Key highlights
- FBN Holdings Plc has delayed the filing and publishing of its Consolidated Audited Financial Statements for the year ended December 31, 2022, due to the pending conclusion of the final audit of a major subsidiary and the requisite approval of its primary regulator.
- The delay is disappointing to investors, but FBN Holdings Plc is taking the necessary steps to ensure that the process is concluded as soon as possible.
- FBN Holdings Plc has several subsidiaries in various sectors of the Nigerian economy, including commercial banking, investment banking, asset management, insurance, mortgage finance, consumer finance, and pension fund management.
FBN Holdings Plc, a leading Nigerian financial services company, has announced a delay in the filing and publication of its Consolidated Audited Financial Statements (AFS) for the year ending December 31, 2022.
In a notification to the Nigerian Exchange Limited (NGX) and the investing public, the company stated that the delay was due to the pending conclusion of the final audit of a major subsidiary and the requisite approval of its primary regulator.
FBN Holdings subsidiaries include First Bank of Nigeria Limited – a leading commercial bank in Nigeria
FBNQuest Merchant Bank – an investment banking and asset management company, FBNQuest Capital Limited – a financial advisory and asset management firm, FBNInsurance Limited – an insurance company providing life and non-life insurance products, FBN Quest Asset Managers, FBN Quest Securities, FB Quest Trustees, and FBN Quest Funds.
Others include FBN Trustees Limited – a trustee services company providing trust services for individuals and corporate organizations First Pension Custodian Nigeria Limited – a pension fund custodian providing pension fund management services.
The company expressed optimism that the audit and approval process would be concluded soon to enable FBN Holdings to consolidate the audited financial statements of the Group and obtain the approval of its regulator within the next 30 days.
This delay may come as a disappointment to investors who were eagerly awaiting the release of the financial statements, but FBN Holdings Plc has assured them that it is taking all necessary steps to ensure that the process is concluded as soon as possible.
The company reported a profit after tax of N91.2 billion in the first nine months of 2022 and is on track to post record profits. Nairametrics projects the company’s profits to top N160 billion for the full year ending December 2022. FBNH reported a profit after tax of N155.9 billion in 2021 a record at the time.
Asides from FBNH, Access Bank Holdings is also yet to release its 2022 audited accounts while the likes of GT Holdings, Zenith Bank, and UBA all released theirs during the week.
About FBNH
FBN Holdings Plc is a diversified financial services group that offers a broad range of products and services, including commercial banking, investment banking, asset management, and insurance.
The company has a strong reputation for excellence and has been recognized as one of the top financial services companies in Nigeria.
FBN Holding’s share price closed the week at N11.45 having opened the week at N10.90. The share price is down 7.08% in the last year.