Ecobank Transnational gets N3.2 million fine for defaulting to file financial statements
The Nigerian Exchange Limited (NGX) has fined Ecobank Transnational Incorporated (ETI) Plc N3.2 million for failure to file its financial statements after the regulatory due date.
This development was disclosed in the Exchange’s X-Compliance report obtained by Nairametrics.
The report showed that the lender was sanctioned during the current financial year (i.e., FY 2022) for failing to file its Q3 2022 on time.
Market integrity: The Nigerian Exchange explained that the X-compliance initiative was designed to maintain market integrity and protect investors by providing compliance-related information on all listed companies.
- “Companies that are listed on the Exchange are required to adhere to high disclosure standards which are prescribed in Appendix 111 of the Listing Rules.
- “Financial information which is periodic disclosure and ongoing material events disclosure should be released to The Exchange in a timely manner to enable it efficiently perform its function of maintaining an orderly market,” the NGX said.
ETI’s earnings report: Ecobank Transnational Incorporated released its Q3 2022 results on Thursday, December 1, 2022, reporting a pre-tax profit of N59.734 billion. This represents a 2% increase from the N58.351 billion the company reported during the same period in 2021.
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Though the growth in pre-tax profits was due to the increase in interest income as investment securities in treasury bills, bonds and others rose, the net profit dropped to N40.1 billion in the third quarter of 2022 from N41.9 billion in 2021, representing a 4% decrease following a rise in operating expenses.