior-year period to N46.6 billion in March 2020. Non-interest income growth was driven by a 98 per cent surge in trading income from N7.8 billion in March 2019 to N15.5billion in the quarter.
Profit before tax improved three per cent from N57.3 billion in the prior-year period to N58.8 billion in March 2020. Increased profits benefited from the twin effects of continuing top-line growth and focused cost-of-funds optimisation.
The company secretary, GTBank, Mr. Erhi Obededuo in a signed statement said, “The Shareholders and the investing public are kindly informed that following the consideration of the Bank’s Audited Half-Year Financial Statement (AFS) for the period ended June 30, 2020, by the Board on July 22, 2020, steps were taken to finalise the AFS with the Bank’s external auditors and same submitted to the Bank’s Primary Regulator for approval before release of same to the market.
“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 an extension of time from The Exchange to publish its AFS, subsequent to which a 30-day extension was granted. However, kindly be assured that if the approval from the primary Regulator is received earlier, the Bank’s AFS would be released to the market earlier than the period approved by The Exchange.”
For UBA, the Group Company Secretary, Bili Odum in a statement also noted that, “United Bank for Africa Plc (the Bank) hereby notifies the Exchange, its esteemed shareholders, stakeholders and the investing public of the delay in the filing of its 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.”
In addition, Company Secretary, Stanbic IBTC Holdings, Chidi Okezie, This is to inform The NSE as well as our Esteemed Stakeholders that we are experiencing a slight delay in the release of the 2020 Half Year Audited Financial Statements for Stanbic IBTC Holdings.
This delay is occasioned by the fact that we are currently seeking the approval of our primary Regulator, the 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.”