Ecobank has revealed the company won't be releasing its financial result for the third quarter of this year in October as other companies have been doing. In a statement seen by AllNews, Ecobank stated that the Nigerian Stock Exchange (NSE) has been notified of the delay.
The lender has banking operations in 33 countries, so it is still auditing the third quarter financial results of Ecobank Group. The bank will escape sanction, as it plans to publish the result by November 29, 2020. According to the NSE listing rules, companies that fail to submit their financial statement before the deadline will be fined.
"Ecobank Transnational Incorporated (ETI), the parent of the Ecobank Group, the leading Pan-African bank with banking operations in 33 countries, notifies the general public that it is currently auditing the 2020 Third Quarter Financial Results of the Ecobank Group for the period ended September 30, 2020.
"In line with the decision of the Board and Management of Ecobank Transnational Incorporated, the 2020 Third Quarter Financial Results of the Ecobank Group is being audited. The Audited Results will be published in compliance with the provisions of Section 1.1.3 of the Rules for Filling of Accounts and Treatment of Default Filing, Rule Book of the Nigeria Stock Exchange (NSE) which states that;
"An Issuer that chooses, in addition, to audit its quarterly accounts shall file such accounts not later than sixty (60) business days after the date of filing."
Ecobank further stated that "Having duly notified The Nigerian Stock Exchange, the Management of ETI wishes to notify the market and general public of its expectation to publish the 2020 Third Quarter Financial Results on or before 29 November 2020," Ecobank said in the statement.