GTBank Clarifies Delay Of Q2 2016 Earnings

Q2 2016

In order to clear the air on the lateness in submitting its Q2 2016 result, GTBank has just released an official statement citing its reasons.

“The amended Rulebook of Nigerian Stock Exchange (“NSE”) requires quoted companies to submit their interim reports to the NSE not later than thirty (30) days after the end of the relevant period.”

“In its usual practice of auditing its Interim and Full Year results, Guaranty Trust Bank Plc (“the Bank”) has conducted an audit of its financial statements and account, which will be considered and approved by its Board of Directors at its meeting holding on July 27, 2016. Following the approval of the Audited Financial Statements by the Board, the Bank is required to forward the said Accounts to the Central Bank of Nigeria for its approval before the release on the floor of the NSE.”

“In view of the fact that the timeframe within which the CBN’s approval of the Audited Financial Statements would be granted is outside the control of the Bank, we envisage that the Bank may be unable to submit the Accounts within the regulatory period provided.”

“To ensure compliance with the rules of the NSE, the Bank has requested for an extension of the timeframe to file its audited interim results and this has subsequently been granted by the NSE.”

“Please be advised that this request for an extension is a proactive step in order to accommodate the time required to obtain the approval of the CBN for our half year audited account and will not result in any change in the timeframe within which the Bank ordinarily publishes its half year results.

“The Bank expects that the CBN approval will be obtained within the extended period and the Audited Financial Statements published not later than September 15, 2016.”

 

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