Stanbic IBTC delays HY results, seeks CBN approval

The board of Stanbic IBTC Holdings Plc has announced a delay in the release of its Half-Year (HY) financial results as it seeks the approval of the Central Bank of Nigeria.

This was disclosed in the company’s statement to the Nigerian Exchange Limited (NGX) and obtained by Nairametrics.

Reasons for the delay

According to the statement signed by the Company Secretary, Chidi Okezie, the delay in the publication of the Audited Interim Financial Statements for the Half Year ended June 30, 2023, is due to pending approval from its primary regulator – CBN.

Here’s what the statement reads: “This is to inform NGX Regulation Limited as well as our Esteemed Stakeholders that we are experiencing a slight delay in the release of the 2023 Half Year Audited Financial Statements for Stanbic IBTC Holdings PLC (“Stanbic IBTC”).

This delay is occasioned by the fact that we are currently seeking the approval of our primary Regulator, the Central Bank of Nigeria (“CBN”) for the Half Year Audited Financial Statements, following which the said Financial Statements will then be released to the Market.

We are working diligently with the CBN to ensure that our Company’s 2023 Half Year Results are published on or before Friday 29 September 2023.
We thank you for your understanding.”

What You Should Know

In its unaudited report for the first quarter ended March 31, 2023, Stanbic IBTC Holdings showed pretax profit grew by 85% in the first quarter of the year to N36.26 billion from N19.59 billion last year.

The group’s interest income grew by 52.83% to N50.42 billion in Q1 2023 from N32.99 billion in 2022.

This is on the back of increasing inflation which the economy continues to struggle with.