Impact of Covid-19 Pandemic on Profitability of Deposit Money Banks in Nigeria

The study examined the impact of COVID-19 pandemic on the profitability of Deposit Money Banks (DMBs) in Nigeria. The ex post facto research design was used. The population comprised 23 DMBs listed on the Nigerian Exchange Group as at 31st December 2020. A purposive sampling procedure was used to select 10 DMBs. Secondary data were used and were obtained from the audited annual reports and accounts of the sampled DMBs. The period covered was from 2011 to 2020. Collected data were analyzed using descriptive statistics. Hypothesis testing was carried out using the simple regression analysis with the aid of STATA software version 14. Results showed that COVID-19 pandemic has no significant positive impact on Return on Assets of DMBs in Nigeria (P= 0.178). COVID-19 pandemic has no significant positive impact on Return on Equity of DMBs in Nigeria (P = 0.422). COVID-19 pandemic has no significant positive impact on Net Profit Margin of DMBs in Nigeria (P = 0.428).