Analysis of Bank-Specific Determinants of Commercial Banking performance: a comprehensive investigation
The aim of this paper was to examine the bank-specific factors affecting commercial banks’ profitability in Ethiopia, using empirical framework for portfolio risk, efficiency, competition and relative market power (RMP). To capture the persistent nature of financial data, and the nature of some endogenous and predetermined variables, we adopted the system GMM estimation technique, described by Arellano and Bover, (1995), and Blundell and Bond, (1998), on panels of Ethiopian commercial banks that cover the period 2005-2014.Controlling for some industry-specific and macroeconomic factors, the estimation result shows that profit persists to a moderate extent, and all of the bank-specific variables, except for overhead expenses to total asset ratio and the contemporaneous effect of ban age, significantly affect bank profitability measured by (ROAA). Finally, the macroeconomic control variable, the effect of business cycles found positive and insignificant, indicating limited intermediation contribution of the banking sector to the GDP of the country.
Leykun, F. (2021). Analysis of Bank-Specific Determinants of Commercial Banking performance: a comprehensive investigation. International Journal Of Management And Economics Invention, 7(6). Retrieved from https://rajournals.in/index.php/ijmei/article/view/700
1. Afzal, A. &. (2012). Interest rate spreads in an emerging economy: the case of Pakistan's commercial banking sector. Economic research volume 25(4), 987-1004.
2. Addison, T., & Geda, A. (2001). Ethiopia‟s New Financial Sector and Its Regulation:. Discusion paper 2001/55.
3. Albertazzi, U., & Gambacorta, L. (2009). Bank profitability and the business cycle. Journal of financial stability, 5 , 393-409.
4. Arellano, M., & Bond, S. (1991). Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. Review of Economic Studies 58, 277–297.
5. Arellano, M., & Bover, S. (1995). Another look at the instrumental variable estimation of error-components models. Journal of Econometrics 68 , 29–51.
6. Athanasoglou, P., Delis, & Staikouras. (2006). Determinants in the bank profitability in the South Eastern European Region. Journal of Financial Decision Making, 2 , 1-17.
7. Athnasoglou, P., Brissimis, S., & Delis, M. (2008). Bank-specific, industryspecific and macroeconomic determinants of bank profitability. journal of International financial markets, institutions and money, 18, 121–136.
8. Athnasoglou, P., Sophocles, N., & Matthaios, D. (2005, Bank of greece 1). Bank-specific, industryspecific and macroeconomic determinants of bank profitability. Working paper , pp. 3-4.
9. Ayanda, A., Christopher, E., & Mudashiru, M. (2013). Determinants of Banks Profitability in a Developing Economy: Evidence from Nigerian Banking Industry. Interdisciplinary Journal of Contemporary Research in Business Vol 4, No 9.
10. Baral, k. j. (2005). Health check-up of commercial banks in the framework of CAMEL: a case study of joint venture banks in Nepal. The journal of Nepalese business studies vol.2, No. 1.
11. Behr, A. (2003). A comparission of dynamic panel data estimetors: Monte Carlo evidence and an application of the investment function . discussion paper 05/03 . Ecoonomic research center of the deutsche bundesbank.
12. Blundell, R., & Bond, S. (1998). Initial conditions and moment restrictions in dynamic panel data models. . Journal of Econometrics 87, 115–143.
13. Borio, C. (2003). Towards a macroprudential framework for financial supervision and regulation? CESifo Economic Studies, 49(2),181-215.
14. Bordeleau, É., & Graham, C. (2010). The Impact of Liquidity on Bank Profitability. Working Paper 2010-38 (pp. 1-23). Canada: Bank of Canada.
15. Brissimis, S., Delis, M., & Papanikolaou, N. (2008). Exploring the Nexus betweenBanking Sector Reform and Performance: Evidence from Newly Acceded EU Countries. bank of Greece working paper .
16. Cekrezi, A. (2015). Factors affecting performance of commercial banks in Albania. The European Proceedings of Social & Behavioural Sciences , 2357-1330. http://dx.doi.org/10.15405/epsbs.2015.05.3
17. Chant pong, S. (2005). Comparative study of domestic and foreign bank performance in Thailand: The regression analysis. Economic Change and Restructuring, 38(1), 63-83.
18. Chen, S., & Liao, C. (2009). Are Foreign Banks more Profitable than Domestic Banks? Home- and Host-Country Effects of Banking Market Structure, Governance, and Supervision.
19. chronopoulos, D., Liu, H., McMillan, F., & Wilson, O. (2013). The Dynamics of US Bank Profitability. Working Papers in Responsible Banking & Finance.
20. Demirgüç-Kunt, A., & Detragiache, E. (1999). Financial Liberalization and FinancialFragility; . Policy research working paper: Development Research Group, the World Bank,and Research Department, International Monetary Fund.and Research Department, International Monetary Fund.
21. Dietrich, A., & Wanzenried, G. (2014). The determinants of commercial bankingprofitability in low, middle, and high-income countries. The Quarterly Review of Economics and Finance 54, 337–354.
22. Dietrich, A., & Wanzenried, G. (2011). Determinants of bank profitability before and during the crisis: Evidence from Switzerland. . Journal of International Financial Markets,Institutions & Money 21, , 307–327.
23. Edwards, F., & Heggestad, A. (1973). Uncertainty, Market Structure, And Performance:The Galbraith-Caves Hypothesis and Managerial Motives in Banking. The QuarterlyJournal of Economics, Vol. 87, No. 3, 455-473.
24. Eshete, Z., Tesome, K., & Abebe, T. (2013). Competition in Ethiopian Banking Industry. African Journal of Economics Vol. 1 (5) , 176-190.
25. Flamini, V., McDonald, C. A., & Schumacher, L. (2009). The determinants of commercialbank profitability in Sub-Saharan Africa (EPub) (Vol. 9). International Monetary Fund. working paper
26. Folawewo, A. O., & D., T. (2008). Determinants of Interest Rate Spread in Sub-Saharan African Countries: A Dynamic Panel Analysis. A paper prepared for the 13thAnnual African Econometrics Society Conference, 9 – 11 July. Pretoria Republic of South Africa: African Econometrics Society .
27. Francis, M. E. (2013). Determinants of commercial bank profitability in Sub-Saharan Africa. International Journal of Economics & Finance, 5(9), , 134-147.
28. Fraser, D., Phillips, J. W., & Rose, P. (1974). A Canonical Analysis of Bank Performance. . The Journal of Financial and Quantitative Analysis, Vol. 9, No. 2,287-295.
29. Garcia-Herrero, A., Gavila´, S., & Santaba´ Rbara, D. (2009). What explains the low profitability of Chinese banks? . Journal of Banking & Finance, 33(11), 2080-2092.
30. Geda, A. (2006). The Structure and Performance of Ethiopia‟s Financial Sector in the Pre and Post-Reform Period with a Special Focus on Banking. Research Paper No.112.
31. Goddard, J., Molyneux, P., & Wilson, H. O. (2004). Dynamics of growth and profitability in banking. . Journal of Money, Credit, and Banking, 36 , 1069-1090.
32. Goddard, J., & Wilson, J. O. (2009). Competition in banking: A disequilibrium approach. Journal of Banking & Finance 33 , 2282–2292.
33. Golin, J. (2001). The Bank Credit Analysis Handbook: A Guide for Analysts, Bankers and Investors. Asia. John Wiley & Sons, Asia.
34. Growe, G., DeBruine, M., Lee, J., & Maldonado, J. (2014). The Profitability and Performance Measurement Of U.S. Regional Banks Using The Predictive Focus Of The Fundamental Analysis Research. Advances in Management Accounting. Published online: 02 , 189-237.
35. Guru, B., Staunton, J., & Balashanmugam, B. (1999, December 16-17). Determinants of commercial bank profitability in Malaysia. In: Paper presented at the Proceedings of the 12th Annual Australian Finance and Banking Conference, Sydney, Australia.
36. Hamidi, M., Karim, M., & Jamal, A. (2012). Determinants of Commercial Banks‟ Return on Asset: Panel Evidence from Malaysia. International Journal of Commerce, Business and Management, Vol. 1, No3.
37. Hoffmann, P. (2011). Determinants of the Profitability of the US Banking Industry. International Journal of Business and Social Science Vol. 2 No. 22.
38. Ikhide S (2000): Efficiency of Commercial Banks in Namibia, Bank of Namibia (BON) Occasional Paper No.4.
39. Iloska, N. (n.d). An analysis of bank profitability in macedonia . journal of applied economics and business .
40. Kapur, D., & Gualu, A. (2011). What drives the performance of commercial banks in Ethiopia? International journal of research in commerce & management volume no: 2,issue no. 7 .
41. Kiyota, K., B Peitsch, B., & Stern, R. (2007). The Case for Financial Sector Liberalization in Ethiopia. Research Seminar in International Economics: (pp. 48109- 091Discussion Paper No. 565.). Ann Arbor, Michigan : Gerald R. Ford School of Public Policy the University of Michigan .
42. Kosmidou, K., Pasiouras, F., & Tsaklanganos, A. (2006). Domestic and multinational determinants of foreign bank profits: The case of Greek banks operating abroad. Journal of Multinational Financial Management 17 , 1-15.
43. Kosmidou, K., Tanna, S., & Pasiouras, F. (2005). Determinants of profitability of domestic UK commercial b
44. anks: Panel evidence from the period 19952002. In Money Macro and Finance (MMF) Research Group Conference (Vol. 45).
45. Kroszner, R. S., Laeven, L., & Klingebiel, D. (2007). Banking crises, financial dependence,and growth . Journal of Financial Economics, 84(1), 187-228.
46. Lelissa, T. (2014). The Determinants of Ethiopian Commercial Banks Performance. European Journal of Business and Management Vol.6, No.14.
47. Leykun, F. (2016). Factors Affecting the Net Interest Margin of Commercial Bank of Ethiopia. International Journal of Scientific and Research Publications, Volume 6, Issue 6 , 150-161.
48. Lipunga, A. (2014). Determinants of Profitability of Listed Commercial Banks in Developing Countries. Evidence from Malawi. Research Journal of Finance and Accounting Vol.5, No.6.
49. Maudos, J., & Fernandez de Guevara, J. (2004). Factors explaining the interest margin in the banking sectors of the European Union. Journal of Banking & Finance 28, , 2259–2281.
50. Messai, A., Gallali, M., & Jouini, F. (2015). Determinants of Bank Profitability in Western European Countries Evidence from System GMM Estimates. International Business Research; Vol. 8, No. 7.
51. Mirzaei, A. (2011). Bank-specific and Macroeconomic Determinants of Profitability in Middle Eastern Banking. Iranian Economic Review, Vol.15, No.29.
52. Mirzaei, A., Moore, T., & Liu, G. (2013). Does market structure matter on banks‟ profitability and stability? Emerging vs. advanced economies. Journal of banking and finance 37,2920-2937.
53. Molyneux, P., & & Thornton, J. (1992). Determinants of European bank profitability: A note. Journal of Banking & Finance, 16(6), 1173-1178.
54. Muda, M., Shaharuddin, A., & Embaya, A. (2013). Comparative Analysis of Profitability Determinants of Domestic and Foreign Islamic Banks in Malaysia. International Journal of Economics and Financial Issues Vol. 3, No. 3.
55. Naceur, S., & Omran, M. (2011). The effects of bank regulations, competition, and financial reforms on banks' performance. Emerging Markets Review 12, 1-120.
56. Ndung‘u, N., & Ngugi, R. (2000). Banking Sector Interest Rate Spreads in Kenya. Kenya Institute for Public Policy Research and Analysis Discussion Paper, No. 5.
57. Olweny, T., & Shipho, T. (2011). Effects of Banking Sectoral Factors on the Profitability of Commercial Banks in Kenya . Economics and Finance Review, 1(5) , 01-30.
58. Ommeren, S. V. (2011). An Examination of the Determinants of Banks’ Profitability in the European Banking Sector, An Unpublished M. Sc. thesis, Department of Accounting and Finance, Erasmus School of Economics Erasmus University, Roterdam.
59. Ongore, V., & Kusa, G. (2013). Determinants of Financial Performance of Commercial Banks in Kenya. International Journal of Economics and Financial Issues Vol. 3, No. 1, 237-252.
60. Pasiouras, F., & Kosmidou, K. (2007). Factors influencing the profitability of domestic and foreign commercial banks in the European Union. Research in International Business and Finance 21, , 222–237 .
61. Rachdi, H. (2013). What determines the Profitability of Banks During and before the International Financial Crisis? Evidence from Tunisia: . International Journal of Economics, Finance and Management VOL. 2, NO. 4.
62. Rao, K., & Lakew, T. (2012). Determinants of Profitability of Commercial Banks in a Developing Country: Evidence from Ethiopia. International Journal of Accounting and Financial Management Research (IJAFMR) Vol. 2 Issue 3, 1-20.
63. Saeed, M.S. (2014). Bank related, industry related and macroeconomic factors affecting bank profitability: A case of the United Kingdom, research journal of finance and accounting, Vol.5, No.2.
64. Sharma, P., & Gounder, N. (2012). Profitability determinants of deposit institutions in small, underdeveloped financial systems: the case of Fiji. Griffith business school discussion papers finance.
65. Stiroh, K. J. (2004). Diversification in Banking: Is Non-Interest Income the Answer? . Journal of Money, Credit, and Banking, 36(5), 853-882.
66. Sufian, f., & Chong, r. (2008). Determinants of bank profitability in a developing economy: empirical evidence from the Philippines . management journal of accounting and finance vol. 4, no. 2, , 91–112.
67. Sufian, F. (2012). Determinants of multinational banks’ subsidiary performance: the host and home country effects. Journal of Economic and Administrative Sciences, Vol. 28 Iss: 2, , 130 – 155.
68. Sufian, F., & Habibullah, M. (2009). Bank Specific And Macroeconomic Determinants Of Bank Profitability: Empirical Evidence From The China Banking Sector . Front. Econ. China , 4(2), 274–291.
69. Sufian, F., & Habibullah, M. (2010). Does economic freedom fosters banks’ performance? Panel evidence from Malaysia. Journal of Contemporary Accounting & Economics 6, 77-91.
70. Trujillo-Ponce, A. (2013). What Determines The Profitability Of Banks? Evidence from Spain.
71. Valverde, S. C., Del Paso, R., & Fernandez, F. (2004). Banks, Financial Innovations and Regional Growth.
72. Valverde, S., & Fernández, F. (2007). The determinants of bank margins in European banking . Journal of Banking & Finance, 31(7), 2043-2063.
2. Addison, T., & Geda, A. (2001). Ethiopia‟s New Financial Sector and Its Regulation:. Discusion paper 2001/55.
3. Albertazzi, U., & Gambacorta, L. (2009). Bank profitability and the business cycle. Journal of financial stability, 5 , 393-409.
4. Arellano, M., & Bond, S. (1991). Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. Review of Economic Studies 58, 277–297.
5. Arellano, M., & Bover, S. (1995). Another look at the instrumental variable estimation of error-components models. Journal of Econometrics 68 , 29–51.
6. Athanasoglou, P., Delis, & Staikouras. (2006). Determinants in the bank profitability in the South Eastern European Region. Journal of Financial Decision Making, 2 , 1-17.
7. Athnasoglou, P., Brissimis, S., & Delis, M. (2008). Bank-specific, industryspecific and macroeconomic determinants of bank profitability. journal of International financial markets, institutions and money, 18, 121–136.
8. Athnasoglou, P., Sophocles, N., & Matthaios, D. (2005, Bank of greece 1). Bank-specific, industryspecific and macroeconomic determinants of bank profitability. Working paper , pp. 3-4.
9. Ayanda, A., Christopher, E., & Mudashiru, M. (2013). Determinants of Banks Profitability in a Developing Economy: Evidence from Nigerian Banking Industry. Interdisciplinary Journal of Contemporary Research in Business Vol 4, No 9.
10. Baral, k. j. (2005). Health check-up of commercial banks in the framework of CAMEL: a case study of joint venture banks in Nepal. The journal of Nepalese business studies vol.2, No. 1.
11. Behr, A. (2003). A comparission of dynamic panel data estimetors: Monte Carlo evidence and an application of the investment function . discussion paper 05/03 . Ecoonomic research center of the deutsche bundesbank.
12. Blundell, R., & Bond, S. (1998). Initial conditions and moment restrictions in dynamic panel data models. . Journal of Econometrics 87, 115–143.
13. Borio, C. (2003). Towards a macroprudential framework for financial supervision and regulation? CESifo Economic Studies, 49(2),181-215.
14. Bordeleau, É., & Graham, C. (2010). The Impact of Liquidity on Bank Profitability. Working Paper 2010-38 (pp. 1-23). Canada: Bank of Canada.
15. Brissimis, S., Delis, M., & Papanikolaou, N. (2008). Exploring the Nexus betweenBanking Sector Reform and Performance: Evidence from Newly Acceded EU Countries. bank of Greece working paper .
16. Cekrezi, A. (2015). Factors affecting performance of commercial banks in Albania. The European Proceedings of Social & Behavioural Sciences , 2357-1330. http://dx.doi.org/10.15405/epsbs.2015.05.3
17. Chant pong, S. (2005). Comparative study of domestic and foreign bank performance in Thailand: The regression analysis. Economic Change and Restructuring, 38(1), 63-83.
18. Chen, S., & Liao, C. (2009). Are Foreign Banks more Profitable than Domestic Banks? Home- and Host-Country Effects of Banking Market Structure, Governance, and Supervision.
19. chronopoulos, D., Liu, H., McMillan, F., & Wilson, O. (2013). The Dynamics of US Bank Profitability. Working Papers in Responsible Banking & Finance.
20. Demirgüç-Kunt, A., & Detragiache, E. (1999). Financial Liberalization and FinancialFragility; . Policy research working paper: Development Research Group, the World Bank,and Research Department, International Monetary Fund.and Research Department, International Monetary Fund.
21. Dietrich, A., & Wanzenried, G. (2014). The determinants of commercial bankingprofitability in low, middle, and high-income countries. The Quarterly Review of Economics and Finance 54, 337–354.
22. Dietrich, A., & Wanzenried, G. (2011). Determinants of bank profitability before and during the crisis: Evidence from Switzerland. . Journal of International Financial Markets,Institutions & Money 21, , 307–327.
23. Edwards, F., & Heggestad, A. (1973). Uncertainty, Market Structure, And Performance:The Galbraith-Caves Hypothesis and Managerial Motives in Banking. The QuarterlyJournal of Economics, Vol. 87, No. 3, 455-473.
24. Eshete, Z., Tesome, K., & Abebe, T. (2013). Competition in Ethiopian Banking Industry. African Journal of Economics Vol. 1 (5) , 176-190.
25. Flamini, V., McDonald, C. A., & Schumacher, L. (2009). The determinants of commercialbank profitability in Sub-Saharan Africa (EPub) (Vol. 9). International Monetary Fund. working paper
26. Folawewo, A. O., & D., T. (2008). Determinants of Interest Rate Spread in Sub-Saharan African Countries: A Dynamic Panel Analysis. A paper prepared for the 13thAnnual African Econometrics Society Conference, 9 – 11 July. Pretoria Republic of South Africa: African Econometrics Society .
27. Francis, M. E. (2013). Determinants of commercial bank profitability in Sub-Saharan Africa. International Journal of Economics & Finance, 5(9), , 134-147.
28. Fraser, D., Phillips, J. W., & Rose, P. (1974). A Canonical Analysis of Bank Performance. . The Journal of Financial and Quantitative Analysis, Vol. 9, No. 2,287-295.
29. Garcia-Herrero, A., Gavila´, S., & Santaba´ Rbara, D. (2009). What explains the low profitability of Chinese banks? . Journal of Banking & Finance, 33(11), 2080-2092.
30. Geda, A. (2006). The Structure and Performance of Ethiopia‟s Financial Sector in the Pre and Post-Reform Period with a Special Focus on Banking. Research Paper No.112.
31. Goddard, J., Molyneux, P., & Wilson, H. O. (2004). Dynamics of growth and profitability in banking. . Journal of Money, Credit, and Banking, 36 , 1069-1090.
32. Goddard, J., & Wilson, J. O. (2009). Competition in banking: A disequilibrium approach. Journal of Banking & Finance 33 , 2282–2292.
33. Golin, J. (2001). The Bank Credit Analysis Handbook: A Guide for Analysts, Bankers and Investors. Asia. John Wiley & Sons, Asia.
34. Growe, G., DeBruine, M., Lee, J., & Maldonado, J. (2014). The Profitability and Performance Measurement Of U.S. Regional Banks Using The Predictive Focus Of The Fundamental Analysis Research. Advances in Management Accounting. Published online: 02 , 189-237.
35. Guru, B., Staunton, J., & Balashanmugam, B. (1999, December 16-17). Determinants of commercial bank profitability in Malaysia. In: Paper presented at the Proceedings of the 12th Annual Australian Finance and Banking Conference, Sydney, Australia.
36. Hamidi, M., Karim, M., & Jamal, A. (2012). Determinants of Commercial Banks‟ Return on Asset: Panel Evidence from Malaysia. International Journal of Commerce, Business and Management, Vol. 1, No3.
37. Hoffmann, P. (2011). Determinants of the Profitability of the US Banking Industry. International Journal of Business and Social Science Vol. 2 No. 22.
38. Ikhide S (2000): Efficiency of Commercial Banks in Namibia, Bank of Namibia (BON) Occasional Paper No.4.
39. Iloska, N. (n.d). An analysis of bank profitability in macedonia . journal of applied economics and business .
40. Kapur, D., & Gualu, A. (2011). What drives the performance of commercial banks in Ethiopia? International journal of research in commerce & management volume no: 2,issue no. 7 .
41. Kiyota, K., B Peitsch, B., & Stern, R. (2007). The Case for Financial Sector Liberalization in Ethiopia. Research Seminar in International Economics: (pp. 48109- 091Discussion Paper No. 565.). Ann Arbor, Michigan : Gerald R. Ford School of Public Policy the University of Michigan .
42. Kosmidou, K., Pasiouras, F., & Tsaklanganos, A. (2006). Domestic and multinational determinants of foreign bank profits: The case of Greek banks operating abroad. Journal of Multinational Financial Management 17 , 1-15.
43. Kosmidou, K., Tanna, S., & Pasiouras, F. (2005). Determinants of profitability of domestic UK commercial b
44. anks: Panel evidence from the period 19952002. In Money Macro and Finance (MMF) Research Group Conference (Vol. 45).
45. Kroszner, R. S., Laeven, L., & Klingebiel, D. (2007). Banking crises, financial dependence,and growth . Journal of Financial Economics, 84(1), 187-228.
46. Lelissa, T. (2014). The Determinants of Ethiopian Commercial Banks Performance. European Journal of Business and Management Vol.6, No.14.
47. Leykun, F. (2016). Factors Affecting the Net Interest Margin of Commercial Bank of Ethiopia. International Journal of Scientific and Research Publications, Volume 6, Issue 6 , 150-161.
48. Lipunga, A. (2014). Determinants of Profitability of Listed Commercial Banks in Developing Countries. Evidence from Malawi. Research Journal of Finance and Accounting Vol.5, No.6.
49. Maudos, J., & Fernandez de Guevara, J. (2004). Factors explaining the interest margin in the banking sectors of the European Union. Journal of Banking & Finance 28, , 2259–2281.
50. Messai, A., Gallali, M., & Jouini, F. (2015). Determinants of Bank Profitability in Western European Countries Evidence from System GMM Estimates. International Business Research; Vol. 8, No. 7.
51. Mirzaei, A. (2011). Bank-specific and Macroeconomic Determinants of Profitability in Middle Eastern Banking. Iranian Economic Review, Vol.15, No.29.
52. Mirzaei, A., Moore, T., & Liu, G. (2013). Does market structure matter on banks‟ profitability and stability? Emerging vs. advanced economies. Journal of banking and finance 37,2920-2937.
53. Molyneux, P., & & Thornton, J. (1992). Determinants of European bank profitability: A note. Journal of Banking & Finance, 16(6), 1173-1178.
54. Muda, M., Shaharuddin, A., & Embaya, A. (2013). Comparative Analysis of Profitability Determinants of Domestic and Foreign Islamic Banks in Malaysia. International Journal of Economics and Financial Issues Vol. 3, No. 3.
55. Naceur, S., & Omran, M. (2011). The effects of bank regulations, competition, and financial reforms on banks' performance. Emerging Markets Review 12, 1-120.
56. Ndung‘u, N., & Ngugi, R. (2000). Banking Sector Interest Rate Spreads in Kenya. Kenya Institute for Public Policy Research and Analysis Discussion Paper, No. 5.
57. Olweny, T., & Shipho, T. (2011). Effects of Banking Sectoral Factors on the Profitability of Commercial Banks in Kenya . Economics and Finance Review, 1(5) , 01-30.
58. Ommeren, S. V. (2011). An Examination of the Determinants of Banks’ Profitability in the European Banking Sector, An Unpublished M. Sc. thesis, Department of Accounting and Finance, Erasmus School of Economics Erasmus University, Roterdam.
59. Ongore, V., & Kusa, G. (2013). Determinants of Financial Performance of Commercial Banks in Kenya. International Journal of Economics and Financial Issues Vol. 3, No. 1, 237-252.
60. Pasiouras, F., & Kosmidou, K. (2007). Factors influencing the profitability of domestic and foreign commercial banks in the European Union. Research in International Business and Finance 21, , 222–237 .
61. Rachdi, H. (2013). What determines the Profitability of Banks During and before the International Financial Crisis? Evidence from Tunisia: . International Journal of Economics, Finance and Management VOL. 2, NO. 4.
62. Rao, K., & Lakew, T. (2012). Determinants of Profitability of Commercial Banks in a Developing Country: Evidence from Ethiopia. International Journal of Accounting and Financial Management Research (IJAFMR) Vol. 2 Issue 3, 1-20.
63. Saeed, M.S. (2014). Bank related, industry related and macroeconomic factors affecting bank profitability: A case of the United Kingdom, research journal of finance and accounting, Vol.5, No.2.
64. Sharma, P., & Gounder, N. (2012). Profitability determinants of deposit institutions in small, underdeveloped financial systems: the case of Fiji. Griffith business school discussion papers finance.
65. Stiroh, K. J. (2004). Diversification in Banking: Is Non-Interest Income the Answer? . Journal of Money, Credit, and Banking, 36(5), 853-882.
66. Sufian, f., & Chong, r. (2008). Determinants of bank profitability in a developing economy: empirical evidence from the Philippines . management journal of accounting and finance vol. 4, no. 2, , 91–112.
67. Sufian, F. (2012). Determinants of multinational banks’ subsidiary performance: the host and home country effects. Journal of Economic and Administrative Sciences, Vol. 28 Iss: 2, , 130 – 155.
68. Sufian, F., & Habibullah, M. (2009). Bank Specific And Macroeconomic Determinants Of Bank Profitability: Empirical Evidence From The China Banking Sector . Front. Econ. China , 4(2), 274–291.
69. Sufian, F., & Habibullah, M. (2010). Does economic freedom fosters banks’ performance? Panel evidence from Malaysia. Journal of Contemporary Accounting & Economics 6, 77-91.
70. Trujillo-Ponce, A. (2013). What Determines The Profitability Of Banks? Evidence from Spain.
71. Valverde, S. C., Del Paso, R., & Fernandez, F. (2004). Banks, Financial Innovations and Regional Growth.
72. Valverde, S., & Fernández, F. (2007). The determinants of bank margins in European banking . Journal of Banking & Finance, 31(7), 2043-2063.
