In a recent development, four prominent banks have announced delays in filing their audited financial results for the year 2023, citing various reasons including regulatory approvals and internal auditing processes.
United Bank for Africa (UBA), Zenith Bank, Stanbic IBTC, and Wema Bank have all communicated their inability to meet the regulatory deadline for submitting their audited financial statements, which was set for March 31 according to Nigerian Exchange rules.
UBA, in a notice to the Nigerian Exchange Limited (NGX) and shareholders, explained that their 2023 financial statements are currently undergoing review and approval processes by the Central Bank of Nigeria (CBN). As a result, they anticipate publishing the audited results by April 30, 2024.
Similarly, Wema Bank attributed its delay to the ongoing process of obtaining regulatory approval. Once the necessary approval is secured, the bank plans to promptly release its audited financial statements for the 2023 fiscal year to the public.
Zenith Bank, amidst its transition to a holding company structure, disclosed that it submitted its audited financial statements to the CBN for final approval. The delay was also attributed to the completion of component audits for subsidiary companies.
Echoing similar sentiments, Stanbic IBTC Holdings Plc stated that they are currently awaiting approval from the Central Bank of Nigeria for their 2023 full-year audited financial statements. Following regulatory clearance, the bank intends to release the financial statements to the market.
These delays have drawn attention from investors eagerly anticipating the financial performance of these top banks, as they seek to make informed decisions regarding their investment portfolios.
As the banking sector navigates regulatory processes and internal auditing procedures, stakeholders remain vigilant for updates regarding the release of the audited financial statements, which provide crucial insights into the financial health and performance of these key players in the Nigerian banking industry.
