Analysis of Financial Statement and Investment Decision: Insight from

Deposit Money Banks listed in the Nigerian Exchange Group

Boniface, Umoh E.
Email: bontechsearch@[Link] (+234) 8038925441.
ABSTRACT
This study examined the financial statements and investment decisions of listed deposit money banks on the
Nigerian Exchange Group. Its specific objectives included analyzing the influence of earnings per share (EPS),
dividend per share (DPS), and profit for the year on return on equity (ROE) within these banks. Utilizing an ex-
post facto research design, the study primarily relied on secondary data gathered from the annual reports and
financial statements of UBA, Zenith Bank, and Access Bank Plc over an eleven-year period from 2012 to 2022.
This timeframe is particularly relevant as it encompasses significant economic fluctuations and regulatory
changes that could impact the banking sector in Nigeria. Employing panel data regression analysis with E-Views
9, the study utilized multiple regressions to evaluate the combined effects of the independent variables on ROE.
The findings indicated mixed results: EPS did not have a statistically significant impact on ROE (p = 0.2201),
while DPS had a significant influence (p = 0.0288). Profit for the year was marginally insignificant at the 5%
level (p = 0.0502). Based on these results, the study recommends that the management of listed banks in Nigeria
prioritize dividends per share, as it has a significant impact on shareholder returns. While earnings per share
may not show a direct effect, banks should still focus on improving overall profitability through cost reduction,
revenue diversification, and operational efficiency, as these could indirectly enhance ROE.

Keywords: financial statement, earnings per share, dividend per share, profit for the year and return on equity

INTRODUCTION well-informed decisions by reviewing statements like

Global, regional, and local investment decision- the income statement, statement of financial position,
making heavily relies on the study of financial and retained profits, which offer a thorough
statements, especially when assessing the performance assessment of financial health. Consequently,
of Deposit Money Banks (DMBs) that are traded on financial statement analysis is integral to strategic
stock exchanges such as the Nigerian Exchange Group investment decision-making, fostering economic
(NGX). growth and stability within the local banking sector
and the broader Nigerian economy.
Globally, stakeholders and investors use financial
statements, including the balance sheet and income According to Chris (2022), A financial statement is an
statement, to assess a company's profitability, accounting document that provides an overview of an
financial stability, and growth potential. These organization's activities and the company's financial
statements offer transparency and help make well- results. Some of the financial statements that are
informed decisions about potential investments. regularly audited by government agencies, auditors,
and accounting professionals to ensure accuracy and
Regionally, within Africa and emerging markets, for taxes, funding, or investment reasons are the cash
financial statements serve as vital tools for attracting flow statement, income statement, or statement of
investors and sustaining economic growth. They allow profit or loss, and balance sheet (statement of financial
for comparative analysis, making it easier for regional position).
investors to gauge the performance of financial
institutions, thus promoting confidence in banking Scharfman (2015) view the financial statement, as
sectors across the continent. related-party transaction disclosures sometimes begin
with a broad overview of the fees the investment
Locally, in Nigeria, the analysis of financial manager gets and the frequency of those payments.
statements for DMBs listed on the NGX is essential Regrettably for investors, this part usually goes on to
for understanding each bank’s profitability, stability, contain broad disclaimer wording, which essentially
and contribution to the economy. Investors may make provides the fund management a significant deal of

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fee freedom. The fund's issuing memorandum often UBA, Zenith Bank, and Access Bank Plc are the main
uses comparable language, and this one reads subjects of the investigation because of their dominant
somewhat like Regarding certain limited partners, the market positions, wide range of products, and track
investment manager may, at its sole discretion, waive record of stability in Nigeria's banking industry. To
or decrease the management fee. ensure a thorough knowledge of their financial
performance, the years 2012–2022 were chosen to
Stakeholders from within and outside the organisation cover a variety of economic cycles, regulatory
utilise financial statement analysis to evaluate the changes, and technology improvements. This period
operation and worth of a business. A statement of cash offers enough information to spot patterns and
flow, a statement of profit or loss, and a statement of evaluate the effects of previous events, such as the
financial position are all necessary for financial COVID-19 pandemic.
accounting. These records serve as the basis for
analysing financial statements. Financial statement Statement of the Problem
examination and interpretation are the last of the four Due to financial statement fraud and bad investment
primary accounting processes. These are: choices, banks in the past (including Oceanic Bank,
measurement and variation of each transaction to Intercontinental Bank, Platinum Bank, and others)
ascertain the amount involved, as well as analysis of seem to have had trouble surviving, which are the
each transaction to identify the account to be debited result of the account statement's quality. Due to
and credited; creating a spreadsheet, summarising the misstatements of earnings and equity, inaccurate fair
data in ledgers, and recording it in a diary and result in value measures resulting from management bias, and
the information being presented to creditors, investors, its immoral approach, the rising use of accounting
and the firm manager. Accordingly, one kind of estimates in financial reporting has drawn a lot of
information system used for interacting with and criticism and concerns. Furthermore, goodwill
making decisions is financial statement quality impairment losses are thought to lack verifiability,
(Amahalu & Obi, 2020). have high measurement error, and the potential to be
reported opportunistically. As a result, this will be at
Investors must be well-versed in financial statements odds with the financial reporting objectives, which
or consult a financial consultant before making an specify that financial data should be relevant for
investment choice based only on financial figures. decision-making and so represent what it plans to
Evaluating an investment decision primarily only on reveal. This paper aims to fill a knowledge gap by
financial data is like shooting arrows in a darkened analysing the impact of financial statements on
room, according to Popoola et al. (2014). The choice Nigerian Deposit Money Banks' investment decisions.
taken by investors or upper management on the
amount of money to be invested in opportunities is Objectives of the Study
referred to as the investment decision. To put it
simply, the investment decision is the choice of what Specific objectives are to:
kind of assets the company will invest its capital in
(Suraj, 2020). i. examine how earnings per share influence return
on equity in deposit money banks in Nigeria.
Effective capital allocation is a factor in investment ii. determine how dividend per share influence return
choices and analysis. It entails choosing to invest the on equity in deposit money banks in Nigeria.
company's money in long-term assets. These choices iii. assess how profit for the year influence return on
have a significant impact on the company as they equity in deposit money banks in Nigeria.
often decide its value size by affecting its risk, .
profitability, and growth. It is evident that financial Research Questions
data is crucial and useful when deciding which
investments to make in a company, whether it is a i. How does earnings per share influence return on
public or private one. As a result, financial statement equity in deposit money banks in Nigeria?
analysis was used to make investment decisions at ii. To what extent does dividend per share influence
three selected Nigerian banks between 2012 and 2022. return on equity in deposit money banks in
Nigeria?

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iii. What is the influence profit for the year on return business that are thought to accurately depict its
on equity in deposit money banks in Nigeria? financial operations. Additionally, it serves as a
channel for informing interested parties about the
Research Hypotheses reporting entity's obligations, resources, and
performance..
Ho1: Earnings per share have no significant
influence on return on equity in deposit In addition to reporting a company's financial status,
money banks in Nigeria. financial statements also include information on its
Ho2: Dividend per share has no significant cash flows, value added, equity changes, and financial
influence on return on equity in deposit performance over a specified time period (Adetula et
money banks in Nigeria. al., 2016). This information can be used by a lot of
Ho3: Profit for the year has no significant influence people to make wise financial decisions. According to
on return on equity in deposit money banks in Eluyela et al. (2018), individuals who need financial
Nigeria. information for investment as well as other reasons of
decision-making depend heavily on their quality.
REVIEW OF RELATED LITERATURE Financial reports can only be deemed significant if
they accurately depict the business's "economic
Conceptual Framework substance" with regard to of their applicability,
Dependent Variable reliability, comparison, and clarity (Iyoha &
Independent Variable
Faboyede, 2011; Eluyela et al, 2018). It is employed
Investment Decision Financial Statement to accomplish two fundamental goals: evaluating a
company's previous performance and present
standing, as well as evaluating its future prospects and
associated risks. Additionally, it provides a clear
Earnings Per Share picture of management's accountability and
Return on stewardship (Agbaje & Oloruntoba, 2018). This aids
Equity users in making financial decisions, such as whether
Dividend Per Share to sell or keep onto their investment or switch
management.

Financial statement fraud, according to Khanh (2010),

Profit For The Year is the wilful deception of an organization's financial
Fig. 1: Conceptual Model of Study, 2024 status carried out by the wilful omission or false
representation of data or values in the financial
Financial Statement statements with the intention of misleading the people
In order to demonstrate significant linkages and derive who use them. Management-related fraud is often
valuable information, analysing financial statements confused with fraud on financial statements because
and other relevant data involves using analysis tools management is the only one who can create and
and procedures. It may be characterised as the provide financial reporting information. When fraud
procedure by which external parties are informed on financial statements occurs, the management is
about the organisation as a whole. Instead than being always aware of it.
reports to management, they are reports on
management. It handles the majority of the company's According to earlier research, there are a number of
external financial dealings. They are the original ways that financial statement fraud can occur,
sources of accounting data. (Anaja & Emmanuel, including reporting income that does not exist
2015) They are called the final accounts. It is an (fictitious revenue), creating accounting data for a
official document that details the financial status and different time period, concealing debt or expenses
operations of a company, individual, or other (inaccurate expense recognition), reporting
organisation. A systematic and easily comprehensible incorrectly, and valuing properties incorrectly
framework is used to provide pertinent financial data (inaccurate asset valuation) (Everette, 2012; Sanyaolu,
(IAS 2007). It outlines specific characteristics of a et al., 2020).

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According to Kwok (2005), when looking at financial Financial analysis: By analysing financial statements,
data, properties, income, and profits are typically financial analysts are able to provide their customers
overrated, while debt, expenses, and income losses are with expert investment recommendations.
typically underreported. A company appears
financially sound if it over-reports its income, profits, Earnings per share (EPS)
or properties. Businesses that attempt to avoid taxes
underreport their income and over-report their A portion of a company's revenue that comes from
expenses. The more financial statement fraud occurs, each of the remaining shares of mutual stock is called
the more difficult it is to prevent. Intentionally earnings per share. Additionally, earnings per share
increasing revenue in one year would result in lower provide individuals a better understanding of how
income the following year. This approach is typically profitable a firm is (Inyiama & Ozouli, 2014).As the
carried out year after year by chief executives owners of the company, stockholders are also entitled
(Aburime, 2012). Nevertheless, one of the main to a portion of the profits and pay cheques. Earnings
components of financial statement falsification per share, or the financial value of an organization's
nowadays is fake income. The data that is now earnings, are constantly compared to those of other
available makes it evident that most financial businesses, allowing them to make more informed or
statements frequently account for (fictitious revenue) prudent business decisions. Usually, stockholders
money that has not been produced, i.e., income that looked at their pay cheques in reference to potential
does not exist or revenue that is brought from one investments.
period to another (Odunayo, 2014).
EPS measurements serve as an indicator of reported
Internal and external users are the two groups of success for the period since they are designed to
people who are interested in financial statement reflect the income made (or loss experienced) by each
analysis, especially with regard to commercial ordinary share throughout a reporting period (Agha,
organisations. An organization's management and 2014). The ratio that displays the amount of money
staff are considered internal users, whereas earned for each traded share of stock is called EPS
shareholders, investors, creditors, holders of (Muhammad et al., 2017). Common shareholders and
debentures and bonds, financial analysts, and others potential shareholders are interested in earnings per
are considered external users (Mohammed, 2014). share in general business management. The revenue of
a business is divided by the total number of
Management and Staff: Analysis of financial outstanding shares of its common stock to get its
statements provides management and staff with earnings per share (EPS).
information about a company's operating
performance, financial standing, and future prospects. Dividend per Share (DPS)
Owners/Shareholders: The study assists owners or
shareholders in determining the return on their A dividend is an amount paid out from a percentage of
investments and the profitability of the company's the business's profits to an identifiable group of
operations. shareholders as a reward. A dividend, which often
comes from the company's net earnings, is another
Investors and creditors: Analysis of financial token payment made to shareholders as compensation
statements enables investors to determine a company's for their equity investment (Chen, 2019). The
profitability and return on investment. On the other company's board of directors makes decisions and
hand, it helps note holders and trade creditors oversees dividend management, but shareholders must
understand a company's liquidity, or its capacity to vote to accept them. Although cash dividends are the
settle its debts when they become due. most popular, they can also be paid out as stock
shares, cash payments, or other property. In addition
Holders of debentures and bonds: Those who provide to businesses, dividends are paid by a variety of
funding to the company want to know if it will be able mutual funds and exchange-traded funds (ETF) (Chen,
to pay back the principle and interest of the loans 2019).
when they mature.

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The total of an organization's declared dividends paid (Akeju & Babatunde 2017). When it comes to
out for each outstanding common share is known as funding, investments, and other decisions, capital
the dividend per share, or DPS. For an extended providers and other interested parties benefit greatly
period of time, often one year, the total amount is from high-quality financial reporting data. and other
determined by dividing the total number of dividends allocations that improve market efficiency as a whole
paid out by the organisation, including interim (International Accounting Standards Board, IASB,
payments, by the total number of outstanding ordinary 2008).
shares issued by the company (Boyle, 2021). A
steadily increasing DPS over time may also indicate Making an investment is one of the most significant
that management of the firm thinks profits growth decisions an investor can make, if not the most
may continue. significant one. The process of making investment
decisions affects investors' confidence in a volatile
Profit for the Year (PY) economic climate and boosts market share (Martin,
2006). It deals with the problem of capital allocation
Company performance is determined by profit, and for financial or fixed assets; it gives centre place
executives should be able to figure it out. Analysts returns to fixed assets that are obtained through capital
assist investors make wise selections by using investment. By making this choice, investors'
earnings as a gauge of a company's value. A financial available funds are distributed effectively in order to
metric that indicates how well a business fared increase their market share. Additionally, the available
through its core activities, net of taxes, is profit for the liquidity can be used to buy financial assets while
year, often known as profit after taxes. It provides a adhering to the capital market's efficiency standards
more realistic view of operating efficiency for (Zager & Zager, 2006). Regardless of the options
leveraged organisations and is commonly utilised in selected, the investment choice should be made with
economic value added (EVA) estimates. A firm may the long-term goals of the investment in mind.
choose to keep all of it for internal use or, if declared,
pay it to shareholders as dividends (Oliver et al., According to Pandey's (2005) theory, an efficient
2017). allocation of capital is a key component of investment
choices and analysis. It entails choosing to invest the
The profit for the year after taxes is said to be the best company's money in long-term assets. These choices
measure of the ability of a company to submit a return have a significant impact on the company as they
since this amount comprises both revenue from often decide its value size by affecting its risk,
operations and funds from different sources, such as profitability, and growth. Investing in long-term
interest income. It is used in margin analysis to assets, exchanging present finances for future rewards,
compare businesses in the same sector and is a gauge and anticipating benefits over a number of years are
of how well a business converts sales into profits. some characteristics of investing decisions. The two
Aldridge (2015) claims that it assists investors in essential elements of investment decisions are
figuring out a company's true revenue and may also determining a cut-off rate that might be used to gauge
help them decide whether to reduce expenditure. To the possible return of new investments and evaluating
ascertain whether a business's capacity to generate the prospective profitability of new investments
revenue is changing over time, investors regularly (Anaja & Emmanuel, 2015).
keep an eye on the profit after-tax margin (Oliver et
al., 2017). If so, the stock price may move as a result Accordingly, the quality of investment decisions is
of this valuation indicator. dependent on the importance of the fundamental data
that serves as their foundation (Popoola et al., 2014).
Investment Decision The data released by financial statements, which often
give an overview of all the other operations of the
The frequency of recent accounting crises in the company, is quite valuable. It is widely recommended
global financial world has led to several critiques of that published financial statements be thorough in
the calibre of financial reporting. Investor trust in the both substance and quality in order to be significant to
calibre of financial reporting has been undermined by investors and decision makers (MacDonald & Koch,
the participation of firms like Enron, Worldcom, 2006). A sufficient assurance must be given in order
Marconi, Parmalat, and others in accounting crimes

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to decrease ambiguity and make the information Theoretical Framework
dependable.
Agency Theory
The main tool for these investment decisions is
analysis of ratios (Abiahu & Amahalu, 2017). Ratio Jensen and Meckling introduced agency theory in
analysis is a method of evaluation that assesses a 1976. The competing interests of principals and agents
business's financial standing as well as efficiency both are the main emphasis of agency theory. Jensen and
now and in the past with the main goal of estimating Meckling's (1976) model of agency costs and
future conditions and performance as accurately as ownership structure is a crucial part of the corporate
possible. It prompts further financial and operational governance study. The important finding that the
research and offers a rapid diagnostic look into an interaction between owners and managers should be
entity's financial health (Kariuki & Jagongo, 2013). patterned after that of a principle and an agent was
discovered by Jensen and Meckling (1976). Because
Investment bankers also primarily use financial both managers and owners are self-interested and
statements to evaluate a company's viability. For want to maximise their personal utility, a conflict of
instance, without a mutually agreed-upon valuation, a interest develops when they are hired to handle a
firm cannot be bought or sold. As a result, bankers use company's governing duties. The managers have the
financial statements to determine the right price for drive and ability to capitalise on the shareholders'
transactions (Ekwe, 2013). benefits because they effectively supervise the
business. Jensen and Meckling describe agency costs
Return on equity (ROE) as expenditures resulting from owners' and managers'
competing interests. These costs comprise 1) the
An indicator of a business's profitability in connection shareholder's supervising charges, 2) the agent's
with the investment owned by its shareholders is bonded expenditures, and 3) the residual loss.
ROE, or return on equity. ROE is a measure of how
successfully a business or organisation generates Despite its limitations, the author argues that the
revenue from each unit of shareholder ownership present research can benefit from the use of agency
(Ifeanyi & Francis, 2017). theory by considering the following factors: a
company is a collective of individuals rather than just
It is used to assess a company's ability to turn a profit a single owner; Stakeholders have both economic and
for its investors. It is computed by dividing net profit non-economic interests, so self-interest does not
after taxes by total shareholder equity, and it displays always trump those of others; the business is founded
the rate of return that shareholders receive on their on interpersonal relationships as well as contractual
investment in the business. It is a crucial indicator that agreements; and its main objective is the personal
stockholders and investors use to assess a company's development of all stakeholders. rather than merely
ability to turn a profit after taxes. maximizing shareholder wealth.
Although ROE is the most popular and accurate
indicator of profitability, it ignores things like Given the study's objectives, agency theory was
turnovers and the timing of cash flow (Angela, 2016). employed here, particularly because of its emphasis on
While declining ROE typically results in issues, an essential idea in corporate governance literature is
growing ROE is a favourable indication, claim the board of directors. Agency theory states that the
Mohsin and Midra (2015). Since net income is the board of directors is essential to overseeing an
most fundamental profitability indicator, investors are organization’s management. Common issues
mostly interested in how it relates to their investment discussed in the literature regarding the board's
in the company. governance role include board composition (such as
size, the balance between inside and outside directors,
and whether the CEO and chair positions should be
separate), as well as the board's functions and
responsibilities.

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Empirical review Over a ten-year period from 2010 to 2019, Okunade
Over a 13-year period, from 2007 to 2020, Ali- (2021) examined the impact of the quality of financial
Momoh et al. (2022) examined the impact of financial reports on the value of stock traded in Nigerian
statements on the financial choices made by Nigerian- registered deposit money institutions. An ex post facto
listed DMBs. Correlation analysis, descriptive and research design was used in the empirical
inferential analytical techniques were performed and it examination. The study discovered that the value of
was found that DMBs capital structure decisions are tradable shares is significantly impacted by the calibre
positively but marginally impacted by asset of reporting on financial matters.
tangibility. Also, asset tangibility had a negligible and
adverse effect on the liquidity decisions made by Conteh and Akuntansi (2021) conducted research on
Nigerian deposit money institutions. financial statement analysis and investment decision-
making in the Gambia in 2017 and 2018. The
Between 2014 and 2019, Olayinka (2022) used explanation showed how important financial
descriptive statistics to examine financial statement statements are when deciding which investments to
analysis and performance evaluation of businesses. make.
Financial statements were determined to be adequate
for decision-making effectively. The elements influencing the quality of financial
statements on investment decision making were
Over a ten-year period (2011-2020), Jaiyeoba and identified by Bayar et al. in 2021. Multiple regression
Ajayi (2022) using least squares regression analysis, method was used and the result showed that growth
discovered that income statements and statements of was found to have a strong association with financial
financial position had a significant positive effect on statement quality, and business factors were found to
investment decisions with regard to the standard of significantly predict financial statement quality. The
reporting on financial statements on the investment quality of financial statements is considerably
effectiveness among a select group of Deposit Money correlated with that company characteristic.
Banks stated on the Nigerian Stock Exchange. From 2010 to 2019, Aigienohuwa and Uniamikogbo
(2021) conducted study on the timeliness and
Using market, profitability, and return on assets ratios, profitability of financial reporting in Nigerian traded
Ndum (2022) assessed how financial ratio analysis firms. Simple regression, correlation, and descriptive
affected the performance of food and beverage statistics were utilized to analyse the data. The
enterprises in Nigeria during the six-year period from findings showed a strong link between Nigerian listed
2015 to 2020. Simple linear regression was applied businesses' reporting timeliness and profitability.
and it discovered that the market and profitability
ratios have a major impact on the ROA of Nigerian The impact of financial statement quality on
food and beverage enterprises. investment choices made by listed DMBs in Nigeria
From 2010 to 2019, Akani and James (2022) between 2010 and 2019 was determined by Amahalu
investigated the connection between the profitability and Obi (2020). OLS regression analysis and Pearson
of listed food and beverage manufacturing firms in correlation were used as inferential statistics. It
Nigeria. Panel data was utilised and the fixed effects discovered that the ROE of listed DMBs in Nigeria is
model was applied and it was discovered that dividend considerably positively impacted by the timeliness,
policies significantly impact on the listed food and verifiability, and understandability of financial
beverage’s ROE. statements.

Gandolph (2022) investigated the performance of Using a descriptive and analytical approach,
Nigerian organisations and financial reporting. The Abdulshakour (2020) sought to evaluate how financial
result of the panel data showed that the performance statements affected financial decision-making. The
of a few Nigerian manufacturing companies was results demonstrated that financial statements are a
significantly impacted by financial reporting. crucial instrument for understanding the company's
financial status.

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Berthilde and Rusibana (2020) explored the role Sources of Data
financial statements have in Rwandan banks' The yearly reports and financial statements of the
investment decisions, using the Bank of Kigali as a Nigerian MDBs that were sampled during an 11-year
case study from 2014 to 2018. A descriptive and period (2012–2022) provided the secondary data.
correlational study design was chosen and the results
showed that financial statements significantly and Sample and Sampling Techniques
favourably influence Rwandan banks' investment
decisions. Three (3) banks were excluded from the sample size:
Access Bank Plc, Zenith Bank, and UBA. These
Financial statement analysis's influence on the banks were chosen due to their steady growth and
investment choices made by Nigerian DMBs was performance. These banks are regarded as the best
investigated by Sanyaolu et al. (2020). Fixed-effect corporate governance banks in Nigeria. However,
regression was used and it shown that while financial because the banks' websites made it easy to acquire
leverage and liquidity has no discernible beneficial data, the purposive sample strategy was adjusted when
effects on investment decisions, profitability has a the 2012–2022 time frames was chosen.
large positive impact.
Data Analysis Techniques
Based on analytical and descriptive study, Suraj The panel data regression was used covering 2012 to
(2020) conducted a study on the function of financial 2022 using the using e-views 9. The cumulative
statements in the process of making investment impact of the independent factors on the dependent
decisions. According to the research, financial variable was examined using multiple regressions.
statements are crucial for investing decisions and may The diagnostic test was also included. Thus, the
be used to forecast a company's success. procedure for data analysis includes descriptive and
inferential statistics.
Gap in Literature
Previous research examined for the current research in Model Specification
accordance with financial statement on investment The panel data regression technique was used to
decision firms did not give adequate information in evaluate the relationship between the variables.
terms of accounting information from financial Accordingly, the model is described as follows,
statement in order to create enabling environment for depending on the theoretical foundations mentioned
profitability and create more wealth for shareholders. above:
The empirical studies by different authors did not have
a detailed explanation on the analysis of financial Model 1: ROA= f (EPS) - - - (1)
statement on investment decision in MDBs in Nigeria ROA= β0+ β1 EPS + Ut
using earnings per share, dividend per share, profit for
the year and return on equity as yardsticks in the Model 2: ROA= f (DPS)- - - (2)
banking industry in Nigeria was found missing in the ROA= β0+ β1 DPS+ Ut
past literatures reviewed. It failed in expending to
recent period via 2012 to 2022 was absent from the Model 3: ROA= f (PY)- - - - (3)
previously examined literature since the study only ROA= β0+ β1 PY+ Ut
employed three Nigerian banks: Access Bank Plc,
Zenith Bank, and UBA. This demonstrates a gap in General Function
the literature, which supports the way this paper is ROA= f (EPS, DPS, PY)
structured. ROA= β0+ β1 EPS + β2 DPS + β3 PY + Ut - (4)

METHODOLOGY Where,
ROA= Return on Assets at time t,
Research Design EPS= earnings per share at time t,
The ex-post facto design technique was used in DPS= dividend per share at time t,
research. PY= profit for the year at time t,
β0= Constant

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β1,β2 , β3 = Regression coefficients or coefficients of returns, though it shows more stability than growth.
the independent Variables. All banks have demonstrated an increasing trend in
Ut= stochastic error associated with the models loan portfolio yields, reflecting the importance of
loan-based revenue in their profitability. These trends
DATA PRESENTATION AND ANALYSIS highlight each bank's unique approach to balancing
growth, profitability, and shareholder value.
Presentation of Data
Table 1: Showing ROE, EPS, DPS, log of PY Analysis of Data
BANKS YEAR ROE EPS DPS LPY
UBA 2012 0.38 1.44 0.50 10.83780 Table 2: Descriptive statistics results
2013 0.37 1.41 0.50 10.92684 ROE EPS DPS LPY
2014 0.39 1.22 0.10 10.59871 Mean 0.280000 2.983636 1.151818 11.22364
2015 0.35 1.36 0.40 10.77147 Median 0.280000 2.370000 0.850000 11.15789
2016 0.35 1.31 0.55 10.76935 Maximum 0.640000 7.430000 3.000000 12.40721
2017 0.36 1.20 0.65 10.65580 Minimum 0.100000 1.140000 0.050000 8.565602
2018 0.35 1.20 0.85 10.62247 Std. Dev. 0.159980 1.815416 0.937642 0.778401
2019 0.60 1.83 1.00 11.04691 Skewness 0.427503 0.996250 0.649608 -0.925968
2020 0.49 1.66 0.52 10.94924 Kurtosis 2.203132 2.875436 2.244813 5.268706
2021 0.51 1.72 1.00 10.97967 Jarque-Bera 1.878299 5.480160 3.105124 11.79295
2022 0.22 3.91 1.60 11.80332 Probability 0.390960 0.064565 0.211705 0.002749
Zenith Bank 2012 0.10 3.05 1.60 11.51971 Sum 9.240000 98.46000 38.01000 370.3800
2013 0.10 2.66 1.75 11.46497 Sum Sq. Dev. 0.819000 105.4636 28.13349 19.38904
2014 0.12 2.95 1.75 11.50746 Observations 33 33 33 33
2015 0.10 3.15 2.00 11.56801 Source: e-view output, 2024
2016 0.10 4.12 1.80 11.77261
2017 0.12 5.66 2.02 12.06561 Table 2 exhibited the raw summary data for every
2018 0.12 5.27 2.60 12.17264
variable under investigation. Specifically, DPS, EPS,
2019 0.10 5.67 2.80 12.24934
and ROE, LPY stood at about ₦0.280000m,
2020 0.10 6.30 2.80 12.34829
2021 0.10 7.43 3.00 12.40721
₦2.983636m, ₦1.151818m and ₦11.22364m,
2022 0.10 6.88 3.00 12.28182 showing the 11 years of UBA, Zenith and Access
Access Bank 2012 0.22 1.57 0.06 8.565602 bank covering a period of 2012 to 2022 under study
2013 0.21 1.14 0.06 10.48612 average value, and equally, it shows their various
2014 0.25 1.74 0.06 10.17393 minimum and maximum values as well as their
2015 0.31 2.37 0.05 10.59516 changes over the years. On the other hand, the sum of
2016 0.34 2.21 0.06 11.09541 squares dev. above 0.819000, 105.4636, 28.13349 and
2017 0.28 2.18 0.65 10.84613 19.38904 respectively is a measure of deviation from
2018 0.44 3.30 0.50 11.20635 the mean. Illustrating the spread in the data series was
2019 0.44 1.73 0.65 11.15789 the standard deviation value, 0.159980, 1.815416,
2020 0.42 3.00 0.80 11.29027 0.937642 and 0.778401 respectively; Consequently, it
2021 0.64 3.13 1.00 11.62022
can be seen that the series' divergence from the mean
2022 0.16 4.69 1.33 12.02371
decreases with decreasing value and increases with
Source: Researcher’s Study, 2024
increasing value. The standard deviation of each
variable is smaller than its mean, indicating slower
The table 1 provides a snapshot of key financial
growth.
indicators for three major Nigerian banks (UBA,
Zenith Bank, and Access Bank) over a period from
The skewness, kurtosis, and Jarque-Berra test statistics
2012 to 2022. UBA and Access Bank have shown
of every variable in Table 2 further demonstrate the
more dynamic changes in ROE, EPS, and DPS,
actual character of the data series. It is said that a
indicating active growth strategies. The steady
probability distribution that is perfectly symmetric
increase in DPS suggests a focus on shareholder
around the mean will have zero skewness. All the
returns. Zenith Bank has maintained stable ROE and
series are normally distributed due to the normality of
high DPS, appealing to investors seeking consistent
the series of ROE, EPS, DPS, LPY respectively and

9|Page
since the probability value of Jargue-berra statistics of significance, indicating that the data is normally
with 1.878299, 5.480160, 3.105124 and 11.79295 of distributed.
all the series are shown to be more than the acceptable
0.05. Their respective p-value 0.390960, 0.064565, Table 4: Results of multicolinearity test Variance
0.211705 and 0.002749 for ROE, EPS, DPS and LPY Inflation Factors
respectively are more than 0.05 assumed levels
significance with exemption of LPY. Most probability Coefficient Uncentered Centered
estimates for Jarque Berra statistics indicate that all of Variable Variance VIF VIF
the series are normally distributed. The regression
EPS 0.000701 19.34570 5.110473
model is therefore assessed using the converted series DPS 0.002969 14.75882 5.773792
as one of the conditions of ordinary least square LPY 0.002701 779.7288 3.619910
regression that has been met is the series' normality. C 0.287230 655.1771 NA

Table 3: Panel Pooled OLS (POLS)results Source: e-view output, 2024

Dependent Variable: ROE
The results of multicollinearity show that the variance
Variable Coefficient Std. Error t-Statistic Prob.
inflation factors (VIF) for EPS, DPS, and LPY of
EPS -0.033184 0.026477 -1.253307 0.2201
5.110473, 5.773792 and 3.619910 respectively are all
DPS -0.125337 0.054489 -2.300222 0.0288 less than 10, implying that multicollinearity does not
LPY 0.106183 0.051971 2.043119 0.0502 exist in the model.
C -0.668389 0.535938 -1.247139 0.2223
Table 5: Heteroskedasticity Test: Breusch-Pagan-Godfrey
Source: e-view output, 2024
F-statistic 0.697423 Prob. F(3,29) 0.5612
Obs*R-squared 2.220644 Prob. Chi-Square(3) 0.5279
In table 3 above, EPS is statistically insignificant since Scaled explained SS 2.324465 Prob. Chi-Square(3) 0.5079
its p-values of 0.22>0.05 level of significance.
Similarly, the coefficient of DPS and LPY are positive Source: e-view output, 2024
with 0.029 and 0.05≤0.05 meaning that they
statistically significant. A unit increase in LPY will The probability chi-square 0.5279> 0.05 threshold of
result in a unit rise in ROE since the coefficient of significance is demonstrated by the preceding result. It
LPY is positive at 0.106183. Conversely, DPS and indicates that there is no heteroscedasticity in the data,
EPS have negative coefficients of -0.033184 and supporting the null hypothesis.
-0.125337, respectively, indicating that a unit drop in
LPY and DPS will also result in a unit drop in ROE. Table 6: Results of test of Autocorrelation using
Durbin-Watson stat
Fig. 1: Normality Test Results
8
Series: Standardized Residuals R-squared 0.067292 Mean dependent var 0.012714
7 Sample 2012 2022 Adjusted R-squared -0.029195 S.D. dependent var 0.021257
Observations 33
6 S.E. of regression 0.021565 Akaike info criterion -4.722265
Mean 2.36e-16 Sum squared resid 0.013487 Schwarz criterion -4.540870
5 Median -0.012402
Maximum 0.303718 Log likelihood 81.91737 Hannan-Quinn criter. -4.661231
4
Minimum -0.189713
F-statistic 0.697423 Durbin-Watson stat 1.898925
3
Std. Dev. 0.114503
Skewness 0.845259 Prob(F-statistic) 0.561198
2 Kurtosis 3.710852

1 Jarque-Bera 4.624352 Source: e-view output, 2024

Probability 0.099045
0
-0.2 -0.1 0.0 0.1 0.2 0.3

Source: e-view output, 2024 The Durbin-Watson statistic in table 6 above is

The Jarque-Bera statistics 4.024352 of the series is demonstrated by the result is 1.898925 and less than 2,
shown to be greater than the acceptable 0.05, with it shows there is a positive Autocorrelation.
respective p-value 0.099045 higher than the 0.05 level

10 | P a g e
Table 7: Result of multiple regression analysis Ho1: Earnings per share have no significant
Dependent Variable: ROE influence on return on equity in deposit money
banks in Nigeria.
Variable Coefficient Std. Error t-Statistic Prob.
EPS are found to be negatively related to the ROE of
EPS -0.033184 0.026477 -1.253307 0.2201
UBA, Zenith Bank and Access Bank Plc. It has a beta
DPS -0.125337 0.054489 -2.300222 0.0288
LPY 0.106183 0.051971 2.043119 0.0502
coefficient of -0.033184. The coefficient for the
C -0.668389 0.535938 -1.247139 0.2223 independent variable ROE looks to be negative. This
indicates that the dependent variable ROE will drop
R-squared 0.487730 Mean dependent var 0.280000 by the variable's coefficient values for each unit
Adjusted R-squared 0.434737 S.D. dependent var 0.159980 reduction in the variable. Therefore, a 0.033184
S.E. of regression 0.120280 Akaike info criterion -1.284782 decrease in ROE might result from spending an extra
Sum squared resid 0.419549 Schwarz criterion -1.103387 Naira on EPS. Nonetheless, Return on equity is not
Log likelihood 25.19890 Hannan-Quinn criter. -1.223748
significantly impacted by earnings per share, as
F-statistic 9.203606 Durbin-Watson stat 1.169803
Prob(F-statistic) 0.000195
indicated by the p-value of 0.2201, which is greater
than the threshold for significance level of 0.05. As a
Source: e-view output, 2024 result, the null hypothesis is accepted and an
alternative hypothesis is denied. Therefore, we
According to the correlational study findings shown in conclude that profits per share have no substantial
table 7 above, R2, the variables' multiple coefficient of effect on the return on equity of UBA, Zenith Bank,
determination, was 0.487730, meaning that changes in and Access Bank Plc.
the independent variables included in the research
account for around 48.77% of the overall variance in Ho2: Dividend per share has no significant
ROE. Even if more factors were included in the influence on return on equity in deposit
research, the independent variables would still account money banks in Nigeria.
for 43.48% of the differences in ROE, according to
the adjusted R2 of 0.434737. Furthermore, one of the
Dividend per share (DPS) is found to be negatively
requirements of linear regression is the assumption
related to the investment decision (return on equity) of
that the error terms do not automatically correlate.
UBA, Zenith Bank and Access Bank Plc. -0.125337 is
its beta coefficient. The coefficient for the
According to Norusis (1995), autocorrelation in
independent variable ROE looks to be negative. This
regression model residuals may be checked using the
indicates that the dependent variable ROE will drop
Durbin-Watson statistic. Generally speaking, no
by the variable's coefficient values for each unit
substantial autocorrelation is indicated by a Durbin-
reduction in the variable. Therefore, a one-naira
Watson score between 1.5 and 2.5. Nonetheless, this
decrease in EPS might result in a 0.125337 decrease in
study's Durbin-Watson value of 1.169803 is less than
ROE. However, given that the p-value of 0.0288 is
2, suggesting that the error components have positive
less than the threshold for significance level of 0.05, it
autocorrelation. This raises the possibility that the
appears that dividends per share (DPS) have a very
residuals include some serial correlation, which might
small effect on return on equity. As a result, one
raise questions about the validity of the model.
hypothesis gets adopted and the null hypothesis is
However, the model is statistically significant and fits
disregarded. Thus, we draw the conclusion that UBA,
the data well, as evidenced by the F-statistic of
Zenith Bank, and Access Bank Plc's return on equity
9.203606 and p-value of 0.000195, which are highly
is significantly impacted by dividends per share.
significant at the 5% level. For more trustworthy
findings, the existence of positive autocorrelation Ho3: Profit for the year has no significant influence on
should be addressed even when the model seems to be return on equity in deposit money banks in
sufficient in describing the variation in the dependent Nigeria.
variable.
Profit for the year (PY) is found to be positively
linked to the return on equity (ROE) of UBA, Zenith

11 | P a g e
Bank and Access Bank Plc. It has a beta coefficient of consider the Nigerian banking sector. Increased
0.106183. The coefficient for the independent variable investment can strengthen the banking sector’s
ROE looks to be significant. It indicates that the resilience, allowing for more robust lending to support
dependent variable ROE will rise by the variable's small businesses and stimulate economic growth.
coefficient values for each unit increase in the However, the limited impact of EPS on ROE
variable. Therefore, an extra Naira spent on PY might underscores the need for diversified economic growth
result in a 0.106183 rise in ROE. Nonetheless, the fact strategies beyond shareholder-focused measures,
that the p-value of 0.0502 indicates that the yearly ensuring that banks also focus on broader economic
profit has a minimal effect on return on equity because development through affordable loans and financial
it is higher than the statistically significant level of inclusion.
0.05. As a result, the null hypothesis is accepted and
an alternate hypothesis is rejected. Therefore, we Given that Nigerian banks are influential in the
conclude that the profits for the year had no African banking landscape; these findings could
discernible effect on the return on equity of UBA, inspire other African financial institutions to re-
Zenith Bank, and Access Bank Plc. evaluate their performance metrics and shareholder
strategies. A shift towards prioritizing dividends over
Implication of the Findings EPS as a measure of bank performance could promote
stability and enhance investor trust across the
The lack of a statistically significant impact of continent’s financial sector. For Africa's emerging
Earnings Per Share (EPS) on Return on Equity (ROE) economies, this trend could lead to a more predictable
suggests that management may need to reconsider banking environment that fosters cross-border
using EPS as a primary indicator of shareholder value investments, regional development projects, and
in strategic decisions. Given the statistically economic integration efforts. In the long run, a focus
significant influence of Dividend Per Share (DPS) on on sustainable dividend policies and profitability
ROE, management teams should focus more on could contribute to a more resilient and interconnected
establishing sustainable and possibly increasing African financial market.
dividend policies to attract and retain investors. The
marginal significance of profit for the year highlights CONCLUSION AND RECOMMENDATIONS
the need for effective cost management and
operational efficiency to ensure profitability remains Conclusion
above critical thresholds. A business's strengths and shortcomings can be
determined with the use of financial statements, which
For UBA, Zenith Bank and Access Bank Plc, these offer a multitude of information condensed into
findings suggest that dividends contribute more numerical form. The accounting information in
significantly to ROE than EPS. Consequently, these financial statements is a crucial element that
banks may need to prioritize maintaining or increasing determines how profitable Nigerian listed banks are,
dividend payouts as a means of enhancing shareholder according to this study's analysis of financial
confidence and attracting new investments. statements in investment decisions. The analysis
Additionally, the marginal significance of annual comes to the following conclusions for UBA, Zenith
profit implies that small fluctuations in profitability Bank, and Access Bank Plc: earnings per share have
can significantly affect equity returns. To mitigate no significant effect on return on equity; dividends per
risks, banks should strengthen their revenue streams, share have a substantial influence on return on equity;
improve cost efficiency, and explore innovative and profit for the year has no significant effect on
banking services to enhance profitability despite return on equity.
economic fluctuations.
Recommendations
These findings have broader implications for the
Nigerian financial market. As banks adjust to i. The management of money deposit banks in
emphasize dividend distributions, this could signal a Nigeria should assign more important to earnings
more stable and attractive investment climate, per share since it shows how much a business is
encouraging both local and international investors to winning or earnings. High earnings show a higher

12 | P a g e
 productivity of focused tasks. This would as well fraud on profit performance of manufacturing
help to determine whether the banks have firm in Nigeria: A study of food and beverage
performed up to the standard required by the firms in Nigeria. European Journal of Business
industry.
and Management, 10(9), 1-17.
ii. It recommended that industry financial ratios,
particularly the dividend pay-out ratio's Agha, A. N. (2014). Earnings per share impact on
profitability metrics, should serve as a reference non-financial firms performance Journal of
for deposit money bank shareholders as they are Economic Info (JEI), 1 (4) 1-7
important indicators of share price movement. In
order to increase the firm's profitability, managers Akani, H. W. & James, S. A. (2022). Dividend
need also create rules that guarantee the efficacy
decisions and profitability of quoted food and
and efficiency of the company's resources.
beverages firms in Nigeria. Nigerian Journal of
iii. Finally, the management of UBA, Zenith Bank
and Access Bank Plc and other banks in Nigeria Management Sciences, 23(2), 102-116.
should improve on their wealth creation by cutting
unnecessary cost and they should applied return Aldridge, R. (2015). Management’s report on internal
on profit margin ratios to improve the financial control, and the accountant’s response.
situation and operational efficiency of the Managerial Auditing Journal, 9(7), 21-28.
companies. This will go a long way to increase
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