FCMB To Miss Q3 2020 Financial Results Deadline

As companies begin to submit their third quarter financial statement, First City Monument Bank (FCMB) Group has revealed that it will be unable to submit its unaudited financial statement within the stipulated timeframe, the commercial lender disclosed this in a statement obtained by AllNews.

According to the Nigerian Stock Exchange (NSE) listing rules, quoted companies are expected to release their quarterly financial statements 30-days after the end of each quarter. Each quarter contains three months each, first quarter, second and third quarters.

The third quarter ends in September, so companies are expected to publish their financials by October 30, 2020, however, FCMB stated that it will be impossible to file its unaudited financials within the period stipulated as it is conducting an interim audit of its subsidiary.

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"FCMB Group Plc wishes to notify the Nigerian Stock Exchange (“NSE”) and the investing public that it will not file its nine months (Q3 2020) unaudited results for the period ended 30 September 2020 by the due date of 30 October 2020.

"This is due to the commencement of the interim audit of the company’s commercial banking subsidiary, First City Monument Bank Limited for the period ended 30 September 2020."

According to FCMB, it will release the unaudited financials of the company next month, "The consolidated third quarter 2020 results of FCMB Group Plc, will be released on The Nigerian Stock Exchange on or before 29 November 2020."