Four Major Banks Postpone Release Of 2023 Financial Results

Four Major Banks Postpone Release Of 2023 Financial Results....KINDLY READ THE FULL STORY HERE▶

Four banks have announced a delay in submitting their audited results for the 2023 financial year. United Bank for Africa, Zenith Bank, Stanbic IBTC, and Wema Bank disclosed that they will not meet the deadline set by the Nigerian Exchange, which requires listed companies to file their previous year’s results by March 31.

The delay is attributed to the ongoing process of obtaining approval from the Central Bank of Nigeria, the sector regulator. UBA, in a notice to the Nigerian Exchange Limited, stated that its 2023 financial statements are undergoing review and approval by the regulatory authority, with an anticipated publication date on or before April 30, 2024.

Similarly, Wema Bank cited the need for regulatory approval before releasing its audited financial statements for the 2023 financial year to the public.

Zenith Bank, amidst its transition to a holding company, clarified that it submitted its audited financial statements to the Central Bank of Nigeria for final approval. The bank highlighted the completion of component audits of its subsidiary companies as a factor contributing to the delay.

Stanbic IBTC Holdings Plc echoed the sentiments, mentioning its ongoing efforts to secure approval from the Central Bank of Nigeria for the release of its 2023 full-year audited financial statements.

Investors are keenly awaiting these results as they make investment decisions, anticipating the impact on their portfolios.

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