Variable

Deposit growth rate

Loan growth rate

SND ratio (t − 1)

1.128

0.496

(0.904)

(0.317)

Deposit growth rates (t − 1)

0.137

(1.464)

Loan growth rates (t − 1)

−0.150*

(−2.265)

NPL ratio (t − 1)

−2.105**

(−2.786)

Capital ratio (t − 1)

0.763*

1.121**

(2.315)

(3.953)

Time deposit growth rates (t − 1)

0.130*

(2.418)

Observations

1208

603

F test (p-value)

0.000

0.000

Hansen test (p-value)

0.207

0.213

Serial correlation test (p-value)

0.123

0.316