The era of delayed result is now in vogue for publicly quoted companies on the Nigerian Stock Exchange as GTBank joins the league of companies announcing such plans.
In a statement released to the Exchange, GTBank attributed its decision to the required approval needed from its board that is slated to seat on the result until “July 27, 2016” and the compulsory approval from the Central Bank of Nigeria.
While GTBank has not issued any profit warning, the current trend of lateness in the submission of result is now one too many. Last week, Access Bank PLC, another Tier 2 bank pledged to release the result “not later than August 31, 2016”.
However, GTBank is not expect to issue a negative result as it was one of the few banks that got a positive rating from Fitch recently. The bank’s Long-Term Foreign-Currency IDR: affirmed at ‘B+’; Outlook revised to Stable from Negative.
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