Quantile regression (ROE).

The COVID-19 outbreak caused a massive setback to the stability of financial system due to emergence of several other risks with COVID, which significantly influenced the continuity of profitable banking operations. Therefore, this study aims to see that how differently the liquidity risk and credit risk influenced the banking profitability during Covid-19 (Q12020 to Q42021) than before COVID (Q12018 to Q42019). The study employs pooled OLS, and OLS fixed & random effects models, to analyze the panel data on a sample of 37 banks currently operating in Pakistan. The results depict that liquidity risk has a positive and significant relationship with return on assets and return on equity, but insignificant relationship with net interest margin. Credit risk has a negative and significant relationship with return on assets, return on equity, and net interest margin. The study also applies quantile regression to address the normality issue in data. The quantile regression results are consistent with pooled OLS, and OLS fixed and random effects results. The study makes valuable suggestions for regulators, policymakers, and others users of financial institutional data. The current study will help to set policies for efficient management of LR and CR.

新冠疫情（COVID-19）的暴发叠加多类衍生风险，对金融体系稳定性造成严重冲击，亦显著影响了银行业盈利运营的可持续性。有鉴于此，本研究旨在探析新冠疫情期间（2020年第一季度至2021年第四季度），流动性风险（liquidity risk）与信用风险（credit risk）对银行业盈利能力的影响，与疫情前（2018年第一季度至2019年第四季度）相比存在何种差异。本研究采用混合普通最小二乘法（pooled OLS）、OLS固定效应与随机效应模型，对巴基斯坦当前运营的37家银行组成的面板数据样本展开分析。研究结果显示：流动性风险与资产收益率（return on assets）、净资产收益率（return on equity）呈显著正向相关，但与净息差（net interest margin）的相关性不显著；信用风险则与资产收益率、净资产收益率及净息差均呈显著负向相关。本研究同时采用分位数回归（quantile regression）以解决数据的正态性问题，其结果与混合普通最小二乘法、OLS固定效应及随机效应模型的分析结果保持一致。本研究可为监管机构、政策制定者及其他金融机构数据使用者提供具有参考价值的建议，同时有助于制定高效管理流动性风险与信用风险的相关政策。