This article examines the impact of firm-specific and macroeconomic variables on non-bank financial institution (NBFI) profitability in Bangladesh undertaking a gradual implementation of Basel III regulatory standards. One-step difference generalized method of moments (GMM) model is applied on a dataset comprising 15 NBFIs listed on the bourse of Dhaka Stock Exchange (DSE) Limited with a time span of 9 years ranging from 2011 to 2019. In this study, NBFI profitability is measured by return on asset (ROA) and return on equity (ROE). The results of the panel data analysis demonstrate that capital adequacy ratio (CAR), non-performing loans (NPL), gross domestic product (GDP) and inflation (INF) affect NBFI profitability negatively whereas debt to equity ratio (DER) and cost of funds (COF) have a statistically significant and positive impact on the same. The findings of this study are of the essence for policymakers, regulators, investors and other stakeholders in the financial market.

本文研究了公司特定和宏观经济变量对孟加拉国非银行金融机构 (NBFI) 盈利能力的影响，该国逐步实施巴塞尔协议 III 监管标准。一步差分广义矩量法 (GMM) 模型应用于包含在达卡证券交易所 (DSE) Limited 上市的 15 家 NBFI 的数据集，时间跨度为 9 年，从 2011 年到 2019 年。在本研究中，NBFI盈利能力是通过资产回报率（ROA）和股本回报率（ROE）来衡量的。面板数据分析结果表明，资本充足率（CAR）、不良贷款（NPL）、国内生产总值 (GDP) 和通货膨胀 (INF) 对 NBFI 的盈利能力产生负面影响，而债务股本比 (DER) 和资金成本 (COF) 对它们具有统计上显着的积极影响。本研究的结果对金融市场的政策制定者、监管机构、投资者和其他利益相关者至关重要。