The study determined the empirical review of risk assets on banks’ profitability. The specific objectives were to ascertain the effect of liquidity risk (LIQR) on return on equity (ROE) of listed deposit money banks in Nigeria and identify the effect of board size (BSIZE) on return on equity (ROE) of listed deposit money banks in Nigeria. The independent variable as risk assets proxied by liquidity risk (LIQR) and board size (BSIZE) while dependent variable profitability proxied by return on equity (ROE). The ex-post facto research design which made use of secondary data drawn from the annual report and accounts of four (4) banks in listed deposit money banks of Nigerian economy covering a period of ten (10) years from 2010 to 2019 both years inclusive. The theories of this study were anchored on agency theory and trade-off theory. The E-views version 9.0 software statistical package was used to run the Panel ordinary least square (OLS) for the study. The multiple regression model was applied in determining the extent of the effect of independent variable (risk assets) on dependent variable (profitability) of banks under consideration. The regression result indicated that liquidity risk (LIQR) has positive and insignificant effect on return on equity (ROE) of listed deposit money banks in Nigeria while board size (BSIZE) has negative and insignificant effect on return on equity (ROE) of listed deposit money banks in Nigeria respectively. Based on the findings, the researcher recommended that management should put more effort in increasing the liquid assets of banks in order to increase their financial performance which in return with increases their profit generation