CBN approval delaying our 2024 audited financial statement –  Stanbic IBTC  

Stanbic IBTC Holdings PLC has notified the Nigerian Exchange (NGX) and the public of a potential delay in the release of its audited financial statements for the full year 2024.

The disclosure was made in a statement published on the NGX on February 26, 2025, and signed by the company secretary, Chidi Okezie.

According to the statement, the delay is due to the pending approval from the Central Bank of Nigeria (CBN), a necessary regulatory step before the financial results can be officially disclosed to investors and the public.

“This delay is occasioned by the fact that we are currently seeking the approval of our primary regulator, the Central Bank of Nigeria (‘CBN’), for the 2024 Full Year Audited Financial Statements, following which the said Financial Statements will then be released to the market,” the company stated.

The Holdings assured stakeholders that it remains committed to ensuring timely disclosure and anticipates the release may occur before or shortly after the regulatory deadline of March 31, 2025.

Stanbic IBTC had earlier published its unaudited financial results for FY 2024 on January 31, 2025, reporting an impressive pre-tax profit of N303.8 billion, marking a substantial 75.70 per cent increase from the previous year.

Customer deposits expanded by 45.20 per cent to N3.009 trillion, underscoring strong investor confidence, though interest expenses on these deposits increased by 173 per cent, accounting for 54 per cent of total interest expenses.

Earnings per share (EPS) increased by 44.16 per cent, reflecting improved shareholder value, while shareholders’ funds grew by 27.72 per cent.

The bank’s shares have maintained a bullish trajectory, rebounding from a low of N49.50 in April 2024, after peaking above N78 in Q3 2024.

As of the market opening on February 27, 2025, the stock was trading at N64, reflecting an 11 per cent year-to-date gain, with analysts eyeing a potential test of the N78 resistance level.

According to financial analyst Tunde Adeyemi of Afrinvest Securities, “The delay is not unusual, especially given the CBN’s stringent approval processes. However, the strong fundamentals in Stanbic IBTC’s unaudited results indicate that the delay is unlikely to dampen investor sentiment.”

Similarly, banking sector expert Grace Ibekwe noted, “Investors are more concerned with the bank’s profitability and strategic positioning than minor regulatory delays. Given the reported surge in earnings, Stanbic IBTC remains a strong contender in the Nigerian banking sector.”