The Impact of Revenue Diversification on Bank Performance and Risk: Evidence from Bangladesh

https://doi.org/10.35912/ijfam.v7i1.2843
Published: Jul 1, 2025

Abstract:

Purpose: This study examines whether revenue diversification improves or harms banks' profitability and financial stability in Bangladesh.

Method: A panel dataset covering 270 observations from DSE-listed banks spanning 2014 to 2023 is used. This study applies fixed-effects and random-effects regression models using STATA 13. Key performance indicators such as Return on Assets (ROA), Return on Equity (ROE), and Z-score (a measure of financial risk) are analyzed. The control variables include bank size, leverage, asset growth, the deposit-to-total-assets ratio, and macroeconomic indicators such as GDP growth and inflation.

Results: Revenue diversification negatively impacts profitability and financial stability. ROA, ROE, and Z-score have significantly negative relationships with revenue diversification. Larger banks tend to be less profitable and stable, whereas a higher deposit-to-total-assets ratio improves performance. GDP growth has a slight positive impact on profitability but does not significantly affect the financial stability.

Conclusions: Diversifying income sources may not always benefit Bangladeshi banks. This can reduce profitability and increase financial risk. Managing leverage and improving asset utilization are crucial for achieving better financial outcomes.

Limitations: This study is limited to DSE-listed banks in Bangladesh and does not consider unlisted banks or non-bank financial institutions in its analysis.

Contribution: This study contributes to the banking and finance field by offering insights into the effects of revenue diversification on bank performance and risk in a developing economy. This can help policymakers, bank managers, and financial analysts make better decisions regarding income strategies and risk management.

Keywords:
1. Bank Performance
2. Financial Stability
3. Non-interest income
4. Revenue Diversification
5. Z-Score
Authors:
1 . Md. Aminul Islam Sany
Trust University, Barishal
https://orcid.org/0009-0000-2762-5973
2 . Rabeya Sultana Lata
University of Barishal
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How to Cite
Sany, M. A. I., & Lata, R. S. (2025). The Impact of Revenue Diversification on Bank Performance and Risk: Evidence from Bangladesh. International Journal of Financial, Accounting, and Management, 7(1), 125–139. https://doi.org/10.35912/ijfam.v7i1.2843
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Issue & Section
Vol. 7 No. 1 (2025): June
Articles
Creative Commons License

This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

Author Biographies

Md. Aminul Islam Sany, Trust University, Barishal

Lecturer, Department of Business Administration

Rabeya Sultana Lata, University of Barishal

Assistant Professor, Department of Finance and Banking

References

    References

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    Abu Khalaf, B., Awad, A. B., & Ellis, S. (2024). The impact of non-interest income on commercial bank profitability in the Middle East and North Africa (MENA) region. Journal of Risk and Financial Management, 17(3), 103. doi:https://doi.org/10.3390/jrfm17030103

    Abuzayed, B., Al-Fayoumi, N., & Molyneux, P. (2018). Diversification and bank stability in the GCC. Journal of International Financial Markets, Institutions and Money, 57, 17-43. doi:https://doi.org/10.1016/j.intfin.2018.04.005

    Adem, M. (2022). Impact of diversification on bank stability: evidence from emerging and developing countries. Discrete Dynamics in Nature and Society, 2022(1), 7200725. doi:https://doi.org/10.1155/2022/7200725

    Ahamed, M. M. (2017). Asset quality, non-interest income, and bank profitability: Evidence from Indian banks. Economic Modelling, 63, 1-14. doi:https://doi.org/10.1016/j.econmod.2017.01.016

    Ahmed, M. A., & Rozario, K. P. (2024). Impact of off-balance sheet activities on bank profitability: Evidence from Bangladesh. International Journal of Financial, Accounting, and Management, 6(2), 283-299. doi:https://doi.org/10.35912/ijfam.v6i2.2510

    Ahokpossi, M. C. (2013). Determinants of bank interest margins in Sub-Saharan Africa: International Monetary Fund.

    Akter, A., Majumder, M. T. H., & Uddin, M. J. (2018). Do capital regulations and risk-taking behavior affect bank performance? Evidence from Bangladesh. Asian Economic and Financial Review, 8(8), 1042. doi:https://doi.org/10.18488/journal.aefr.2018.88.1042.1074

    Al-Qudah, A. M., & Jaradat, M. A. (2013). The impact of macroeconomic variables and banks characteristics on Jordanian Islamic banks profitability: Empirical evidence. International Business Research, 6(10), 153. doi:http://dx.doi.org/10.5539/ibr.v6n10p153

    Alhassan, A. L. (2015). Income diversification and bank efficiency in an emerging market. Managerial Finance, 41(12), 1318-1335. doi:https://doi.org/10.1108/MF-12-2014-0304

    Ashraf, Y., & Nazir, M. S. (2023). Income diversification and bank performance: an evidence from emerging economy of Pakistan. Journal of Economic and Administrative Sciences. doi:https://doi.org/10.1108/JEAS-05-2023-0119

    De Silva, A., Duong, H. N., Nguyen, M., & Nguyen, Y. N. (2023). Bank risk in uncertain times: Do credit rationing and revenue diversification matter? Journal of Business Finance & Accounting, 50(7-8), 1240-1273. doi:https://doi.org/10.1111/jbfa.12653

    Drucker, S., & Puri, M. (2009). On loan sales, loan contracting, and lending relationships. The Review of Financial Studies, 22(7), 2835-2872. doi:https://doi.org/10.1093/rfs/hhn067

    Elia, J., Toros, E., Sawaya, C., & Balouza, M. (2021). Using Altman Z”-score to predict financial distress: Evidence from Lebanese alpha banks. Management Studies and Economic Systems, 6(1/2), 47-57.

    Githaiga, P. N. (2021). Human capital, income diversification and bank performance–an empirical study of East African banks. Asian Journal of Accounting Research, 6(1), 95-108. doi:https://doi.org/10.1108/AJAR-06-2020-0041

    Hassan, M. K., & Bashir, A.-H. M. (2003). Determinants of Islamic banking profitability. Paper presented at the 10th ERF annual conference, Morocco.

    Hidayat, W. Y., Kakinaka, M., & Miyamoto, H. (2012). Bank risk and non-interest income activities in the Indonesian banking industry. Journal of Asian Economics, 23(4), 335-343. doi:https://doi.org/10.1016/j.asieco.2012.03.008

    Ismail, A., Hanif, R., Choudhary, S., & Ahmad, N. (2015). Income-diversification in banking sector of Pakistan: a'Blessing'or'Curse'. The Journal of Commerce, 7(1), 11-22.

    Kahloul, I., & Hallara, S. (2010). The impact of diversification on firm performance and risk: An empirical evidence. International Research Journal of Finance and Economics, 35(35), 150-162.

    Laeven, L., & Levine, R. (2007). Is there a diversification discount in financial conglomerates? Journal of financial economics, 85(2), 331-367. doi:https://doi.org/10.1016/j.jfineco.2005.06.001

    Lee, C.-C., Yang, S.-J., & Chang, C.-H. (2014). Non-interest income, profitability, and risk in banking industry: A cross-country analysis. The North American Journal of Economics and Finance, 27, 48-67. doi:https://doi.org/10.1016/j.najef.2013.11.002

    Lepetit, L., Nys, E., Rous, P., & Tarazi, A. (2008). Bank income structure and risk: An empirical analysis of European banks. Journal of Banking & Finance, 32(8), 1452-1467. doi:https://doi.org/10.1016/j.jbankfin.2007.12.002

    Li, X., Feng, H., Zhao, S., & Carter, D. A. (2021). The Effect of Revenue Diversification on Bank Profitability and Risk During the Covid-19 Pandemic. Finance Research Letters, 43, 101957. doi:https://doi.org/10.1016/j.frl.2021.101957

    Majumder, M. T. H., & Uddin, M. J. (2017). The determinants of profitability of nationalised banks in Bangladesh. International Journal of Economics and Business Research, 13(4), 335-348. doi:https://doi.org/10.1504/IJEBR.2017.084380

    Mashrur, F. A., & Tabassum, N. (2023). A Panel Analysis on Macroeconomic and Bank-Specific Determinants of Commercial Bank’s Profitability in a Developing Economy: Evidence From Bangladesh. IOSR Journal of Economics and Finance, 6, 37-46. doi:https://doi.org/10.9790/5933-1406043746

    Masood, O., & Ashraf, M. (2012). Bank?specific and macroeconomic profitability determinants of Islamic banks: The case of different countries. Qualitative Research in Financial Markets, 4(2/3), 255-268. doi:https://doi.org/10.1108/17554171211252565

    Maubi, A. M., & Jagongo, A. (2014). Corporate loan portfolio diversification and credit risk management among commercial banks in Kenya. International Journal of Current Business and Social Sciences, 1(2), 81-111.

    Mawutor, J. K. M., Boadi, I., Antwi, S., & Tetteh, A. B. (2023). Improving banks’ profitability through income diversification and intellectual capital: The sub-Saharan Africa perspective. Cogent Economics & Finance, 11(2), 2271658. doi:https://doi.org/10.1080/23322039.2023.2271658

    Mercieca, S., Schaeck, K., & Wolfe, S. (2007). Small European banks: Benefits from diversification? Journal of Banking & Finance, 31(7), 1975-1998. doi:https://doi.org/10.1016/j.jbankfin.2007.01.004

    Meslier, C., Tacneng, R., & Tarazi, A. (2014). Is bank income diversification beneficial? Evidence from an emerging economy. Journal of International Financial Markets, Institutions and Money, 31, 97-126. doi:https://doi.org/10.1016/j.intfin.2014.03.007

    Natalia, A. H., Kurniawan, M. R., & Firsty, R. R. (2016). Bank income diversification from stock market perspective: Evidence from ASEAN+ 3. Indonesian capital market review, 8(1), 4. doi:https://doi.org/10.21002/icmr.v8i1.5270

    Nguyen, J., Parsons, R., & Argyle, B. (2021). An examination of diversification on bank profitability and insolvency risk in 28 financially liberalized markets. Journal of Behavioral and Experimental Finance, 29, 100416. doi:https://doi.org/10.1016/j.jbef.2020.100416

    Nguyen, T. V., Le, T. H. T., & Le, T. X. H. (2023). Application of the Altman Z-Score Model in Assessing the Financial Health of Garment Manufacturing Enterprises Listed on the Vietnam Stock Market. International Journal of Multidisciplinary Research and Analysis, 6(6). doi:https://doi.org/10.47191/ijmra/v6-i6-67

    Nisar, S., Peng, K., Wang, S., & Ashraf, B. N. (2018). The impact of revenue diversification on bank profitability and stability: Empirical evidence from South Asian countries. International Journal of Financial Studies, 6(2), 40. doi:https://doi.org/10.3390/ijfs6020040

    Odesanmi, S., & Wolfe, S. (2007). Revenue diversification and insolvency risk: Evidence from banks in emerging economies. Social Science Research Network, 34(12), 1-240.

    Paltrinieri, A., Dreassi, A., Rossi, S., & Khan, A. (2021). Risk-adjusted profitability and stability of Islamic and conventional banks: does revenue diversification matter? Global Finance Journal, 50, 100517. doi:https://doi.org/10.1016/j.gfj.2020.100517

    Phan, D. T., Nguyen, T. T., & Hoang, T. T. (2022). Impact of income diversification on the business performance of Vietnamese commercial banks. Cogent Business & Management, 9(1), 2132592. doi:https://doi.org/10.1080/23311975.2022.2132592

    Sanya, S., & Wolfe, S. (2011). Can banks in emerging economies benefit from revenue diversification? Journal of financial services research, 40, 79-101. doi:https://doi.org/10.1007/s10693-010-0098-z

    Saunders, A., Schmid, M., & Walter, I. (2020). Strategic scope and bank performance. Journal of Financial Stability, 46, 100715. doi:https://doi.org/10.1016/j.jfs.2019.100715

    Sawada, M. (2013). How does the stock market value bank diversification? Empirical evidence from Japanese banks. Pacific-Basin Finance Journal, 25, 40-61. doi:https://doi.org/10.1016/j.pacfin.2013.08.001

    Sharma, S., & Anand, A. (2020). Geographical diversification and bank performance: evidence from Indian banks. International Journal of Productivity and Performance Management, 69(3), 583-596. doi:https://doi.org/10.1108/IJPPM-01-2019-0049

    Stiroh, K. J. (2004a). Diversification in banking: Is noninterest income the answer? Journal of Money, Credit and Banking, 853-882. doi:https://doi.org/10.2139/ssrn.334420

    Stiroh, K. J. (2004b). Do community banks benefit from diversification? Journal of financial services research, 25, 135-160. doi:https://doi.org/10.1023/B:FINA.0000020657.59334.76

    Stiroh, K. J., & Rumble, A. (2006). The dark side of diversification: The case of US financial holding companies. Journal of Banking & Finance, 30(8), 2131-2161. doi:https://doi.org/10.1016/j.jbankfin.2005.04.030

    Thakur, N., & Arora, S. (2023). Determinants of income diversification: empirical evidence from Indian banks. International Journal of Law and Management, 66(2), 195-215. doi:https://doi.org/10.1108/IJLMA-05-2023-0113

    Tharu, N. K., & Shrestha, Y. M. (2019). The influence of bank size on profitability: An application of statistics. International Journal of Financial, Accounting, and Management, 1(2), 81-89. doi:https://doi.org/10.35912/ijfam.v1i2.82

    Tosin, I. O., & Otonne, A. (2019). A comparative analysis of the determinants of profitability of commercial and microfinance banks in Nigeria. International Journal of Financial, Accounting, and Management, 1(3), 173-182. doi:https://doi.org/10.35912/ijfam.v1i3.135

    Uddin, M. J., Majumder, M. T. H., Akter, A., & Zaman, R. (2022). Do the diversification of income and assets spur bank profitability in Bangladesh? A dynamic panel data analysis. Vilakshan-XIMB Journal of Management, 19(2), 177-194. doi:https://doi.org/10.1108/XJM-01-2021-0023

    Xie, Z., Liu, X., Najam, H., Fu, Q., Abbas, J., Comite, U., . . . Miculescu, A. (2022). Achieving financial sustainability through revenue diversification: A green pathway for financial institutions in Asia. Sustainability, 14(6), 3512. doi:https://doi.org/10.3390/su14063512

  1. References
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  3. Abu Khalaf, B., Awad, A. B., & Ellis, S. (2024). The impact of non-interest income on commercial bank profitability in the Middle East and North Africa (MENA) region. Journal of Risk and Financial Management, 17(3), 103. doi:https://doi.org/10.3390/jrfm17030103
  4. Abuzayed, B., Al-Fayoumi, N., & Molyneux, P. (2018). Diversification and bank stability in the GCC. Journal of International Financial Markets, Institutions and Money, 57, 17-43. doi:https://doi.org/10.1016/j.intfin.2018.04.005
  5. Adem, M. (2022). Impact of diversification on bank stability: evidence from emerging and developing countries. Discrete Dynamics in Nature and Society, 2022(1), 7200725. doi:https://doi.org/10.1155/2022/7200725
  6. Ahamed, M. M. (2017). Asset quality, non-interest income, and bank profitability: Evidence from Indian banks. Economic Modelling, 63, 1-14. doi:https://doi.org/10.1016/j.econmod.2017.01.016
  7. Ahmed, M. A., & Rozario, K. P. (2024). Impact of off-balance sheet activities on bank profitability: Evidence from Bangladesh. International Journal of Financial, Accounting, and Management, 6(2), 283-299. doi:https://doi.org/10.35912/ijfam.v6i2.2510
  8. Ahokpossi, M. C. (2013). Determinants of bank interest margins in Sub-Saharan Africa: International Monetary Fund.
  9. Akter, A., Majumder, M. T. H., & Uddin, M. J. (2018). Do capital regulations and risk-taking behavior affect bank performance? Evidence from Bangladesh. Asian Economic and Financial Review, 8(8), 1042. doi:https://doi.org/10.18488/journal.aefr.2018.88.1042.1074
  10. Al-Qudah, A. M., & Jaradat, M. A. (2013). The impact of macroeconomic variables and banks characteristics on Jordanian Islamic banks profitability: Empirical evidence. International Business Research, 6(10), 153. doi:http://dx.doi.org/10.5539/ibr.v6n10p153
  11. Alhassan, A. L. (2015). Income diversification and bank efficiency in an emerging market. Managerial Finance, 41(12), 1318-1335. doi:https://doi.org/10.1108/MF-12-2014-0304
  12. Ashraf, Y., & Nazir, M. S. (2023). Income diversification and bank performance: an evidence from emerging economy of Pakistan. Journal of Economic and Administrative Sciences. doi:https://doi.org/10.1108/JEAS-05-2023-0119
  13. De Silva, A., Duong, H. N., Nguyen, M., & Nguyen, Y. N. (2023). Bank risk in uncertain times: Do credit rationing and revenue diversification matter? Journal of Business Finance & Accounting, 50(7-8), 1240-1273. doi:https://doi.org/10.1111/jbfa.12653
  14. Drucker, S., & Puri, M. (2009). On loan sales, loan contracting, and lending relationships. The Review of Financial Studies, 22(7), 2835-2872. doi:https://doi.org/10.1093/rfs/hhn067
  15. Elia, J., Toros, E., Sawaya, C., & Balouza, M. (2021). Using Altman Z”-score to predict financial distress: Evidence from Lebanese alpha banks. Management Studies and Economic Systems, 6(1/2), 47-57.
  16. Githaiga, P. N. (2021). Human capital, income diversification and bank performance–an empirical study of East African banks. Asian Journal of Accounting Research, 6(1), 95-108. doi:https://doi.org/10.1108/AJAR-06-2020-0041
  17. Hassan, M. K., & Bashir, A.-H. M. (2003). Determinants of Islamic banking profitability. Paper presented at the 10th ERF annual conference, Morocco.
  18. Hidayat, W. Y., Kakinaka, M., & Miyamoto, H. (2012). Bank risk and non-interest income activities in the Indonesian banking industry. Journal of Asian Economics, 23(4), 335-343. doi:https://doi.org/10.1016/j.asieco.2012.03.008
  19. Ismail, A., Hanif, R., Choudhary, S., & Ahmad, N. (2015). Income-diversification in banking sector of Pakistan: a'Blessing'or'Curse'. The Journal of Commerce, 7(1), 11-22.
  20. Kahloul, I., & Hallara, S. (2010). The impact of diversification on firm performance and risk: An empirical evidence. International Research Journal of Finance and Economics, 35(35), 150-162.
  21. Laeven, L., & Levine, R. (2007). Is there a diversification discount in financial conglomerates? Journal of financial economics, 85(2), 331-367. doi:https://doi.org/10.1016/j.jfineco.2005.06.001
  22. Lee, C.-C., Yang, S.-J., & Chang, C.-H. (2014). Non-interest income, profitability, and risk in banking industry: A cross-country analysis. The North American Journal of Economics and Finance, 27, 48-67. doi:https://doi.org/10.1016/j.najef.2013.11.002
  23. Lepetit, L., Nys, E., Rous, P., & Tarazi, A. (2008). Bank income structure and risk: An empirical analysis of European banks. Journal of Banking & Finance, 32(8), 1452-1467. doi:https://doi.org/10.1016/j.jbankfin.2007.12.002
  24. Li, X., Feng, H., Zhao, S., & Carter, D. A. (2021). The Effect of Revenue Diversification on Bank Profitability and Risk During the Covid-19 Pandemic. Finance Research Letters, 43, 101957. doi:https://doi.org/10.1016/j.frl.2021.101957
  25. Majumder, M. T. H., & Uddin, M. J. (2017). The determinants of profitability of nationalised banks in Bangladesh. International Journal of Economics and Business Research, 13(4), 335-348. doi:https://doi.org/10.1504/IJEBR.2017.084380
  26. Mashrur, F. A., & Tabassum, N. (2023). A Panel Analysis on Macroeconomic and Bank-Specific Determinants of Commercial Bank’s Profitability in a Developing Economy: Evidence From Bangladesh. IOSR Journal of Economics and Finance, 6, 37-46. doi:https://doi.org/10.9790/5933-1406043746
  27. Masood, O., & Ashraf, M. (2012). Bank?specific and macroeconomic profitability determinants of Islamic banks: The case of different countries. Qualitative Research in Financial Markets, 4(2/3), 255-268. doi:https://doi.org/10.1108/17554171211252565
  28. Maubi, A. M., & Jagongo, A. (2014). Corporate loan portfolio diversification and credit risk management among commercial banks in Kenya. International Journal of Current Business and Social Sciences, 1(2), 81-111.
  29. Mawutor, J. K. M., Boadi, I., Antwi, S., & Tetteh, A. B. (2023). Improving banks’ profitability through income diversification and intellectual capital: The sub-Saharan Africa perspective. Cogent Economics & Finance, 11(2), 2271658. doi:https://doi.org/10.1080/23322039.2023.2271658
  30. Mercieca, S., Schaeck, K., & Wolfe, S. (2007). Small European banks: Benefits from diversification? Journal of Banking & Finance, 31(7), 1975-1998. doi:https://doi.org/10.1016/j.jbankfin.2007.01.004
  31. Meslier, C., Tacneng, R., & Tarazi, A. (2014). Is bank income diversification beneficial? Evidence from an emerging economy. Journal of International Financial Markets, Institutions and Money, 31, 97-126. doi:https://doi.org/10.1016/j.intfin.2014.03.007
  32. Natalia, A. H., Kurniawan, M. R., & Firsty, R. R. (2016). Bank income diversification from stock market perspective: Evidence from ASEAN+ 3. Indonesian capital market review, 8(1), 4. doi:https://doi.org/10.21002/icmr.v8i1.5270
  33. Nguyen, J., Parsons, R., & Argyle, B. (2021). An examination of diversification on bank profitability and insolvency risk in 28 financially liberalized markets. Journal of Behavioral and Experimental Finance, 29, 100416. doi:https://doi.org/10.1016/j.jbef.2020.100416
  34. Nguyen, T. V., Le, T. H. T., & Le, T. X. H. (2023). Application of the Altman Z-Score Model in Assessing the Financial Health of Garment Manufacturing Enterprises Listed on the Vietnam Stock Market. International Journal of Multidisciplinary Research and Analysis, 6(6). doi:https://doi.org/10.47191/ijmra/v6-i6-67
  35. Nisar, S., Peng, K., Wang, S., & Ashraf, B. N. (2018). The impact of revenue diversification on bank profitability and stability: Empirical evidence from South Asian countries. International Journal of Financial Studies, 6(2), 40. doi:https://doi.org/10.3390/ijfs6020040
  36. Odesanmi, S., & Wolfe, S. (2007). Revenue diversification and insolvency risk: Evidence from banks in emerging economies. Social Science Research Network, 34(12), 1-240.
  37. Paltrinieri, A., Dreassi, A., Rossi, S., & Khan, A. (2021). Risk-adjusted profitability and stability of Islamic and conventional banks: does revenue diversification matter? Global Finance Journal, 50, 100517. doi:https://doi.org/10.1016/j.gfj.2020.100517
  38. Phan, D. T., Nguyen, T. T., & Hoang, T. T. (2022). Impact of income diversification on the business performance of Vietnamese commercial banks. Cogent Business & Management, 9(1), 2132592. doi:https://doi.org/10.1080/23311975.2022.2132592
  39. Sanya, S., & Wolfe, S. (2011). Can banks in emerging economies benefit from revenue diversification? Journal of financial services research, 40, 79-101. doi:https://doi.org/10.1007/s10693-010-0098-z
  40. Saunders, A., Schmid, M., & Walter, I. (2020). Strategic scope and bank performance. Journal of Financial Stability, 46, 100715. doi:https://doi.org/10.1016/j.jfs.2019.100715
  41. Sawada, M. (2013). How does the stock market value bank diversification? Empirical evidence from Japanese banks. Pacific-Basin Finance Journal, 25, 40-61. doi:https://doi.org/10.1016/j.pacfin.2013.08.001
  42. Sharma, S., & Anand, A. (2020). Geographical diversification and bank performance: evidence from Indian banks. International Journal of Productivity and Performance Management, 69(3), 583-596. doi:https://doi.org/10.1108/IJPPM-01-2019-0049
  43. Stiroh, K. J. (2004a). Diversification in banking: Is noninterest income the answer? Journal of Money, Credit and Banking, 853-882. doi:https://doi.org/10.2139/ssrn.334420
  44. Stiroh, K. J. (2004b). Do community banks benefit from diversification? Journal of financial services research, 25, 135-160. doi:https://doi.org/10.1023/B:FINA.0000020657.59334.76
  45. Stiroh, K. J., & Rumble, A. (2006). The dark side of diversification: The case of US financial holding companies. Journal of Banking & Finance, 30(8), 2131-2161. doi:https://doi.org/10.1016/j.jbankfin.2005.04.030
  46. Thakur, N., & Arora, S. (2023). Determinants of income diversification: empirical evidence from Indian banks. International Journal of Law and Management, 66(2), 195-215. doi:https://doi.org/10.1108/IJLMA-05-2023-0113
  47. Tharu, N. K., & Shrestha, Y. M. (2019). The influence of bank size on profitability: An application of statistics. International Journal of Financial, Accounting, and Management, 1(2), 81-89. doi:https://doi.org/10.35912/ijfam.v1i2.82
  48. Tosin, I. O., & Otonne, A. (2019). A comparative analysis of the determinants of profitability of commercial and microfinance banks in Nigeria. International Journal of Financial, Accounting, and Management, 1(3), 173-182. doi:https://doi.org/10.35912/ijfam.v1i3.135
  49. Uddin, M. J., Majumder, M. T. H., Akter, A., & Zaman, R. (2022). Do the diversification of income and assets spur bank profitability in Bangladesh? A dynamic panel data analysis. Vilakshan-XIMB Journal of Management, 19(2), 177-194. doi:https://doi.org/10.1108/XJM-01-2021-0023
  50. Xie, Z., Liu, X., Najam, H., Fu, Q., Abbas, J., Comite, U., . . . Miculescu, A. (2022). Achieving financial sustainability through revenue diversification: A green pathway for financial institutions in Asia. Sustainability, 14(6), 3512. doi:https://doi.org/10.3390/su14063512