From the analysis of the bank’s financial statements for the years ended 2016, 2017 and 2018, audit observed that Profit After Tax for the three years were as follows:
YEAR AMOUNT (N)
2016 16,973,504,000.00
2017 22,737,679,000.00
2018 31,907,644,000.00
These reported profits notwithstanding, it was observed that government’s investment in the bank has been declining as shown below:
YEAR YEARLY (N)
2016 5,034,818,000.00
2017 5,110,801,000.00
2018 1,639,509,000.00
TOTAL 11,785,128,000.00
It is expected that continuous increase in profit would result in increase in owners’ equity, but the reverse is the case – Federal Government investment continues to decline.
It appears that this unusual trend may be attributable to poor performance of the subsidiaries (documents relating to them were not made available for audit) as this result is noticeable in the consolidated position of the Banks and its subsidiaries.
The Managing Director is required to provide explanation as to why the Government’s equity is declining in value while the BoI Group declares profits after tax year-on-year, failing which sanction stated in FR 3115 should apply.
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