Ecobank delays fourth quarter 2022 result

Ecobank delays fourth quarter 2022 result

Ecobank Transnational Incorporated has said it will delay the release of its fourth quarter 2022 Unaudited Financial Statements

The Securities and Exchange Commission’s (SEC) listing rules mandate publicly listed companies on the Nigerian Stock Exchange to publish their quarterly results 30 days after the end of each quarter.

Also, the capital market regulator stated that companies are to release Annual Audited Financial Statements (AFS) within 90 days after the year-end

Although the commission gave the option to release their yearly financial statements within 60 days if they are unable to submit their earnings report for the fourth quarter 30 days after the quarter.

Read also:Ecobank fined N3.2m for breaching NGX listing rules

Ecobank said it chose the option to release the Annual Audited Financial Statements after 60 days of the end of the year, which means the fourth quarter will not be out until March 2023.

The financial institution made this known in a circular sent to the investing public dated February 2, 2023, and obtained by Ripples Nigeria on Friday.

According to the circular, the commercial bank didn’t give a reason for the delay.

Ecobank informed investors that, “We write to advise the Nigerian Exchange Limited (“NGX”), shareholders of Ecobank Transnational Incorporated (“ETI”) and all stakeholders that the Board of Directors of ETI shall hold a board meeting on February 24, 2023 to consider the Annual Financial Statements for the year ended December 2022 (“Audited Annual Financial Statements”).

“In compliance with the announcement by the Securities and Exchange Commission, Nigeria dated 19 January 2022 requiring all public companies to elect whether to file the Q4 UFS within thirty (30) days after the Quarter end, and file the Annual Audited Financial Statements (AFS) within ninety (90) days after the year end to file the Q4 UFS, but to file the AFS within Sixty (60) days after the year end, ETI elected to file the Audited Annual Financial Statements within Sixty (60) days after the year end.”

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