Again, StanbicIBTC delays filing H1 2023 financial report, blames CBN
StanbicIBTC Holdings Plc has blamed the Central Bank of Nigeria (CBN) for the delay in filing its half year (H1) financial results at the Exchange Limited (NGX).
However, this is not the first time the bank has failed to meet deadline in filing its financial report to the NGX, as findings also showed that its 2022 annual report was only filed in March 2023.
As many as seven commercial banks operating in the country, also delayed filing their 2022 financial year report to the NGX.
The H1 report was meant to have been filed before the CBN in July, latest, however, 23 days after the deadline for filing, the StanbicIBTC is yet to comply with the regulatory’s directive.
Meanwhile, in a notice to shareholders and customers, explaining the delay, the commercial bank blamed the CBN for the situation, adding that the latter is yet to approve the report it had filed to it.
According to StanbicIBTC, when the CBN approves the report, it is then made public at the NGX.
“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, following which financial statements will then be released to the market,” the bank said.
According to financial watchers, the trend by commercial banks operating in the country to continuously blame the CBN for delays in filing their financial reports at the NGX has become worrying.
As part of post-listing requirements, listed companies are mandated to file their financial results at appropriate dates and when delayed to notify the NGX of the same.
However, with the reluctance by the CBN to wield the big stick, culprits are given an escape route, as the NGX will instead hesitate in sanctioning the defaulting the banks.
“What usually happens is that some of these banks deliberately file their financial reports too late and expect the CBN to do a rush job of verification and auditing. They then turn to the NGX to blame the CBN for being the ones delaying the report,” Mr Tony Okere, a Lagos-based financial expert told Oracle Today newspaper.
Meanwhile, two other banks also delayed filing their financial statements to the NGX.
They are the United Bank for Africa Plc, Zenith Bank Plc.
“The delay is to enable the bank to attend to some outstanding post audit issues in the course of approval of the financial statements,” Zenith Bank stated.
On its part, UBA failed to give a reason for the delay, merely stating that insiders and parties close to it were still barred from trading in its shares as its closed period is still in place.
“All insiders of the bank are hereby reminded that the trading window for dealing in the bank’s shares will remain closed to them and their connected persons until 24 hours have elapsed after the release of the audited financial statements,” the bank said.
