UBA, Stanbic, two other banks fail to file 2023 results

Onwubuke Melvin
Onwubuke Melvin

Four banks have disclosed that they will delay the filing of their audited results for 2023.

The United Bank for Africa, Zenith Bank, Stanbic IBTC, and Wema Bank had announced that they would not meet the deadline for the filing of their audited results for the last financial year.

The listed companies are expected to submit their results for the previous year by 31 March, according to the rules of the Nigerian Exchange, according to The Punch.

The majority of them revealed that the sector regulator, Nigeria’s central bank, had not yet given its approval.

UBA, in a notice filed with the NGX, said, “This is to inform The Nigerian Exchange Limited, our shareholders, and the general public that the 2023 Financial Statements and Reports for the year ended December 31, 2023, submitted to the Central Bank of Nigeria is undergoing the required review and approval process. Consequently, the bank has yet to publish its audited financial statements on the NGX portal.”

It intended that the results would be published no later than April 30, 2024.

Zenith Bank, which is about to transition into a holding company, announced in its corporate notice lodged with the Exchange “We have submitted our audited financial statements and accounts to the Central Bank of Nigeria for its final approval and had envisaged a delay because we recently concluded the component audit of our subsidiary companies.”

Similarly, Stanbic IBTC Holdings Plc toed the same line as it explained, “This delay is occasioned by the fact that we are currently seeking the approval of our primary regulator, the Central Bank of Nigeria for the 2023 full-year audited financial statements, following which the said financial statements will then be released to the market.”

Wema Bank also blamed its delay on the wait for regulatory approval, saying, “The bank is currently processing the approval of the accounts with one of its regulators, and upon receipt of the said approval, the bank will release the audited financial statements for the 2023 FYE to the public immediately.”

Investors have been eagerly anticipating the results of top banks as they reposition their portfolios.

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