Zenith Bank joins GTBank, Access Bank to delay H1 2016 results

Zenith Bank Plc has joined Guaranty Trust Bank Plc and Access Bank Plc to delay half year ended June 30, 2016 result and accounts.

The lender in a statement signed by company secretary, Michael Otu, to The Nigerian Stock Exchange (NSE) said, “in compliance with the post listing requirements of The Nigerian Stock Exchange, the bank is expected to submit its interim financial reports to the Exchange not later than thirty (30) days from the end of the relevant reporting period.

“Accordingly, the board of directors of the bank met on July 27, 2016 to approve the bank’s half year audited financial statements. The half year audited financial statement will be forwarded to the Central Bank of Nigeria (CBN) for approval before release on the floor of the Exchange.

“We have accordingly, written to seek the approval of the Nigerian Stock Exchange for extension of time to submit the bank’s half year audited financial statements to August 31, 2016,” the statement added.

Meanwhile, Access Bank and GTBank said their financial statement would be submitted not later than August 31, 2016 and September 30, 2016 respectively.

The NSE expects results other than full year Audited Accounts to be released within 30 days after the end of the quarter.

Investors are quite worried about these announcements that it could be a sign that things might not be very well with the three banks’ profits.

Listed companies are fond of delaying results if it is likely to report material losses in their financials.

Also, investors are worried considering the spate of profit warnings that have been issued by most companies on the Exchange as well as the fear that there could be more banks with inadequate prudential ratios.