Access Bank didn’t submit its Half-Year Financial Statement for the period ended June 2019 before the deadline set by the Nigerian Stock Exchange (NSE). The reasons why the company failed to meet the deadline has now been revealed.
Quoted companies on the Nigerian stock market are mandated to make public, their Half-Year Financial Results through the NSE 60 days from June (which is the end of the first half of the year). The 60-days started counting from July 2019 to the ending of August 2019.
Why Access didn’t meet the deadline: The lender in a statement sent to the Stock Exchange disclosed that the merger with Diamond Bank caused the delay in submission of its Half-Year 2019 Financial Result. It was reported that the integration of both businesses made it impossible for the bank to meet the deadline.
Access Bank and Diamond Bank had informed the public of their consolidation plan late last year, however, the merger didn’t happen until this year. After the merger, Access Bank kept the name while the logo was changed to infuse the identity of Diamond Bank. The consolidation of both banks made Access Bank the largest bank in Nigeria by customer size.
For the first-half period of this year, only three out of the FUGAZ (First Bank, United Bank for Africa, Guaranty Trust Bank, Access Bank and Zenith Bank) submitted their reports before the deadline of NSE. Those three are UBA, GTBank and Zenith Bank.
In the statement, Access Bank said the size of the company had delayed the process, and that it needed more time.
“The Half-Year of the enlarge institution has taken more time to complete than usual. This is considered a one-off event being the maiden audit sequel to the merger.”
When result will be out: Access Bank said its First-Half result for 2019 would be out by next month, September 2019.