Profitability remains a critical concern for deposit money banks in Nigeria due to increasing exposure to financial risks and regulatory pressures. This study examined the effect of risk management on the profitability of quoted deposit money banks in Nigeria, with specific focus on credit risk, liquidity risk, and operational risk. The study employed panel data covering 2015-2024 firms and Return on Assets (ROA) was used as a proxy for profitability. Credit risk, liquidity risk, and operational risk served as the explanatory variables. Descriptive statistics, correlation analysis, and panel regression techniques were applied in the analysis. Diagnostic tests, including the Hausman specification test, Variance Inflation Factor (VIF), Breusch–Pagan heteroskedasticity test, and normality tests, were conducted to ensure robustness of the results. The Hausman test supported the use of the Random Effects Model, while the presence of heteroskedasticity necessitated the use of heteroskedasticity-robust standard errors. The findings revealed that liquidity risk has a statistically significant negative effect on profitability, indicating that inefficient liquidity management reduces banks’ earning capacity. Credit risk and operational risk were found to have statistically insignificant effects on profitability within the study period. The study concludes that effective liquidity management is central to enhancing profitability of quoted deposit money banks in Nigeria. It recommends strengthening liquidity monitoring frameworks, improving asset–liability management strategies, and sustaining prudent risk management practices to ensure financial stability and sustainable bank performance.