This study critically examined the effect of corporate social responsibility on the profitability of Nigerian banks using the ECOWAS bank (popularly known as ECO Bank) and First Bank of Nigeria as case studies. The objectives of the study were to: examine the relationship between environmental concerns and return on investment; investigate how corporate governance affects the gross margin of consumer banks; ascertain whether suppliers’ reward improves return on equity of Nigerian consumer banks. The questionnaire was adopted as the instrument for data collection, and the responses derived from the questionnaire were analyzed using simple frequency tables, Pearson correlation, regression analysis and ANOVA test statistics using the Statistical Package for Social Sciences (SPSS) version 23. Findings from this study indicate that corporate social responsibility has a positive influence on the profitability of banks operating in Nigeria, given the institutional deficiencies in the country. It is concluded that an investment into social responsibility positively influences the bank’s reputation and image, thereby leading to stronger customer loyalty. It is therefore recommended that banks operating in especially developing countries like Nigeria look beyond financial profit to social profit derived from social responsibility.