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UBA, Stanbic explain selves to NSE on delayed H1 financial reports



Delayed H1 financial reports

Two listed banks at the Nigerian Stock Exchange (NSE) have stepped forward to explain why they have not filed their respective financial results for the half year period ended June 30, 2020.

The lenders are the United Bank for Africa (UBA) and Stanbic IBTC Bank.

In different corporate fillings at the bourse in the early hours of Monday, the lenders both gave delays in regulatory approval of the reports by the Central Bank of Nigeria (CBN), their primary regulator, as the reason for the development.

According to the UBA in the filing titled “Delay In The Submission Of The Audited Group Financial Statements For The Half Year Ended June 30, 2020,” the market will get the report before the end of September.

The statement read, “United Bank for Africa Plc (the Bank) hereby notifies the Nigerian Stock Exchange (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.”

On the part of Stanbic IBTC, its board said in the statement signed by Chidi Okezie, its company secretary, that the half year result would have been presented to the bourse, shareholders and the investing public by Friday, September 25, 2020.

The statement read: “This is to inform The Nigerian Stock Exchange 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 PLC.

“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.”

Recall that BusinessMetricsNG had reported that quoted banks at the exchange which are dividend-paying stocks have not released the financial result of their performance in Q2, a development that has been inciting panic among investors.

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