Fidelity, GTB Give Reasons For Delaying H1 Report |The Source

By Fola James

Fidelity Bank Plc has notified the Nigerian Stock Exchange that it will file its half year financial report by September 28, sequel to approval by the Central Bank of Nigeria, CBN.

Guaranty Trust Bank, GTB and three others; United Bank for Africa, UBA , Zenith and Stanbic IBTC, had earlier issued similar notice to NSE.

According to the notice signed by Wzinwa Unuigboje, the company’s secretary, the Nnamdi Okonkwo led DMB said it has submitted the audited accounts to CBN, waiting to be approved after which it will now be published on the floor of NSE.

The bank further stated that “The Exchange has granted a 30-day extension of time to file the Bank’s Audited Half Year Financial Statements for the period ended June 30, 2020 (2020 H1 AFS). The Bank expects to publish the 2020 H1 AFS on or before September 28, 2020.

“In addition, kindly be informed that the trading window for dealings on the Bank’s shared shall remain closed to all insiders until 24 hours after the release of the Bank’s 2020 H1 AFS.”

Four other banks have all notified NSE on the delay in the approval of their financial reports for the first six months of the year by the CBN.

“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,” stated Stanbic IBTC Secretary, Chidi Okezie.

Zenith Bank, in a statement signed by Michael Osilama Otu, its company secretary, said: “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.”

Erih Obebeduo, Guaranty Trust Bank’s company secretary, said the CBN has yet to approve the audited financial statements.

“In view of the foregoing, the bank requested an extension of time from the exchange to publish its audited financial statements, subsequent to which a 30-day extension was granted.

“However, kindly be assured (to stakeholders and investing public) that if the approval from the primary regulator is received earlier, the bank’s audited financial statements would be released to the market earlier than the period approved by the exchange,” the bank said.

The United Bank for Africa, UBA in a statement signed by Bili Odum, its group company secretary, said the bank “optimistic that the audited financial statements will be submitted to the exchange on or before September 29, 2020”.