This study aims to examine the impact of internal and external determinants of 37 commercial banks' profitability listed on Bombay stock exchange (BSE), India for a period from 2008 to 2017. Both static models (pooled, fixed and random effects) and generalised method of moments (GMM) are used. The results show that bank size, assets quality, liquidity, assets management, and net interest margin are important internal determinants which affect ROA. Capital adequacy, deposits, operation efficiency, gross domestic product and inflation rate are found to have a negative significant impact on ROA. Further, the results indicate that capital adequacy, bank size, operation efficiency, gross domestic product and inflation rate have a significant negative influence on ROE. However, assets quality and assets management exhibit a positive effect on ROE but liquidity, deposits, net interest margin, and non-interest income have an insignificant impact on ROE.