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. Eq, Eq. (5) LLP i,j,t-1 0

I. Nomaj, Cluster 1 ER at Min(SupReg) 0.0714*** [0.0002] 0.0576*** [0.0014] ER at Med(SupReg) 0

. Loans, total assets; ?L = loan growth rate; ?y = GDP growth rate; EQ = equity/total assets; COM = commissions & fees income

. Eq, augmented (Baseline) Eq. (4) Eq. (5) LLP i,j,t-1 0

. Loans, total assets; ?L = loan growth rate; ?y = GDP growth rate; EQ = equity/total assets; COM = commissions & fees income

. Eq, augmented (Baseline) Eq. (4) Eq. (5) LLP i,j,t-1 0

. Loans, total assets; ?L = loan growth rate; ?y = GDP growth rate; EQ = equity/total assets; COM = commissions & fees income

. Eq, ) augmented (Baseline) Eq. (3) augmented LLP i,j,t-1 0

. Adjz-i, 0370** (0.0167) -0.0345** (0.0170) Interaction dummies No Yes No Yes Country fixed effects Yes Yes Yes Yes Period fixed effects Yes Yes Yes Yes Wald Tests

. Sdadjroe, AdjROE are calculated over 3-year rolling windows; Dummy variables: C1 = equals 1 if bank is in Cluster 1 (low ownership concentration)

. Loans, total assets; ?L = loan growth rate; ?y = GDP growth rate; EQ = equity/total assets; COM = commissions & fees income

. Eq, (3) augmented LLP i,j,t

. Loans, total assets; ?L = loan growth rate; ?y = GDP growth rate; EQ = equity/total assets; COM = commissions & fees income

E. and ?. Nomaj, ) COM i,j, ) Interaction dummies Yes Yes Yes Yes Country fixed effects Yes Yes Yes Yes Period fixed effects Yes Yes Yes Yes Wald Tests ?