This study investigates the impact of Liquidity Ratio (LR) and Cash Reserve Ratio (CRR) on the Earnings Per Share (EPS) of quoted Deposit Money Banks (DMBs) in Nigeria from 2015 to 2024. Liquidity management plays a critical role in ensuring financial stability and profitability, especially in developing economies like Nigeria. The study employs a Panel EGLS (Cross-section weights) regression model to analyze the relationship between liquidity indicators and financial performance. The findings reveal a positive relationship between both liquidity ratios and EPS. Specifically, CRR demonstrates a stronger positive correlation with EPS, suggesting that higher reserve requirements contribute more directly to profitability than liquidity ratios alone. Although LR is positively associated with EPS, its effect is moderate, indicating that liquidity management plays a role in ensuring operational stability but may not significantly impact profitability in the same way as reserve management. This research highlights that while liquidity ratios and reserves are essential for financial performance, excessive liquidity or high reserves may limit banks' ability to generate income. The study recommends that policymakers introduce more flexible CRR policies and that banks optimize liquidity management to balance financial stability with profitable investments. The findings suggest that a balanced approach to liquidity and reserve management is necessary to ensure sustainable growth and improved financial performance in Nigerian DMBs. Further research is needed to examine the long-term effects of liquidity management under varying economic conditions.