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FACTORS AFFECTING DEPOSIT MOBILIZATION IN COMMERCIAL BANK OF

ETHIOPIA

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FACTORS AFFECTING DEPOSIT MOBILIZATION IN COMMERCIAL BANK OF ETHIOPIA

Dugo Debesso1
1
MBA, Department of Management, College of Business & Economics, Bule Hora University, Ethiopia.
Shashi Kant2
Corresponding Author, BHU, Ethiopia.
Abstract

The aim of this study is to examine factors affecting deposit mobilization in commercial bank of Ethiopia. This study uses
both descriptive and regression analysis by using E-views 8 software. Seven variables are regressed with the dependent
variable i.e. total deposit. The explanatory variables are number of bank branches, deposit interest rate, liquid asset to
deposit ratio, lagged value of bank deposits, net interest margin, inflation rate and economic growth (EG). The researcher
used descriptive and explanatory research design, quantitative research approaches, the target population were 60
branches under Hawassa district, to select samples branches purposive sampling techniques were used, the method of data
collection were secondary source of data, sample size was 10 branches from 60 branches located under Hawassa district
and used descriptive and inferential statistics method of data analysis. The result from regression analysis showed that
number of bank branches, deposit interest rate, net interest margin and economic growth were significantly and positively
correlated with the explained variable. However, Lagged value of bank deposit, liquid asset to deposit ratio and inflation
rate were insignificantly negatively correlated with bank deposit mobilization.

Key Words: Deposit Mobilization, Lagged value of deposit, Economic Growth, Interest Rate

1. INTRODUCTION

A commercial bank is a financial institution that is authorized by law to receive money from surplus units and channel to
deficit unit. Banks raise funds by collecting deposits from businesses and consumers via checkable deposits, savings
deposits, and time or term deposits and make loans to businesses and consumers. They also buy corporate bonds and
government bonds. Banks primary liabilities are deposits and primary assets are loans and advances [1]. Banks are
financial intermediaries that are engaged in a financial process focused on a maturity transformation from short-term
funding to long-term financing [2] [3].

Time deposit account offers the customers the opportunity to invest a fixed amount for a fixed period at a fixed rate of
interest. Hence, the funds placed in a time deposit cannot be withdrawn during the term before maturity but can be pre-
terminated subject to penalty fees [4]. Moreover, the author stated that time deposit accounts are best suited for
individuals and business entities, these are depositors who want to enjoy high returns but would also want to have some
flexibility in terms of withdrawing the funds [5] [6].

Banks, over the world, thrive on their ability to generate income through their lending activities. Since commercial banks
depend on depositor’s money as a source of funds, it means that there are some relationships between the ability of the
banks to mobilize deposits [8] [10]. In Ethiopia, the manner in which deposit works is guided by the NBE bill purchase
regulation of 2011 which was later amended in 2013 NBE [21] [14] [15].

The Commercial Bank of Ethiopia (CBE) plays a great role in economic development of the country for 78 years own.
Today, more than ever before, CBE has aggressively expanded its presence in all directions of the country [34] [27] [18].

Thus, this paper analyses the internal as well as external factors that effects the deposit mobilizations of commercial bank
of Ethiopia.

11
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2. STATEMENT OF THE PROBLEM

The Ethiopian government is implementing mega projects to achieve a five years transformation and growth plan and
Commercial Bank of Ethiopia is expected to mobilize a huge amount of deposit and foreign currency for the projects.
However, in Ethiopia, banks mobilized small amount of deposit, 11.6% [1]. Deposit mobilization is an integral part of
banking activity. Mobilization of savings through intensive deposit collection has been regarded as the major task of
banking [2]. One of the problems in mobilizing deposit is that banking activities in developing countries are limited to the
officially existed marketing activities and the people in countries have not found well familiar with all banking services
plus when it comes to savings [5].

Endogenous factors can be controlled by the banking system; however the exogenous factors cannot be controlled by the
banking system [18]. The bank specific factors include liquidity of the bank, profitability of the bank, security of the bank,
number of commercial bank’s branches, bank size, reserves and transaction cost demand deposit capital adequacy ratio,
liquidity risk and credit risk, number of bank branches, have positive and statistically significant impact on deposit
mobilization. Whereas loan loss provision, agent transaction, lagged value of bank deposit, lending rate, have negative
and statistically significant impacts on deposit mobilization [1] [34] [42].

Based on above issue this study were prove critical in bridging the knowledge gap by identifying factors affecting the
deposit mobilization on commercial bank of Ethiopia. Finally these studies were attempted to provide answers for the
following basic research questions.

3. OBJECTIVES

 To assess bank specific factors affecting the deposit mobilization in commercial bank of Ethiopia.
 To examine external factors affecting the deposit mobilization in commercial bank of Ethiopia.

4. EMPIRICAL EVIDENCE RELATED TO ETHIOPIA

A study examines the factors contributing for low rate of saving: the case of Gedeo zone Ethiopia. However, people in the
early age and saving are negatively and significantly related. The study also found that other determinants of household
saving like location of the household head (Households reside in the rural area) and household size negatively and
significantly affects household saving [22]. Other study explored the theoretical as well as empirical analysis of those
factors having an impact on deposit volume in commercial banks in Ethiopia and even assesses which ones are more
significant or less significant [32].

The study reveals that the branch expansion, the money supply, the exchange rate of Birr to USD and general inflation are
the most significant factors of deposit mobilization activity [26]. Regarding to the qualitative data; questionnaire was used
to gather information from the employees of commercial bank of Ethiopia particularly for those employees who actively
participated in deposit mobilization tasks in CBE city branches. Regarding to the secondary data; time series data
covering 1998 -2014 was analyzed [34].

A study primarily aimed at determining the short and long run impacts of determinant factors on deposit growth of
commercial bank by taking Commercial Bank of Ethiopia for the period 1974/75 to 2013/14 using Vector Error
Correction Model (VECM). The study also checked the causal relationships that exist between deposit growth and its
determinant factors employing test of Granger causality. In the empirical VECM model, control variables (Economic
Growth, Inflation, Interest Rate, Exchange Rate, Population Growth and Branch Expansion) were included to enable
ceteris paribus interpretation of the relationship and impact on the growth of deposit in commercial bank of Ethiopia [28]
[45].

The study aimed to find the determinants of commercial banks deposit growth in Ethiopia. In order to achieve this
objective quantitative research approach has been used. he panel dataset for the study used secondary source consisted of

12
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annual data spanning from 2000 to 2014 gathered from the National Bank of Ethiopia time series database and
commercial banks financial database. The dependent variable used to this study was bank deposit growth. Explanatory
variables used in this study were inflation, deposit interest rate, loan to deposit ratio, bank branches, money supply
growth, per capita income growth, and lagged bank deposit [34] [43] [40] [27].

1.1. Knowledge Gap Identification

Evidence from prior studies various external and internal factors that affect deposit mobilization in commercial banks.
However, the significance of each factor differs across continent, countries and time period. The study made in Indonesia,
in Malaysia and in Ethiopia indicated that GDP has not significant influence on the volume of commercial bank deposits
[12] [32] [46].
While, in Ethiopia revealed that GDP has positive influence on the volume of commercial bank deposit [40]. Moreover,
the study made in Ghana [34] , in India [26], in Ethiopia, [1] and [36] researches showed that inflation has significant
effect on the deposits of commercial bank. However, in Iran [26] and in Nigeria [23] showed that inflation has a negative
influence on the commercial bank deposits. [25] Found that awareness of the society was positive influence on the
commercial bank deposit. While, the study was found a negative influence of society awareness on commercial bank
deposits [27].
This makes the study more relevant and therefore intends to fill these relevant gaps in literature by examine the major
influencing factors or bottlenecks that increase deposit mobilization in commercial bank of Ethiopia. It is believed that the
factors affecting the deposit mobilization would vary it depending on number of bank branches, deposit interest rate,
liquid asset to deposit ratio, lagged value of bank deposit, net interest margin, inflation rate and economic growth. To
facilitate the present study, the factors affecting deposit mobilization are categorized into two: bank specific factors and
external factors. Based on above issue this study were prove critical in bridging the knowledge gap by identifying factors
affecting the deposit mobilization on commercial bank of Ethiopia.

1.2. Conceptual Framework of the Research

Figure 2.1Conceptual Framework

 Economic growth
 Inflation rate External Factors
 Deposit Interest Rate

Independe
Bank
nt Variable
Deposit
 Number of Branches Mobilizat
 Lagged Value on Bank ion
deposit Bank specific
 Liquid Asset to Deposit Factors
Ratio
 Net Interest Margin

Sources; Developed by the researcher 2021

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3.1 RESEARCH DESIGN AND METHODOLOGY

To attain the stated objectives of the study, which was to investigate the factors affecting deposit mobilization in
commercial bank of Ethiopia, the researcherused descriptive and exploratory research design. Exploratory used when a
research has not enough knowledge about the study and allow the research to familiarize him or herself with the problem,
concept to be studied Koul, (2006). In this study used quantitative research approach methods according to Kothari, C.R
(1992) quantitative form which can be subjected to rigorous quantitative analysis.

Sample Size: The sample size of the study was10 branches of commercial bank of Ethiopia under Hawassa district. The
study period for balanced panel data was from 2015-2019. This period was selected due to the availability of the longer
number of observations in this period.
Source: CBE 3rd quarter report of 2021
Model specification
𝑩𝑫𝑴𝒊𝒕 = 𝒂𝒊 + 𝜷𝟏 𝑵𝑩𝑩𝒊𝒕 + 𝜷𝟐 𝑫𝑰𝑹𝒊𝒕 + 𝜷𝟑 𝑳𝑨𝑫𝑹𝒊𝒕 + 𝜷𝟒 𝑳𝑽𝑩𝑫𝒊𝒕 + 𝜷𝟓 𝑰𝑵𝑭𝒊𝒕 + 𝜷𝟔 𝑬𝑮𝒊𝒕 + 𝜷𝟕 𝑵𝑻𝑴𝒕 + 𝒆𝒊𝒕

Where:
I=1, 2… N is the i-bank; t=1,2… T corresponds to the year t
αit- are represents fixed effect.
β1, β 2, β 3, β 4, β 5, β 6 & β 7 are vectors of parameters
BDM= Bank Deposit Mobilization
NBB= Number of Bank Branch
DIR= Deposit Interest rate
LADR= Liquid Asset on Deposit Ratio
LVBD= Lagged Value on Bank Deposit
INF= Inflation Rate
EG= Economic Growth
NIM= Net Interest Margin
3.2 Measurement of Study Variables
Table 3.1 measurement and expected sign of the study variables.

Variables Notation Measure Expected

Result
Dependent Bank Deposit Mobilization BDM Percentage of the annual growth of the NA
variable total amount of deposit
Number of Bank Branch NBB Ratio of Number of branch expansion on +
Independent n, bank in time t,.
Variable Deposit Interest rate DIR Percentage of Interest Rate on the Deposits +
of Commercial Bank of Ethiopia at time t,
Liquid Asset on Deposit Ratio LADR Percentage of total deposit/total asset +
Legged Value on Bank LVBD Percentage of legged bank on deposit +
Deposit growth
Inflation Rate INF The yearly change in consumer price index +
Economic Growth EG Percentage of Annual real Growth rate of +
gross domestic product
Net Interest Margin NIM Percentage of net income /sum of (deposit +
foreign bank, Treasury bills, other
Investment and total loan and advance)

14
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4. DATA ANALYSIS AND PRESENTATION

Table 4.1 Summary of descriptive statistics results

Characteristics BDM NBB DIR LADR LVBD INF EG NIM

Mean 0.4373 87.7864 0.0350 0.5467 74.3986 0.2934 0.1276 1.5279

Median 0.2484 55.5000 0.0450 0.2166 24.5324 0.1536 0.3065 0.2817
Maximum 0.6280 427.1350 0.0602 0.3492 23.9424 0.6543 0.2134 0.1936
Minimum 0.1030 63.0427 0.0320 0.1040 9.8648 0.0684 0.0867 0.0856
Std. Dev 0.1271 26.5378 0.0158 0.0930 0.8579 0.1182 0.0284 0.5284
Skewness 0.4129 1.3410 -0.5793 0.5899 -0.2174 1.2028 -0.0413 0.0900
Kurtosis 3.2070 4.5761 1.8643 2.8691 2.3638 3.1134 2.3649 2.1593
Observation 50 50 50 50 50 50 50 50
Source: E-View 8 Output descriptive statistics
As shown in the table 4.1 above, the mean value of bank deposit growth was around 43.73 percent of commercial bank
Ethiopia. It can be noticed that the commercial bank deposit mobilization fluctuates between 10.3 and 62.80 percent. This
means, commercial bank of Ethiopia were achieved 43.73 percent average deposit growth achieved from depositors for the
period of 2015-2019. Theoretically, a growth rate of 32.1% in deposits may be considered sufficient to increase supply of
loanable funds (Sylvester, 2011). The standard deviation among banks in terms of bank deposit mobilization was 12.71
percent; this confirms that there were lower variations of deposit mobilization of commercial bank of Ethiopia during the
study period. Though the performances of deposit in commercial bank of Ethiopia conform to supply the loanable fund, the
trend of deposit is increasing year to year at increasing rate. The reason of this increasing deposit mobilization may attribute
to increase the users of banking services and or intermediation of commercial bank of Ethiopia in the country.
4.3. Regression statistics
4.3.1. Normality test
The hypothesis for the normality test was formulated as follow:
H0: Error term is normally distributed
H1: Error term is not normally distributed α = 0.05
Decision Rule: Reject H0 if P value of JB less than significant level 0.05. Otherwise, do not reject H0.
Figure 2.2 Normality test for BDM model
10
Series: Standardized Residuals
Sample 2015 2019
8 Observations 35

Mean -7.60e-18
6 Median -0.002832
Maximum 0.050888
Minimum -0.053181
4 Std. Dev. 0.025262
Skewness 0.081590
Kurtosis 2.420182
2
Jarque-Bera 0.529108
Probability 0.767548
0
-0.06 -0.04 -0.02 0.00 0.02 0.04 0.06
Source: computed from E-views 8 result

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As shown in figure 2 since, the histogram is bell-shaped and the Bera-Jarque statistic is not significant. This means that
the p-value given at the bottom of the normality test screen should be bigger than 0.05 to not reject the null of normality at
the 5% level so, the residuals are normally distributed in this study, concluded that there is no the problem of normality on
BDM model.

4.3.2. Heteroscedasticity Test

It has been assumed that the variance of the errors is constant. This is known as the assumption of homoscedasticity. If the
errors do not have a constant variance, they are said to be Heteroscedasticity.
The Breusch-Pagan-Godfrey test was used to check for the presence of heteroscedasticity in the residuals (see Table 4.4).
Table 4.2 Heteroskedasticity test for BDM

HeteroskedasticityTest:Breusch-Pagan-Godfrey (Summary)
Version of Test value Df Probablity

F-statistic 0.565253 Prob. F(1,32) 0.6576

Obs*R-squared 0.590157 Prob. Chi-Square(1) 0.6424
Scaled explained SS 2.560249 Prob. Chi-Square(7) 0.6137

Source: computed from E-views 8 results

As shown in Table 4.2 both F-statistic and Obs*R-squared version of test give the same conclusion that there is no
evidence for the presence of heteroscedasticity since the pvalues in all of the cases were above 0.05. The third version of
the test statistics “Scaled explained SS”, which is, as the name suggests, based on a normalized version of the explained
sum of squares from the auxiliary regression also give the same conclusion.

4.3.3. Testing for Serial Correlation

Serial correlation is usually a result of model miss-specification or genuine autocorrelation of the model error term. In the
presence of such a phenomenon, ordinary least squares are no-longer BLUE (Best Linear Unbiased estimators). In such
cases R-squared may be over-estimated. There was thus every need to test for serial correlation in the residuals.
According to (Brooks, 2008), when the error term for any observation is related to the error term of other observation, it
indicate that autocorrelation problem exist in this model. In the case of autocorrelation problem, the estimated parameters
can still remain unbiased and consistent, but it is inefficient. The result of T-test, F-test or the confidence interval will
become invalid due to the variances of estimators tend to be underestimated or overestimated. Due to the invalid
hypothesis testing, it may lead to misleading results on the significance of parameters in the model. Breusch-Godfrey
Serial Correlation LM Test was used to detect autocorrelation problem.

Ho: ρ=0, i.e. no serial correlation

H1: ρ=1 i.e. presence of serial correlation

Decision Rule: Reject H0 if p-value greater than significance level. Otherwise, do not reject Ho. Hence the model used in
this study has no serial correlation.

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Table 4.3: Testing for serial correlation of BDM model

Breusch-Godfrey Serial Correlation LM Test:

F-statistic 2.140093 Prob. F(2,27) 0.1372

Obs*R-squared 4.789183 Prob. Chi-Square(2) 0.0912

Source: computed from E-views 8 result

As can be seen from the above table 4.3, F test result and the P value of F-statistic for BDM model was 0.0912 which is
beyond the significance level of 5%. Hence, the null hypothesis of no serial correlation is failed to reject at 5 percent of
significant level. This implying that there is no significant evidence for the presence of serial correlation in this model.
The Chi-Square P-value of the model also supports the absence of serial correlation. Therefore, can be concluded that, the
covariance between residual is zero, data is normal and absence of serial correlation problem was found conclusively from
the LM test.

4.3.4. Multi Co-Linearity Statistics (Diagnostics)

Table 4. 4: Co-Linearity Diagnostics

Co-linearity Diagnostics a
Model Dimension Co-linearity Statistics
Tole. VIF
1 (Cons.)
NBB 3.89 2.973
DIR 2.83 2.849
LADR 2.96 3.752
LVBD 2.49 2.801
INF 2.28 3.876
EG 3.06 2.092
NIM 3.29 3.744
a. Dependent variable BDM
Source: E-View 8 Output correlation matrix, 2021

Based on the above table 4.4 shows the results of the multi-co linearity, when multi-co linearity appears, any variable’s
effect can be predicted or accounted for by the other variables in the analysis (Hair et.al, 2006). In keeping with Drazin
and Rao (1999), the rule of thumb is that tolerance values bigger than 0.2 do not have multi-co linearity, whereas
tolerance values between 0.2 and 0.1 reminds that researchers ought to read the results with caution. Tolerance values
below 0.1 indicate a sever multi-co linearity. "Collinearity Statistics" area appears with the two columns "Tolerance" and
"VIF".

Therefore, the tolerance values of all the explanatory variables as referred from table 4.5 were more than the cut off (0.20)
which were NBB (3.89), DIR (2.83), LADR (2.96), LVBD (2.49), INF (2.28), EG (3.06) and NIM (3.29). Therefore, the
researcher can interpret it as there may be less degree of multi-co linearity in the variables due to some internal
relationship but it was observed from value that, there were no multi-co linearity problems.

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Therefore, the VIF values of all the explanatory variables were less than the cut-off (rule of thumb). Thus, the VIF values
of the independent variables were NBB (2.973), DIR (2.849), LADR (3.752), LABD (2.801), INF (3.876), EG (2.092)
and NIM (3.744). All variable having values below the cut-off so, the researcher can interpret it, as there were no serious
multi-co linearity problems but some less degree of collinearly from natural relationships of the variables may be
happened.

4.3.5. Correlation Matrix between Independent and Dependent Variable

A correlation coefficient of 0, on the other hand indicates that there is no linear relationship between two variables
(Brooks, 2008). The correlation matrix in table 4.2 predicts the likely relationship among variables in the study.

Table 4.5 Correlation matrix

Correlation BDM NBB DIR LADR LVBD INF EG NIM

probability
BDM 1 0.5684 0.4231 0.3307 0.3468 0.2974 0.4683 0.3225
NBB 0.5684 1 0.5367 0.4215 0.3927 0.5204 04267 -0.2472
DIR 0.4231 0.5367 1 0.3281 0.2856 -0.3284 0.4513 0.4031
LADR 0.3307 0.4215 0.3281 1 0.5246 0.4371 0.3562 0.2865
LVBD 0.3468 0.3927 0.2856 0.5246 1 0.4283 0.3364 -0.2065
INF -0.2974 0.5204 -0.3284 0.4371 0.4283 1 0.5107 0.4368
EG 0.4683 0.4267 0.4513 0.3562 0.3364 0.5107 1 0.3749
NIM 0.3225 -0.2472 0.4031 0.2865 -0.2065 0.4368 0.3749 1
Source: E-View 8 Output correlation matrix, 2021

The correlation matrix in Table 4.5 above produced statistical evidence that bank deposit mobilization is significantly and
positively linear relationship with number of bank branch (NBB), economic growth (EG), deposit interest rate (DIR),
lagged value of bank deposit (LVBD), liquid asset to deposit ratio (LADR) and net interest margin (NIM) even at 5%
level with correlation coefficient of 0.568, 0.468, 0.423, 0.347, 0.331 and 0.323 respectively. On the other hand inflation
rate is significantly and negatively correlated with bank deposit mobilization at 5% level with correlation coefficient of -
0.2974.

In this study the highest correlation coefficient is 0.568 between number of bank branch and bank deposit mobilization.
Number of bank branch is highly significant and positively correlated with DIR, INF, EG, LADR and LVBD but number
of bank branch has insignificant and negatively correlated with net interest margin (NIM). Similarly, deposit interest rate
with inflation rate and lagged value of bank deposit (LVBD) with net interest margin has insignificant and negatively
correlated at 5% level with correlation coefficient of -0.328 and -0.207 respectively.

4.4. Results of Regression Analysis and its Interpretation

4.4.1. Regression Result and Analysis

This section presents the regression result of fixed effect model that examines the factors affecting deposit mobilization
performance in commercial bank of Ethiopia.

Operational model: the operational panel regression model used to find the statistically significant factors of banks
deposit mobilization in commercial bank of Ethiopia was:

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𝑩𝑫𝑴𝒊𝒕 = 𝒂𝒊 + 𝜷𝟏 𝑵𝑩𝑩𝒊𝒕 + 𝜷𝟐 𝑫𝑰𝑹𝒊𝒕 + 𝜷𝟑 𝑳𝑨𝑫𝑹𝒊𝒕 + 𝜷𝟒 𝑳𝑽𝑩𝑫𝒊𝒕 + 𝜷𝟓 𝑰𝑵𝑭𝒊𝒕 + 𝜷𝟔 𝑬𝑮𝒊𝒕 + 𝜷𝟕 𝑵𝑻𝑴𝒕 + 𝒆𝒊𝒕

Accordingly, Table 4.5 below presents the result of fixed effect regression model that examines the impact of explanatory
variables on bank deposit mobilization. Hence, BDM is dependent variable whereas number of bank branches (NBB), deposit
interest rate (DIR), liquid asset to deposit ratio (LATD), lagged value of bank deposit (LOGBD), inflation rate (INF),
economic growth (EG) and Net Interest Margin (NIM) are explanatory variables.
Table 4.6: Results of fixed effect regression model

Dependent Variable: BDM

Method: Panel Least Squares
Date: 06/16/2021 Time: 12:01
Sample: 2015- 2019
Periods included: 5
Cross-sections panel included:10
Total panel (balanced) observations: 50

Variable Coefficient Std. Error t-Statistic Prob.

C 0.846082 0.196237 5.472061 0.0000

Number of Bank Branch 0.105967 0.024398 4.343232 0.0342**
Deposit Interest Rate 0.169147 0.040222 3.719139 0.0262**
Liquid Asset to Deposit Ratio -0.120378 0.002204 -2.171580 0.1410*
Lagged Value of Bank Deposit -0.138466 0.014758 -3.606399 0.0743**
Inflation Rate -0.042233 0.001525 -1.152857 0.0646**
Economic Growth 0.236251 0.090733 2.143673 0.0357**
Net Interest Margin 0.152637 0.006224 2.957564 0.0113**

R-squared 0.686384 Mean dependent var 0.29456

Adjusted R-squared 0.567264 S.D. dependent var 0.144770
S.E. of regression 0.020916 Akaike info criterion -0.012687
Sum squared resid 0.306254 Schwarz criterion -1.107041
F-statistic 12.946985 Durbin-Watson stat 2.351274
Prob (F-statistic) 0.000000

*, **, and *** Significant impact on 10%, 5% and 1% respectively

Source: E-view 8 Estimated Equation output result 2021
Based on the regression result, the relationship between the variables included in the model can, therefore, be represented
as follows;
𝑩𝑫𝑴𝒊𝒕 = 𝒂𝒊 + 𝟎. 𝟏𝟎𝟓𝟗𝑵𝑩𝑩𝒊𝒕 + 𝟎. 𝟏𝟔𝟗𝟏𝑫𝑰𝑹𝒊𝒕 − 𝟎. 𝟏𝟐𝟎𝟑𝑳𝑨𝑫𝑹𝒊𝒕 − 𝟎. 𝟏𝟑𝟖𝟒𝑳𝑽𝑩𝑫𝒊𝒕 − 𝟎. 𝟎𝟒𝟐𝟐𝑰𝑵𝑭𝒊𝒕
+ 𝟎. 𝟐𝟑𝟔𝟐𝑬𝑮𝒊𝒕 + 𝟎. 𝟎𝟏𝟓𝟔𝑵𝑻𝑴𝒕 + 𝟎. 𝟖𝟒𝟔𝟎𝒊𝒕

Where: - Dependent variable- is bank deposit mobilization (BDM) and independent variables includes- number of bank
branches (NBB), deposit interest rate (DIR), liquidity asset to deposit ratio (LADR), lagged value of bank deposit
(LVBD), inflation rate (INF), Economic growth (EG) and Net Interest Margin (NIM).

4.4.1.1. Interpretation of R-squared

As shown in Table 4.6, an R-squared coefficient of 0.686384 is an indication that the model is a good fit. This means
68.64 percent of variation in bank deposit mobilization (BDM) is explained by the selected explanatory variables (number

19
 ISSN:2277-7881; IMPACT FACTOR :8.017(2023); IC VALUE:5.16; ISI VALUE:2.286
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Scopus Review ID: A2B96D3ACF3FEA2A
Cover Page Article Received: 2nd July 2023
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DOI: http://ijmer.in.doi./2023/12.07.86 Publisher: Sucharitha Publication, India
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of bank branches (NBB), deposit interest rate (DIR), liquidity asset to deposit ratio (LADR), lagged value of bank deposit
(LVBD), inflation rate (INF), economic growth (EG) and Net Interest Margin (NIM). However, the remaining 31.36%
changes in bank deposit mobilization are caused by other factors that are not included in the model. Furthermore, the F-
statistic was 12.946985 and the probability of p – values is 0.000000. Indicates that the overall model is highly significant
at 5% and that all the independent variables are jointly significant in causing variation in bank deposit growth means there
is significant relationship between the dependent variable and the independent variables.

5.3. Conclusions

Related to number of branch, the increase in the deposit mobilization of CBE is significantly and positively affected by
large number of branches. Recently banks have been more aggressive towards the expansion in more geographical areas
by opening new branches which has caused an increase in the level of number of branches; resulting in deposit growth
increase. With regard to deposit interest rate, it implies that deposit interest rate is a major factor affecting the deposit
mobilization in CBE meaning that interest rate more plays an important role in deposit growth. In fact, of this the
competition between private commercial banks in terms of attraction using deposits interest rate. The effect of deposit
interest rate on commercial bank deposit growth is higher as compared with other variables. In line with liquidity asset to
deposit ratio, the coefficient of liquid asset to deposit is negative and statistically insignificant impact on current bank
deposit growth ratio this indicated that the deposit growth decreases when the bank liquidity increases or reduces liquidity
risk. Liquidity arises mainly from the inability/reluctance of commercial banks to extend risky loans at competitive rates
or credit selling set by NBE, which leads banks to invest in short term liquid investments that yield lower interest revenue.
During the period were banks are liquid they reluctant to deposit mobilization. Private Banks previous year bank deposit
was also found to be statistically significant determinant variable of current bank deposit growth of Ethiopian banking
sector. The results show that the coefficient of lagged bank deposit is negative and statistically insignificant impact on
current bank deposit growth. This could result because the emphasis given by the bank mobilizing more deposit in the
subsequent period may be lessened. With regard to the coefficient of inflation rate is negative and statistically
insignificant impact on deposits mobilization in CBE. The deposit growth reacts negatively towards the increase in
inflation rate. The relationship is similar to the expected sign. Since the county has experienced double digits inflation in
the study period that results in higher costs of doing business; which leads to decrease in deposit mobilized in commercial
bank of Ethiopia.

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Peer Reviewed and Refereed Journal: VOLUME:12, ISSUE:7(5), July: 2023
Online Copy of Article Publication Available (2023 Issues)
Scopus Review ID: A2B96D3ACF3FEA2A
Cover Page Article Received: 2nd July 2023
Publication Date:30th July 2023
DOI: http://ijmer.in.doi./2023/12.07.86 Publisher: Sucharitha Publication, India
www.ijmer.in Digital Certificate of Publication: www.ijmer.in/pdf/e-CertificateofPublication-IJMER.pdf

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40. Yadete, F. D. ., Kero, C. A. ., & Kant, S. . (2023). Market Innovation and Firm’s Performance: A Meta-Analysis of
the Literature Reviewed. IRASD Journal of Management, 5(2), 106–115.
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41. Wubitu Elias (2012). Factor Determining Commercial Bank Deposits-An Empirical Study on Commercial Bank of
Ethiopia, Addis Ababa University

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