DOI: 10.36347/sjebm.2018.v05i09.005

Pages: 842-853

The study was on performance appraisal as the bedrock for the growth of Nigerian money deposit banks. The specific objectives included to: ascertain the effect of performance appraisal on the income of Nigerian money deposit banks; evaluate the effect of performance appraisal (PA), on product sales of Nigerian money deposit banks, determine the effect of performance appraisal on banks’ value of Nigeria money deposit banks. The study used the survey approach. The instruments used were the administration of the questionnaire to the bank managers and their staff. The study population was a total number of 4,503. The sample size for the study was 346. The study used the Taro Yamane formula in the determination of the sample size. A total number of 321 staff returned the questionnaire and accurately filled. The validity of the instrument was tested using content analysis, and the result was good. The reliability was tested using the Pearson correlation coefficient (r). It gave a reliability coefficient of 0.92 which was also good. The hypotheses were tested using F-statistic. The result showed that performance appraisal has a significant positive effect on income of Nigerian money deposit banks F(n = 321)= 6.427, p<0.05; performance appraisal has positive effect on product sales of Nigerian money deposit banks F(n = 321)= 12.527, p<0.05 and there is significant positive effect of performance appraisal on bank value on Nigeria money deposit banks F(n = 321)= 54.444, p<0.05. The study concluded that when performance appraisal is effectively used, employees and managers established goals for the period; performance appraisal is a good instrument for mobilizing employees in money deposit banks to achieve the strategic goals of the money deposit banks.