This study examines the effect of financial leverage on the financial performance of Deposit Money Banks (DMBs) in Nigeria. It specifically evaluates how debt-to-asset and debt-to-equity ratios influence performance metrics such as Tobin's Q Ratio and Earnings Per Share. Adopting a panel and time series research designs through quantitative approach, the study considers a population of 15 DMBs Branches in Minna and analyzes a sample of 10 banks over a five-year period (2020–2024), using data sourced from their audited annual reports. Findings reveal that neither leverage measure - debt-to-asset nor debt-to-equity—has a statistically significant impact on the financial performance of the banks. Consequently, the study recommends that bank managers focus on enhancing operational efficiency, customer satisfaction, and innovation, as these may have a greater influence on performance than capital structure alone. It also advises investors, regulators, researchers, and boards to integrate both financial and non-financial indicators such as governance practices, customer engagement, and macroeconomic conditions when evaluating or seeking to improve bank performance.