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Thursday, May 26, 2022

First Bank Violates Listing Rules with Delay in Filing Financial Results

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First Bank of Nigeria is Violating stock market listing rules with the unprecedented delay in filing its Full Year (FY} 2021 and First Quarter (Q1) 2022 financial results.

FBN Holdings Plc the parent company of First Bank of Nigeria has notified the Nigeria Exchange Limited and investing public that it was unable to file and publish its Unaudited Financial Statements (Q1, 2022) for the first quarter ended March 31, 2022, by April 30, 2022, as required by the Rules of the NGX.

“The Company’s inability to publish was due to the delays in finalizing the Audited Financial Statements (FY 2021 AFS) of the Group for the year ended December 31, 20201. The Full Year 2021 AFS was concluded and submitted to the Company’s primary regulator on April 29. 2022,” FBN Holdings said in a statement signed by Adewale Arogundade, its Company Secretary.

The bank now says it plans to publish both the FY 2021 AFS and the Q1 2022 Unaudited Financial Statements on or before May 30, 2022.

The problem for investors however as MoneyCentral sees it is that there is no way to accurately value First Bank shares without having access to information on their most recent earnings. In essence investors that own First Bank shares are currently flying blind.

As of last trade FBN Holdings traded at N12.20, -5.43% below its 52-week high of N12.90, set on Oct 25, 2021. The shares are up 7.02% year to date.

FBN Holdings Plc had earlier said it would file its audited results for the 2021 financial year by at least April 30, 2022.

First Bank is the only major bank yet to file its Audited Financial Statements for 2021.

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