CBN Delays Release of Stanbic IBTC Half-Year Results

The delay in the filing of the audited financial statements of Stanbic IBTC Holdings Plc has been blamed on the Central Bank of Nigeria (CBN), the apex regulatory body for the banking sector in the country.

Stanbic IBTC and a couple of other financial institutions in the country are yet to submit their results to the Nigerian Stock Exchange (NSE) as required by the listing rules.

Giving an update on the state of the audited financial documents, the management of Stanbic IBTC explained that the delay is due to its inability to secure the CBN approval.

“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 for the Half-Year Audited Financial Statements (ended June 30, 2020, following which the said financial statements will then be released to the market,” the statement from the lender said.

However, the bank noted in the disclosure that it was “working diligently to ensure that our company’s 2020 Half -Year results are published on or before Friday, September 25, 2020.”

Giditrendz reports that the investing community is also expecting the release of the half-year results of UBA, GTBank, Access Bank and Zenith Bank.

It is believed that their results are with the CBN, which scrutinises them because they are released to the public.

After the results are considered and approved by the boards of banks, they are forwarded to the central bank for another approval before to are filed to the NSE.

But the stock exchange has rules on the submission of financial statements and failure to do so attracts fines, which are paid by the companies involved in the infraction.