A CRITICAL ANANLISIS OF THE USE OF FINANCIAL
REPORT IN ASSESSING BANK PERFORMANCE.
(A CASE STUDY UNION BANK OF NIGERIA PLC)

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ABSTRACT

The purpose of this study was to examine banks, on investments and performance appraisal. It was also to ascertain the problems of using financial reports to access performance of banks and finally to determine 17 there’s a relationship between financial reporting and performance evaluation of a bank.

The inductive research method was adopted and the statistical analysts, particularly the chi-square and t-distribution test were used in the analysis of the data collected from the bank.

The findings of the study were that:
1. Source financial statement contained in the financial reports influence investment remarkably in banks.
2. The annual reports do not reflect inflationary effects in the country today.
3. The financial reports were prepared adapting a general purpose nature with the assumption that different user as of the report have different information needs.
The following conclusions ere made:
Although investors and performance evaluation analyst relied on financial statement in their decisions and appraisal, the reliability of financial report especially during inflation cannot be assured owing to the historical cost convention used as a basis for asset valuation by banks. This is because; the profits of an accounting year would not usually show a true figure owing to the courage effect of inflation. Therefore, managerial decision of banks based entirely on financial reports will lend to poor and inadequate decisions.

The recommendations and suggesting made were base wholly on the out come of the study, for example, on the problem inflation, it was recommended that the bank should adopt the current cost accounting basis for its financial reporting ensure credibility and reliability of information, by the various users, given the inflationary relatives.

TABLE OF CONTENT
CHAPTER ONE INTRODUCTION
STATEMENT OF THE PROBLEM
OBJECTIVE OF THE STUDY
RESEARCH QESTIONS
RESEARCH HYPOTHESIS
SIGNIFICANCE OF THE STUDY
SCOPE AND LIMITATION OF THE STUDY
DEFINITION OF TERMS
CHAPTER TWO
REVIEW OF RELATED UTERATURE
HISTORICA BACKGROUND OF UNION BANK OF NIGERIA PLC
THE NEED FOR FINANCIAL REPORTS
THE COMPOSITION OF THE FINANCIAL REPORTS
THE CHIAIRMANS REPORTS
THE DIRECTORS REPROT
THE AUDITORS REPORT
THE FINANCIAL STATEMENT

2.4 VARIOUS USERS OF FINANCIAL REPORTS AND THEIR
INFORMATION NEEDS
2.4.1 SHAREHOLDERS
2.4.2 LONG-TERM CREDITORS
2.4.3 SHORT-TERM CREDITORS
2.4.4 TAX AUTHORITIES AND GOVERNMENT
2.4.5 EMPLOYEES AND TRADE UNIONS
2.4.6 MANAGEMENT
2.4.7 ANANLYSISADVISES
2.5 FINANCIAL REPORTING BY BANKS
2.5.1 INTRODUCTION
2.5.2 THE PRUDENTIAL GUIDELINES
2.6 PERFORMANCE EVALUATION IN THE BANKING
INDUSTRY
2.6.1 EFFICIENCY AND PROFITABLITY
2.6.2 POTENCIAL AND ACTUAL GROWTH
2.6.3 LOANS AND ADVANCES
CHAPTER THREE
RESEARCH DESIGN AND METHODOLOGY
RESEARCH DESIGN
SOURCES OF DATA
3.2.1 PRIMARY SOURCES
3.2.2 SECONDARY SOURCES
3.3 POPULATION OF THE STUDY
3.4 MATHOD OF DATA PRESENTATION

3.5 METHODS OF DATA ANALYSIS

CHAPTER FOUR

DATA PRESENTATION AND ANALYSIS
DATA ANALYSIS TECHNIGUES
TEST OF HYPOTHESISI

CHAPTE FIVE
FINDINGS, RECOMMENDATIONS ANS CONCLUSIONS FINDINGS
RECOMMENDATIONS
CONCLUSION
BIBLIOGRAPHY
APPENDIX

CHAPTER ONE
INTRUDUCTION
1.1 BACKGROUND OF STUDY
A farmer, who plants corps, expects result, similarly to student who sits for examination expects results. The same 5 also true of an investor.
For the farmer, the result might be communicated to him in the form of a bumper harvest. It result sheet or a report card would usually sufficed for a student. However, in the of an investor, the result is communicated through the financial reports.

Financial reports are law to be prepared by every limited liability company; these limited liability companies abound in virtually all sector of the economy.

Every company shall cause accounting records to be kept. The accounting records shall be sufficient to show and explain the transactions of the company and shall be such as to disclose with reasonable accuracy, at anytime the financial position of the company.

In the banking industry, financial reports are of great interest to the general public because the banks directly or indirectly interact with people.

This public interest has caused companies (including banks) to accept social as well as economic, financial and legal responsibilities and has created a consequence, a growing need for the communication of information to account for the results which are of considerable interest a wide range of individuals and organizations.

So, it becomes very imperative for reliable information to be circulated to interested parties which can enable them to acquire an essential knowledge of the way is which companies particularly the bank are performing in relation to the public interest. This fact is further educated by the recommendation of the working party set up in Britain by the Accounting standard committee in October 1974 under the chairmanship of Derek booth man which took a study of the scope and aims of publisher financial statements.

The committee recommended that:
“The fundamental objectives of corporate report are to communicate economic measurement of the reporting entity useful to those having reasonable right to such information”

It is not an over statement when one says that the banking industry is the flume on which the national economy rotates. This mammoth, impact upon a country economy therefore makes it a public affair is everybody in the country has a right to know what such organizations are doing, more so all information, necessary to explain the organization’s activities fully should be provided in the annual reports.
One of the most significant aspects of the information system of business enterprises in an economy is that which deals with the communicate of financial data, especially in describing business profitability and financial position. This information is important because it attempts to partial the economic resources of the enterprises and the financial results, which have been achieved by its management when those resources have been put to use. It attempts to reveal how effective management has been in resources utilization as well as the financial reward available to compensate for risk taken by various suppliers of capital.

1.2 STATEMENT OF THE PROBLEM

The genuineness or other wise of financial reports has attracted diverse opinions from different quarters, such opinions can come from the general public, tax authorities, shareholders, creditors with long or short term interest, financial analyst and potential investors.
They argue that the financial reports do not usually give an accurate data about the actionties of such business concerns, for example, the idea of stating assets at their historical cost do not favour most investors as they argue that inflation is not usually taken care of, though the real value of such assets might have been eroded.
Again since the financial reports prepared by managements, the shareholders and others argue that there would usually be some elements