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Fidelity financial report

Fidelity Bank says H1 financial report to ready Sept 28

By on September 1, 2020 2 257 Views

Nigeria’s Fidelity Bank on Tuesday said its half year financial report will be made available to its stakeholders through the Nigerian Stock Exchange (NSE) on September 28, after approval by the regulator.
In a regulatory filing, the lender said it has “completed and the audited accounts submitted to our primary regulator, the Central Bank of Nigeria for approval.”

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According to the filing signed by Wzinwa Unuigboje, its company secretary, the bank said “the audited accounts will be published on the foor of The Exchange” after the CBN approval, which is still pending.

“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.” the bank said

In the last few days, the United Bank of Africa (UBA), Stanbic IBTC and Zenith Bank have all issued statements on the delay in the approval of their financial reports for the first six months of the year by the regulatory bank.

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The lenders have stated that they are experiencing a slight delay in the release of the 2020 Half Year Audited Financial Statements.
“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.

Both UBA, Stanbic IBTC and Zenith Bank have all differed the submission date for their statements of accounts and financial reports till further date in September, riding on the extension of 30-day moratorium by the NSE.

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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