| Variable | NPL ratio | Capital ratio |
| SND ratio (t − 1) | −0.098* | 0.236** |
| (−2.302) | (3.262) | |
| NPL ratio (t − 1) | 0.688** | 0.472 |
| (5.981) | (1.115) | |
| Capital ratio (t − 1) | 0.066** | 0.923** |
| (5.392) | (24.529) | |
| Observations | 870 | 413 |
| F test (p-value) | 0.000 | 0.000 |
| Hansen test (p-value) | 0.196 | 0.422 |
| Serial correlation test (p-value) | 0.747 | 0.329 |