This paper examines the relationship between Enterprise Risk Management (ERM) and bank performance as represented by both Return on Assets (ROA) and Return on Equity (ROE). It is assumed that the quantity and quality of ROA and ROE are a reflection of the attributes of ERM which in this work are identified as loan loss provision, ratio of non-performing loans to total loans, liquidity ratio, equity to total assets, equity to total loans and advances, debt to equity ratio. It is further assumed in the work that the quality of these indices, adopted as independent variables in the model, is a reflection of the effectiveness of the ERM template in use in banks. Relevant ERM theories in relation to bank performance such as Markowitz Approach, Arbitrage Pricing Theory, Agency Theory, Stakeholders Theory were examined. The adopted model relied on the works of Kargi (2011), Ogboi, et al (2013) with some modifications to allow for additional independent variables. A panel data analysis was employed on time series and cross sectional data of eleven deposit money banks in Nigeria (cutting across the various tiers) for the period 2006 to 2016. The random effect of Hausman test was found to be more appropriate and hence adopted in interpreting the results of the analysis. The results confirm the a priori expectations that loan loss provision, equity to total assets, ratio of non-performing loans to total loans, liquidity ratio, debt-equity ratio all have varied impact on banks’ profitability though the statistical significance varied. From these findings, It is recommended that banks should review their risk management template urgently with a view to migrating fully to ERM platform where that is not yet the case to enable them savour the benefits of ERM practices on performance. The Board of each bank must continue to show commitment towards ERM implementation to help manage the critical indices of performance from time to time. Regulators should also buy into the ERM architecture to help strengthen the ERM culture in the industry as a whole. Banks should devote resources towards training their staff who should be cultivated into the league of ERM ambassadors for the banks. Where it is imperative, banks that are just migrating into the ERM platform should engage the services of experts in this critical area. Further research works that would incorporate relevant variables in the areas of managerial, people, hazard and reputational risks are recommended.