Zenith Bank delays HY results due to audit issues

The board of Zenith Bank Plc has announced a delay in the release of its Half-Year (HY) financial results due to post-audit issues.

This was disclosed in the company’s statement to the Nigerian Exchange Limited (NGX).

According to the statement signed by the Company Secretary, Michael Osilama Otu, the delay in the publication of the Audited Interim Financial Statements for the Half Year ended June 30, 2023, is due to some outstanding post-audit issues.

The statement reads: “Zenith Bank Plc (the Bank) wishes to notify its shareholders, the Nigerian Exchange Limited (the Exchange), and the investing public of a slight delay in the release of the Audited half-year financial reports by the Bank for the period ended June 2023.

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“The delay is to enable the bank to attend to some outstanding post-audit issues in the course of approval of the financial statements.

“The Bank is, however, optimistic that the Audited half-year financial reports will be submitted to the Exchange on or before September 14, 2023, and regrets any inconveniences this delay might cause its esteemed stakeholders.

Recall that the bank announced its unaudited results for the first quarter ending 31st March 2023, with an exceptional double-digit growth of 41% in Gross Earnings, increasing from N191.5 billion in Q1 2022 to N270 billion in Q1 2023.

Zenith Bank recently signed a Memorandum of Understanding with the African Continental Free Trade Area (AfCFTA) to build a smart portal for trade on the continent.

Zenith is to fund the single portal for trade information in Africa with $1 million.

The MoU was signed by the Group CEO of Zenith Bank, Dr. Ebenezer Onyeagwu, and the Secretary-General of the AfCFTA, Wamkele Mene during the 2023 Zenith Bank International Trade Seminar in Lagos.

According to Dr. Ebenezer, the portal would play a significant role in facilitating trade among African countries.