February 09, (THEWILL) — A split is emerging among Nigerian banks over the timing of fourth-quarter and full-year 2024 earnings releases, with FCMB Group, Wema Bank and FirstHoldCo, filing their results early with the Nigerian Exchange (NGX) while several peers are yet to submit.
The early filings signal a growing divergence in reporting timelines across the banking sector, as lenders navigate a challenging operating environment marked by currency volatility, elevated interest rates and regulatory adjustments.
FCMB Group and Wema Bank were among the first to submit their audited results, joined by FirstHoldCo, the parent company of First Bank of Nigeria. Market watchers say the early disclosures could help shape investor sentiment ahead of a broader wave of bank earnings expected in the coming weeks.
Analysts note that early filers are often perceived as more prepared or confident in their numbers, although filing timelines can also be influenced by audit processes, group complexity and internal reporting structures rather than performance alone.
The staggered submissions contrast with previous reporting seasons when banks tended to cluster their filings more closely together. This year’s spread has drawn attention from investors tracking sector-wide trends such as asset quality, net interest margins and the impact of foreign exchange revaluation gains or losses.
The NGX allows listed companies a defined window to file audited financial statements, and banks that delay until later in the cycle remain within regulatory limits. However, prolonged silence can heighten market speculation, particularly in a sector that plays an outsized role in Nigeria’s equity market.
With more tier-one and mid-tier banks expected to file before the deadline, investors are bracing for results that could further highlight performance gaps across the industry and set the tone for banking stocks in the first half of the year.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
