The bank in a regulatory filing with the NSE explained that the delay was as a result of the resignation of 12 of the sixteen Directors on the Board of the Bank on July 4, following which the CBN appointed a new GMD/CEO, Chairman and five other Directors on the Board.
The lender said another reason for the request to extend results submission was as a result of an initial extension of time to file the 2015 Annual Financial Statements as a result of the delay in the company’s annual audit due to the glitches faced with the integration with Mainstreet Bank Limited which was approved mid-2015.
The Bank however said it is currently auditing its 1H16 results and hoped that the audit process would be completed soon, with the Interim results to be filed by September 30, 2016.
Recently released full year results for the 2015 financial year of the bank, showcased a loss of N40.7 billion, which represents a 317.6 percent decline from a profit after tax of N18.7 billion recorded in the 2014 financial year.
Interest income appreciated 18.6 percent to N127.9 billion from N107.8 billion, while Profit before tax dropped 293.6 percent to a loss of N37.6 billion from N19.5 billion achieved in the same period of 2014.
Basic loss per share dropped 318 percent to -N2.99 from N1.37 while the bank’s Net assets dropped by 26.2 percent to N104.2 billion from N141.2 billion posted in 2014.
