Access Bank Plc has said it would delay the filing of its half year audited financial statement to the Nigerian Stock Exchange (NSE).
The bank, in a notification to the NSE at the weekend, explained that due to the recently concluded merger with the defunct Diamond Bank Plc and consequent business integration, the half year audit has taken more time to complete than usual.
“We refer to the post listing requirements on the filing of half year financial statements by quoted companies. Customarily, Access Bank Plc normally renders audited financial statements half yearly which, in line with the Exchange, is expected to be published within 60 days from the end of period.
Due to the recently concluded merger between Access Bank and the defunct Diamond Bank Plc and consequent business integration, the half year audit of the enlarged institution has taken more time to complete than usual and this is considered a one-off event being the maiden audit sequel to the merger”
Furthermore, the bank reassured the Exchange and the investing public that its half year audited financial statements, subject to the approval of the Central Bank of Nigeria (CBN), will be submitted not later than September 15, 2019. Access Bank and Diamond Bank had informed the public of their consolidation plan late last year. However, the merger didn’t happen until this year.
After the merger, Access Bank kept the name while the logo was changed to infuse the identity of Diamond Bank. The merger, which took stakeholders by surprise, triggered a fresh competition among money deposit banks in the country as the Access Bank’s customer base increased to 27 million customers, having about 33,000 Point of Sale (POS) terminals as well as 13 million mobile customers.
Its Chief Executive Officer, Herbert Wigwe, explained that the merger would form a leading Tier-1 Nigerian bank and the largest bank in Africa by number of customers, spanning three continents, 12 countries and 29 million clients. According to him, it will bring together treasury, risk management and corporate banking expertise with strong retail and digital banking capabilities to create a financial institution operating across the full suite of products for all customer segments.