The purpose of this chater is to the profit and risk causality of ASEAN commercial banks. Using data from 118 ASEAN commercial banks from 2002 to 2017, we measure returns by the ratio of net return to total assets (ROA) and net return to equity (ROE). Banking risk is measured by the Zscore index. We set up panel vector autoregression (PVAR) to estimate this relationship. Our result indicate that there is a causal relationship between ASEAN banks returns andd risks, supporting the “bad management”, “skimping”, and “moral hazard” hypothese of . The result of this study are the basis for providing governance implications for executive managers to improve the bank’s proofitability while ensuring safety.