As investors anticipate the release of the financial statements for the first half of the year, by the major Banks in Nigeria, United Bank for Africa Plc (NSE ticker – UBA) on Monday said the bank is still waiting for regulatory approval for its audited financial statements for the period ended 30 June 2020.
According to the notification issued by UBA to the Nigerian Stock Exchange signed by Bili A. Odum, group company secretary, the wait for the regulatory approval is the reason behind the delay in filling the H1 financial statements with the exchange.
The Bank went further to say that it is optimistic the Audited Financial Statements will be submitted to the Exchange on or before September 29, 2020.
In Q1 2020, for the period ended 31 March 2020, the Bank reported 11.77% growth in Gross Earnings, rising from N131.66bn reported in Q1 2019 to N147.16bn.
UBA also reported a Profit after Tax of N30.10bn, a 5.01% increase from the N28.66bn reported in Q1 2019.
Read more; N30.10 Billion Profit in Q1 2020 – UBA
Earlier on Monday Stanbic IBTC made similar disclosure, as the bank is yet to file its financial statements for the period ended 30 June 2020.
Other tier one banks in Nigeria who are yet to release H1 2020 reports are GUARANTY, ACCESS AND ZENITH.
Written by;
Ifunanya Ikueze