CHAPTER ONE

INTRODUCTION

1.1 Background of the Study

Liquidity management is one of the most important challenges facing deposit money banks across the world, and the Nigerian banking sector is no exception. The banking crises of the 1980s and 1990s exposed serious weaknesses in the financial system, particularly in the management of liquid assets and financial obligations by banks. These challenges continued into the 2005 banking recapitalisation exercise, during which the Central Bank of Nigeria (CBN) increased the minimum capital requirement for banks from ₦2 billion to ₦25 billion (Agbada & Osuji, 2013). Although the policy was introduced to strengthen the banking industry, its effectiveness was tested in 2009 when the CBN had to intervene in five banks experiencing severe liquidity problems. The injection of ₦620 billion into the affected institutions and the subsequent establishment of the Asset Management Corporation of Nigeria (AMCON) demonstrated the dangers of poor liquidity management and its possible effects on banking performance.

The importance of liquidity management in determining bank performance has continued to attract attention among researchers, particularly following the financial crises. Alshatti (2015) explained that banks face different forms of risk arising from liquidity management, and these risks can directly affect their operations and financial performance. According to the author, since the major objective of bank management is to maximise shareholders' wealth, banks must carefully assess their cash flows and related risks to ensure that financial resources are properly allocated. This position is supported by more recent studies. Nwokoro, Ironkwe, and Nwaiwut (2023) observed that effective liquidity management enables banks to meet their obligations to customers, which is essential for maintaining confidence and stability in the banking system. Similarly, Efemena (2024) stated that proper liquidity management promotes the financial stability and success of an organisation and helps prevent insolvency.

Ibe (2013) maintained that liquidity is essential to the effective operation of every business organisation. The author warned that firms must avoid both insufficient and excessive liquidity because either situation can affect their ability to meet short-term financial obligations. Recent research has further examined the relationship between liquidity management and financial performance. Mustapha (2022) identified the capital adequacy ratio, liquidity ratio, and loan-to-deposit ratio as important measures of liquidity management. However, the individual effects of these indicators on financial performance, measured using Tobin's Q, may differ according to prevailing regulatory and economic conditions. In the same way, Esther et al. (2023) found that the efficiency ratio and liquidity ratio have significant positive effects on the market performance of banks. These findings demonstrate the importance of managing liquid assets effectively to maintain financial stability and long-term performance.

A bank's ability to perform its financial intermediation and credit creation functions while maintaining profitability and controlling risk depends largely on its ability to maintain adequate liquidity. The relationship between liquidity and profitability contributes to the stability and confidence of individual banks and the wider financial system. It also helps reduce the possibility of financial crises (Ogbuabor & Malaolu, 2013; Okoye & Eze, 2013). Among the major principles of banking, liquidity is particularly important because it supports the survival of financial institutions, especially in environments where financial risks are high (ECB, 2010). The importance of liquidity to the success or failure of financial institutions has long been recognised by banking researchers (Nwankwo, 1989). More recent empirical research published in the International Journal of Professional Business Review (2024) examined the relationship between liquidity risk and the profitability of listed Nigerian deposit money banks over the period 2008–2023. The study reported a significant positive relationship between the cash reserve ratio, loan-to-deposit ratio, and bank profitability.

Liquidity risk occurs when there is a mismatch between the size and maturity periods of a bank's assets and liabilities. Two major forms of liquidity risk are commonly identified: funding liquidity risk and market liquidity risk. Funding liquidity risk refers to the possibility that a bank may be unable to meet its present or future cash flow obligations without affecting its normal operations or financial condition. Market liquidity risk, on the other hand, arises when a bank cannot easily sell, offset, or close a financial position without causing a significant change in the market price (Ferrouhi & Lehadiri, 2014). The Basel III framework introduced the Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR) as regulatory measures for managing these risks. Kumalo (2023) also emphasised the importance of the LCR and Loan-to-Deposit Ratio (LDR) in understanding the balance banks must maintain between holding sufficient liquid assets and generating profits through lending and other investments.

The relationship between liquidity and profitability continues to attract research interest because findings differ across banking systems and economic environments. Andabai and Oyakegha (2024) investigated the performance of Nigerian commercial banks over a 31-year period, from 1993 to 2023, and reported that liquidity management significantly influences the pattern of bank profitability over time. Chen et al. (2024) found that banks with adequate liquidity ratios generally experience improved operating performance, greater stability, and lower risks of bankruptcy. This finding supports the importance of maintaining appropriate liquidity levels. In relation to the COVID-19 pandemic, research published in PLOS One (2024) reported a positive and significant relationship between liquidity risk and return on assets (ROA) and return on equity (ROE). The findings suggest that banks with better liquidity management practices performed more favourably during the pandemic period.

From a regulatory perspective, decisions of the CBN Monetary Policy Committee between 2023 and 2024 maintained the minimum liquidity ratio for deposit money banks at 30 per cent while increasing the Cash Reserve Ratio (CRR) from 32.5 per cent in early 2023 to 50 per cent by September 2024 (CBN, 2024). These changes have influenced the liquidity management strategies of Nigerian banks, including United Bank for Africa (UBA) Plc., which is the focus of this study. An increase in the CRR means that banks are required to keep a larger proportion of their deposits as reserves with the CBN. This can reduce the amount of funds available for lending and other income-generating activities, potentially affecting profitability even though it may strengthen their liquidity positions (Salihu, Kuta, & Danpome, 2024).

Several studies have examined the relationship between liquidity and corporate financial performance (Raheman & Nasr, 2007; Saleem & Raheman, 2011; Bassey & Moses, 2015; Abba, Hafsat, & Umar, 2023). Most of these studies have used Return on Assets (ROA) and Return on Equity (ROE) as their major measures of financial performance. This study also adopts Return on Shareholders' Fund (RSF) as a measure of performance. This indicator focuses on the returns generated from shareholders' investments and provides an additional perspective for assessing how effectively a bank uses the capital provided by its owners. UBA Plc. is selected as the case study because of its position as a major pan-African financial institution. Examining the bank provides an opportunity to investigate the relationship between liquidity management and financial performance within a major Nigerian banking institution.

1.1.1 Brief History of UBA Plc.

United Bank for Africa (UBA) Plc. traces its history to 1949, when it was established as the British and French Bank Limited (BFB). The bank later acquired the assets and liabilities of BFB and was formally incorporated as a limited liability company on 23 February 1961 under the Companies Ordinance (Cap 37) of 1922. UBA holds an important position in the history of Nigerian banking as the first Nigerian bank to conduct an Initial Public Offering (IPO) following its listing on the Nigerian Stock Exchange (NSE) in 1970. It was also the first Nigerian bank to issue Global Depository Receipts (GDRs), reflecting its early involvement in international capital markets.

In 2005, during the banking recapitalisation exercise introduced by the CBN, UBA completed a major business combination with Standard Trust Bank (STB) Plc. This merger strengthened the bank's capital base and supported its expansion across Africa. UBA has since developed into a pan-African financial institution with operations in 20 African countries and three major international financial centres: London, Paris, and New York. Its African operations cover countries such as Ghana, Benin Republic, Côte d'Ivoire, Burkina Faso, Guinea, Chad, Cameroon, Kenya, Gabon, Tanzania, Zambia, Uganda, Liberia, Sierra Leone, Mozambique, Senegal, the Democratic Republic of Congo, and the Republic of Congo, among others.

In 2022, UBA opened a branch in Dubai's Dubai International Financial Centre (DIFC) to strengthen its international corporate banking relationships and expand its global presence. The 2023 financial year marked the bank's 75th anniversary, which coincided with a period of significant financial growth. According to its 2024 annual report, UBA recorded gross earnings of ₦3.19 trillion in 2024, representing a 53.56 per cent increase over the previous year. Its profit before tax reached ₦803.7 billion, while profit after tax increased to ₦766.6 billion. The bank's total assets also rose to ₦30.3 trillion, representing a year-on-year increase of 46.8 per cent (UBA Annual Report, 2024). These figures reflect the bank's growth and its position within the Nigerian and wider African banking industry.

UBA is a publicly quoted company listed on the Nigerian Exchange Group (NGX), with a diversified shareholder base. As of 2024, the bank employed more than 25,000 people across its international operations. Its vision is to become the leading and dominant financial services institution in Africa, while its mission is to provide quality financial services in a customer-friendly manner and promote economic prosperity across the markets in which it operates. The bank also supports sustainable banking and Environmental, Social, and Governance (ESG) initiatives, including financial inclusion, youth empowerment, and community development through the UBA Foundation (UBA Abridged Report, 2024).

1.2 Statement of the Problem

The Nigerian banking industry operates in an economic environment characterised by exchange rate fluctuations, inflation, changes in monetary policy, and increasing competition among financial institutions. Under these conditions, liquidity management has become an important factor influencing the financial performance of banks. However, the extent to which liquidity affects the performance of individual institutions, particularly major banks such as UBA Plc., requires further investigation.

One major challenge facing deposit money banks in Nigeria is how to maintain sufficient liquidity while complying with the regulatory requirements of the Central Bank of Nigeria. The increase in the Cash Reserve Ratio from 32.5 per cent in early 2023 to 50 per cent by September 2024 placed additional restrictions on the proportion of deposits available for lending and other income-generating activities (CBN, 2024). At the same time, banks are required to maintain a minimum liquidity ratio of 30 per cent to protect depositors and support financial stability. Balancing these regulatory requirements with the need to generate profits creates a challenge for bank management and makes the relationship between liquidity and financial performance an important subject for empirical investigation.

Adekunle, Oke, and Fasusi (2024) examined the relationship between monetary policy rates and the financial performance of five major Nigerian banks, commonly referred to as FUGAZ banks: First Bank, UBA, GTBank, Access Bank, and Zenith Bank. Their study covered the period from 2013 to 2022. The findings indicated that the Cash Reserve Ratio had a positive effect on net income, while most of the other liquidity-related variables had statistically insignificant effects. This suggests that the relationship between liquidity and bank performance may depend on the specific economic and regulatory conditions under which banks operate. Similarly, Salihu, Kuta, and Danpome (2024) found that the Cash Reserve Ratio and Liquidity Ratio had negative but statistically insignificant effects on bank performance in Nigeria over the period 1992–2023. These findings further demonstrate the uncertainty surrounding the relationship between liquidity management and bank performance.

Another concern is the possibility that weaknesses in liquidity management could reduce public confidence in financial institutions. Previous banking crises and the intervention of regulatory authorities have demonstrated the consequences of financial instability. Any indication that a bank cannot meet its obligations may create uncertainty among depositors and increase the possibility of large-scale withdrawals. Despite several banking reforms, some Nigerian banks continue to experience performance challenges associated with ineffective liquidity management strategies (Olagunji, Adeyanju, & Olabode, 2011). Deposit money banks therefore face the challenge of determining the appropriate level of liquid assets required to maintain financial stability while generating sufficient returns and protecting their solvency (Ajibike & Aremu, 2015).

Furthermore, existing empirical studies on the relationship between liquidity and profitability in the banking sector have produced different findings. Ajibike and Aremu (2015) identified a positive relationship between liquidity and profitability, whereas Olanrewaju and Adeyemi (2015) reported no significant relationship. In contrast, Eljelly (2004) and Dahiyat (2016) established a negative relationship between the two variables. More recent findings have also differed. Esther et al. (2023) reported that the liquidity ratio has a significant positive effect on bank performance, while the International Journal of Professional Business Review (2024) reported a negative but statistically insignificant relationship between liquidity ratio and profitability.

The differences in these findings indicate that the relationship between liquidity and financial performance is not yet conclusive. There is therefore a need for further research using institution-specific financial information to examine how liquidity affects the performance of UBA Plc. This study addresses this gap by investigating the relationship between liquidity and bank performance over the period 2020–2025, using relevant financial information and liquidity indicators.

1.3 Objectives of the Study

Main Objective

The main objective of this study is to examine the effect of liquidity on the financial performance of United Bank for Africa (UBA) Plc.

Specific Objectives

The specific objectives of this study are to:

1. Identify and examine the major factors responsible for liquidity risk in UBA Plc. during the period 2020–2025.

2. Examine the effect of liquidity risk on the profitability of UBA Plc.

3. Assess the liquidity position of UBA Plc. and determine the extent to which it complies with the regulatory requirements of the CBN.

4. Determine whether the liquidity ratio has a significant effect on the operating performance of UBA Plc.

5. Examine the moderating effect of macroeconomic factors, particularly the monetary policy rate and inflation, on the relationship between liquidity and bank performance.

1.4 Research Questions

The following research questions are formulated to guide the study:

1. What are the major factors responsible for liquidity risk in UBA Plc. during the period 2020–2025?

2. What effect does liquidity risk have on the profitability of UBA Plc.?

3. What is the liquidity position of UBA Plc. in relation to the regulatory requirements of the CBN?

4. Does the liquidity ratio have a significant effect on the operating performance of UBA Plc.?

5. To what extent do macroeconomic factors influence the relationship between liquidity and bank performance?

1.5 Research Hypotheses

Hypothesis One

H₀: Dependence on non-deposit sources of funding does not have a significant effect on the liquidity risk of UBA Plc.

H₁: Dependence on non-deposit sources of funding has a significant effect on the liquidity risk of UBA Plc.

Hypothesis Two

H₀: Liquidity risk does not have a significant effect on the profitability of UBA Plc.

H₁: Liquidity risk has a significant effect on the profitability of UBA Plc.

Hypothesis Three

H₀: There is no significant relationship between the Cash Reserve Ratio and the financial performance of UBA Plc.

H₁: There is a significant relationship between the Cash Reserve Ratio and the financial performance of UBA Plc.

1.6 Significance of the Study

This study contributes to existing knowledge on liquidity management and the financial performance of banks in Nigeria. Its findings are expected to be useful to investors, shareholders, regulatory authorities, bank managers, researchers, policymakers, and other stakeholders in the Nigerian financial sector.

For investors and shareholders, the study provides information on how liquidity management decisions may influence the financial returns generated from their investments. This information may help them assess the financial position of UBA Plc. and make better-informed investment decisions concerning the bank and other deposit money banks.

For regulatory authorities, particularly the Central Bank of Nigeria, the study provides evidence on the possible effects of regulatory liquidity requirements, including the Cash Reserve Ratio, Loan-to-Deposit Ratio, and minimum liquidity ratio, on bank profitability. Such information may assist regulators in evaluating the implications of existing policies and considering appropriate adjustments to future regulatory measures. The CBN's decision to increase the Cash Reserve Ratio to 50 per cent in 2024 makes the subject particularly relevant to discussions on banking liquidity and financial performance.

For bank managers, the study may provide useful information for determining appropriate liquidity levels that allow banks to meet customer obligations while maintaining profitability. In Nigeria's competitive banking industry, effective liquidity management is important for maintaining customer confidence, supporting lending activities, and improving financial performance. The findings may therefore assist managers in developing strategies that balance liquidity requirements with the need to generate income.

For academic purposes, the study adds to the ongoing discussion on the relationship between liquidity and financial performance in the Nigerian banking sector. By examining UBA Plc. over the period 2020–2025 and adopting Return on Shareholders' Fund (RSF) as an additional performance measure, the study provides a different perspective from earlier studies that mainly used Return on Assets (ROA) and Return on Equity (ROE). It also considers the possible influence of firm-level financial disclosures and macroeconomic variables on the relationship between liquidity and bank performance, as highlighted in related studies (Nwude & Okeke, 2018; Abdelaziz et al., 2022; Oladele & Akinwumi, 2024).

In addition, the different conclusions reached by previous researchers (Ajibike & Aremu, 2015; Olanrewaju & Adeyemi, 2015; Eljelly, 2004; Dahiyat, 2016; Esther et al., 2023) show the need for further empirical investigation. This study seeks to contribute to the existing literature by examining the financial information of UBA Plc. for the period 2020–2025.

1.7 Scope of the Study

This study examines the effect of liquidity on the financial performance of United Bank for Africa (UBA) Plc., one of the major deposit money banks operating in Nigeria and other African countries. The study covers six financial years, from 2020 to 2025. This period is considered relevant because it includes the economic disruption caused by the COVID-19 pandemic, the subsequent recovery period, significant fluctuations in the value of the naira, and changes in monetary policy and banking regulations between 2023 and 2025.

The geographical scope of the study is limited to the Nigerian operations of UBA Plc. However, the bank's consolidated annual reports and financial statements will also be considered where the information is relevant to the analysis. Liquidity will be examined using the Cash Reserve Ratio (CRR), Loan-to-Deposit Ratio (LDR), and Liquidity Ratio (LR). Financial performance will be measured using Return on Shareholders' Fund (RSF), while Return on Assets (ROA) may be used for additional analysis.

The study does not include other deposit money banks operating in Nigeria. Consequently, its findings are primarily applicable to the institution under investigation and may not fully represent the experiences of smaller banks or financial institutions with different financial structures and regulatory conditions.

1.8 Limitations of the Study

Although this study is designed to provide useful findings on liquidity management and bank performance, certain limitations may affect the research process and interpretation of the results.

First, the study depends entirely on secondary data obtained from UBA Plc.'s audited annual reports and the Central Bank of Nigeria Statistical Bulletin. The accuracy and reliability of the findings therefore depend on the quality, completeness, and accuracy of the information contained in these publications. Any errors, omissions, or inconsistencies in the reported financial information may affect the results.

Second, the study covers the period 2020–2025, which provides information on important economic and regulatory developments. However, six years may be insufficient for establishing strong conclusions about long-term relationships between liquidity and financial performance. Studies using longer periods and larger samples may provide additional evidence.

Third, the study focuses on only one financial institution. Although UBA Plc. is a major banking institution, the single-bank approach limits the ability to account fully for industry-wide factors, including competition among banks, changes in credit demand across economic sectors, and economic shocks affecting the entire banking industry.

1.9 Operational Definition of Terms

Liquidity: This refers to the ability of a bank to obtain sufficient funds to finance increases in its assets and meet financial obligations as they become due without suffering unacceptable losses or disrupting its normal operations (CBN, 2024).

Liquidity Management: This refers to the process through which a bank plans, controls, and manages its available liquid resources to ensure that it can meet its financial obligations without seriously affecting its profitability. It involves managing deposit withdrawals, short-term cash requirements, and compliance with regulatory liquidity standards.

Liquidity Ratio (LR): This is a financial measure used to assess a bank's ability to meet its short-term obligations using available liquid assets. The CBN requires deposit money banks to maintain a minimum liquidity ratio of 30 per cent (Dhanuskodi et al., 2022; Hamid, 2023).

Cash Reserve Ratio (CRR): This refers to the proportion of a bank's deposits that it is required to maintain as reserves with the Central Bank of Nigeria. In September 2024, the CBN increased the Cash Reserve Ratio requirement for deposit money banks to 50 per cent (CBN, 2024).

Loan-to-Deposit Ratio (LDR): This is a financial indicator that compares the total loans granted by a bank with the total deposits it receives from customers. It shows the extent to which a bank uses customer deposits to finance its lending activities. The CBN lowered the target Loan-to-Deposit Ratio to 50 per cent in April 2024.

Return on Shareholders' Fund (RSF): This is a profitability measure used to determine the net income generated from the funds contributed by shareholders. It is calculated by dividing profit after tax by total shareholders' funds. It provides an indication of how effectively a bank uses shareholders' capital to generate returns.

Funding Liquidity Risk: This refers to the possibility that a bank may be unable to meet its cash flow obligations when they become due without incurring excessive costs or negatively affecting its normal operations and financial condition.

Market Liquidity Risk: This is the risk that a bank may be unable to sell, offset, or close a financial position quickly without causing a significant change in the market price and potentially suffering financial losses (Ferrouhi & Lehadiri, 2014).

Bank Deposits: These are funds placed with a bank by individuals, businesses, and other institutions. They may be classified into demand deposits, savings deposits, and time deposits. Deposits constitute an important source of funds used by banks to provide loans and make investments.

Demand Deposits: These are funds deposited in bank accounts that customers can withdraw whenever they require them, usually without giving the bank advance notice. They are commonly associated with current or checking accounts and represent one of the most liquid forms of bank deposits.

Savings Deposits: These are deposits held in savings accounts, usually for the purpose of keeping money while earning interest where applicable. Although some account conditions may provide for advance notice before withdrawal, customers can generally access their savings through available banking channels.

Deposit Money Bank (DMB): This refers to a financial institution licensed by the Central Bank of Nigeria to accept deposits from the public and provide credit facilities, payment services, and other banking services. UBA Plc. is one of the major deposit money banks operating in Nigeria.

REFERENCES

Abba, M. K., Hafsat, B. A., & Umar, S. A. (2023). Impact of liquidity on financial management of deposit money banks in Nigeria. International Journal of Business Systems and Economics, 14(1), 111–129.

Abdelaziz, H., Rim, B., & Helmi, H. (2022). The interactional relationships between credit risk, liquidity risk and bank profitability in MENA region. Global Business Review, 23(3), 561–583.

Adegbie, F. F., & Adesanmi, T. (2022). Risk assets management, liquidity management and sustainable performance in Nigeria deposit money banks. International Journal of Accounting Research, 6(2), 1–10.

Adekunle, O., Oke, M. O., & Fasusi, O. (2024). Monetary policy rates and financial performance of listed deposit money banks in Nigeria (2013–2022). Journal of Finance and Banking Review, 9(1), 45–62.

Adeleke, T., & Yusuf, K. (2022). Monetary policy and bank performance in Nigeria: An empirical analysis. Journal of Banking and Finance, 18(2), 55–68.

Agbada, A. O., & Osuji, C. C. (2013). The efficacy of liquidity management and banking performance in Nigeria. International Review of Management and Business Research, 2(1), 223–233.

Ajibike, J. O., & Aremu, O. S. (2015). The impact of liquidity on Nigerian bank performance: A dynamic panel approach. Journal of African Macroeconomic Review, 5(2), 2–3.

Alshatti, A. S. (2015). The effect of liquidity management on profitability in the Jordanian commercial banks. International Journal of Business and Management, 10(1), 62–71.

Alqemzi, A. A., Aziz, N. A. A., Yahaya, S. N., & Husseini, S. A. (2022). The impact of liquidity risk management on financial performance through profitability in the UAE Islamic banks. Journal of Positive School Psychology, 6(3), 4636–4645.

Andabai, P. W., & Oyakegha, E. S. (2024). Liquidity management and commercial banks' performance in Nigeria (1993–2023). International Journal of Social Science and Management Research, 10(9), 288–297.

Bassey, G. E., & Moses, C. E. (2015). Bank profitability and liquidity management: Evidence from selected Nigerian deposit money banks. International Journal of Economics, Commerce and Management, 3(4), 1–24.

Benjamin, S., & Kamalavali, L. (2006). Liquidity-profitability tradeoff: An empirical investigation in an emerging market. International Journal of Commerce and Management, 16(2), 92–102.

Bergmann, J. (2023). Research philosophy, methodological implications, and research design at risk of deprivation. Studien zur Migrations- und Integrationspolitik, 57–89.

Binay, S., & Sneha, C. (2023). Impact of liquidity management on profitability of joint venture commercial banks in Nepal. The Lumbini Journal of Business and Economics, 11(1), 1–12.

Central Bank of Nigeria (CBN). (2023). Key decisions of the Monetary Policy Committee, July 24–25, 2023. Abuja: CBN.

Central Bank of Nigeria (CBN). (2024). Key decisions of the Monetary Policy Committee, September 23–24, 2024. Abuja: CBN. https://www.cbn.gov.ng/MonetaryPolicy/decisions.html

Chen, Y., Chen, Y., & Chou, R. K. (2024). Banks that maintain an adequate liquidity ratio tend to experience better operating performance. Journal of Financial Stability, 70, 101220.

Dahiyat, A. (2016). Does liquidity and solvency affect banks' profitability? Evidence from listed Jordanian Islamic and conventional banking sector. International Journal of Academic Research in Accounting, Finance and Management Sciences, 6(1), 35–40.

Dhanuskodi, R., Hamid, S., & others. (2022). Liquidity ratio as the measure of a bank's capability to settle its near-term financial responsibilities. Journal of Banking Regulation, 23(4), 301–318.

Efemena, E. O. (2024). Bank liquidity and financial performance of deposit money banks in Nigeria. International Journal of Scientific Research and Management, 12(12), 8054–8070.

Eljelly, A. M. A. (2004). Liquidity–profitability tradeoff: An empirical investigation in an emerging market. International Journal of Commerce and Management, 14(2), 48–61.

Esther, A., Anayochukwu, O., Emmanuel, N., Akujinma, O., & Promise, A. (2023). Effect of liquidity management on the performance of banks in Nigeria (2012–2021). African Journal of Accounting and Financial Research, 6(1), 1–22.

European Central Bank (ECB). (2010). Recent advances in modelling systemic risk using network analysis. Frankfurt: ECB.

Ferrouhi, E. M., & Lehadiri, A. (2014). Liquidity determinants of Moroccan banking industry. International Research Journal of Finance and Economics, 118, 103–112.

Haris, M., Yao, H., & Fatima, H. (2024). The impact of liquidity risk and credit risk on bank profitability during COVID-19. PLOS One, 19(9), e0308356. https://doi.org/10.1371/journal.pone.0308356

Ibe, S. O. (2013). The impact of liquidity management on the profitability of banks in Nigeria. Journal of Finance and Bank Management, 1(1), 37–48.

International Journal of Professional Business Review. (2024). The impact of liquidity risk on profitability of listed deposit money banks in Nigeria. IJPBR, 9(3). https://doi.org/10.26668/businessreview/2024.v9i3.4777

Joseph, I. E., & Adelegan, O. (2023). Liquidity management and financial performance of deposit money banks in Nigeria. SSRN Working Paper. https://doi.org/10.2139/ssrn.4349839

Kumalo, L. (2023). Liquidity coverage ratio and bank stability: Evidence from emerging markets. Journal of Risk Management in Financial Institutions, 16(3), 212–228.

Mustapha, L. O. (2022). Liquidity management and financial performance of listed deposit money banks in Nigeria. Unizik Journal of Finance and Accounting, 3(2), 1–18. ISSN: 2756-665X.

Nwokoro, A. I., Ironkwe, U. I., & Nwaiwut, J. N. (2023). Liquidity management and quoted deposit money banks' financial performance in Nigeria. American Journal of Business Management, 12(4), 45–61.

Ogbuabor, J. E., & Malaolu, V. A. (2013). Liquidity, profitability and banking performance in Nigeria. Journal of Economics and Sustainable Development, 4(6), 48–55.

Okoye, V., & Eze, R. O. (2013). Effect of bank lending rate on the performance of Nigerian deposit money banks. International Journal of Business and Management Review, 1(1), 34–43.

Oladele, F., & Akinwumi, A. (2024). Credit risk, liquidity risk management and financial performance disclosures in Nigerian banks. Journal of Risk and Financial Management, 18(4), 198–215.

Olagunji, A., Adeyanju, O. D., & Olabode, O. S. (2011). Liquidity management and commercial banks' profitability in Nigeria. Research Journal of Finance and Accounting, 2(7/8), 24–38.

Raheman, A., & Nasr, M. (2007). Working capital management and profitability: Case of Pakistani firms. International Review of Business Research Papers, 3(1), 279–300.

Saleem, Q., & Rehman, R. U. (2011). Impacts of liquidity ratios on profitability: Case of oil and gas companies of Pakistan. Interdisciplinary Journal of Research in Business, 1(7), 95–98.

Salihu, A., Kuta, I., & Danpome, M. G. (2024). Impact of monetary policy instruments on the performance of commercial banks in Nigeria (1992–2023). Unizik Journal of Marketing, 2(3), 1–18.

UBA Group. (2022). Annual Report and Accounts 2022. Lagos: United Bank for Africa Plc.

UBA Group. (2023). Annual Report and Accounts 2023. Lagos: United Bank for Africa Plc.

UBA Group. (2024). Annual Report and Accounts 2024. Lagos: United Bank for Africa Plc. https://www.ubagroup.com/investors/financial-reports/

UBA Group. (2024). 2024 Abridged Report. AfricanFinancials. https://africanfinancials.com/document/ng-uba-2024-ab-00/

UBA Group. (2025). 2025 Abridged Report. AfricanFinancials. https://africanfinancials.com/document/ng-uba-2025-ab-00/