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CBN yet to approve H1 financial reports of UBA, Stanbic IBTC

By on August 31, 2020 0 179 Views

Two lenders, the United Bank for Africa (UBA) and Stanbic IBTC on Monday said the release of their half year financial reports are being delayed as a result of the need to get the Central Bank of Nigeria (CBN) approval.
In separate regulatory filing with the Nigerian Stock Exchange (NSE), the banks said their half year financial reports which are due since June 30 and have breached “the extended regulatory filing deadline” will be submitted before the end of September.

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“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,” UBA stated in the filing signed by Bili Odum, its company secretary.
On its part, Stanbic IBTC said; “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 (“Stanbic IBTC”).

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“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,” Stanbic IBTC stated in the filing Chidi Okezie, its Company Secretary.

UBA had in a regulatory filing early in the month said it will pay interim dividends from profits made in the first half of 2020 to its shareholders.
However, the bank did not disclose the details of the half-year financial account as it must first submit the account to the CBN for regulatory scrutiny and approval before publishing the details.

Analysts said a delay in approval by the CBN could be caused by certain query on the financial report by the regulator, which the banks are yet to respond to.
CBN often raise queries on banks provisions for non-performing loans and other debt write off, which may violate the prudential guidelines of the regulatory bank.

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