FINANCIAL RATIOS AS EVALUATORS OF BUSINESS

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FINANCIAL RATIOS AS EVALUATORS OF BUSINESS

ABSTRACT

Financial analysis is the process of identifying the financial strengths and

weaknesses of a firm by properly establishing relationships between the assets and

liabilities and the performance of that particular firm. Commercial banks in Nigeria

need to undertake periodic financial analysis; this could not be unconnected with the

recent failures that engulfed the banking industry in Nigeria and its devastating

effects on both the customers and shareholders.

The study seeks to evaluate the efficiency of financial ratios analysis in

predicting corporate bankruptcy and failure in the Nigerian banking industry. This is

to guard against the possible loss suffered by numerous customers, owners and

other stakeholders who have interest in such financial institutions. An in-depth

analysis of financial statements of a firm tend to provide a deep insight into the

operations of that firm. This brings to the fore the genesis and the magnitude of

problems that subsequently result in poor performances. Therefore the use of

financial ratios in the analysis of performance, is an indispensable aid to appraising

true performance of firms. This will greatly help management to spot out financial

weaknesses of firms and to take suitable corrective actions. Thus, financial analysis

is the starting point for making plans before using any sophisticated forecasting and

planning procedures. This is necessary as understanding the past is a prerequisite

for anticipating the future.

In the course of this study, stratified random sampling was employed to

achieve the aims of this research work. The banks studied in this work were

categorised into two strata: first generation and new generation banks. Three banks

were strategically selected from the old generation banks while two banks were also

selected from new generation banks.

From the data obtained and the analysis made using various financial tools,

the financial condition of the banks under study was not very good, according to

Altman’s model and Osaze’s index respectively. Based on the analysis made using

the various tools of financial analysis, it is recommended that the banks should

majorly cut down their cost of operations and reduce their total debt. This will reduce

their operating expenses as well as interest charges paid annually to creditors.

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