Volume 8, Issue 8, August – 2023 International Journal of Innovative Science and Research Technology

ISSN No:-2456-2165

The Impact of Financial Performance on the

Profitability of the Indonesian Banking during the
Covid-19 Pandemic
Arif Novianto Purnomo Endri, Endri
University of Mercu Buana University of Mercu Buana
West Jakarta, Indonesia West Jakarta, Indonesia

Abstract:- This research paper is to determine the effect

of capital, liquidity, operational efficiency and bad loans
on profitability in banking. For the 2020-2022 period, this
research was conducted on banking companies that have
the largest number of assets with 4 state banks and 4
private banks listed on the Indonesia Stock Exchange.
The sampling technique used in this study was purposive
sampling. The samples in this study were 4 state and Fig 1. Data on the spread of the Covid-19 in Indonesia
private banks listed on the Indonesia Stock Exchange
from 2020 to 2022. The data analysis method is panel data Bank profitability is the ability of a bank to generate a
regression analysis which was processed using the EViews profit using its assets over a period of time. ROA is the
12 program. The results of this reaserch indicate that it comparison between profit after tax and total assets for a
simultaneously influences ROA. the partial results show period. ROA is used to measure the ability of a bank's
that CAR has no effect on ROA, LDR has a positive effect management to generate a profit (earnings before tax) from
on ROA, BOPO has a negative effect on ROA and NPL the average total assets of the bank concerned. The higher the
has no effect on ROA. ROA, the more profit the bank makes, so the chances of the
bank getting into trouble are reduced. Profit before tax is the
Keywords:- Profitability, Banks, ROA, CAR, LDR, BOPO, net profit from business activities before tax. While average
NPL. total assets are volume of business or assets (Luciana and
Winni, 2005).
I. INTRODUCTION

The global crisis that began in 2020 due to the Covid-19

pandemic has been felt by the whole world. Each country's
economy has begun to slow down in various sectors,
including the banking sector. The recession of the economy
due to the impact of the Covid-19 pandemic has had greatly
affected, a huge impact, starting with state-owned and private
banks. The Covid-19 pandemic is spreading very quickly, so
the government has issued regulations so that people can carry
out activities at home to prevent the spread of this virus. A
person affected by this virus finds it difficult to breathe until
death, so it is possible to break this chain by performing
activities at home. Indonesia is among the countries affected
by the Covid-19 epidemic, causing a decline in banking and Fig 2. Banking ROA decline data
financial activities in Indonesia. The efficiency of banking and
financial activities seen from profitability. The banking sector From Fig 2, it can be seen that ROA decreased when the
continues to exist, so the impact is not too profound. Below is Covid-19 epidemic began to spread in Indonesia in the first
the evolution of Covid-19 entering Indonesia. quarter, in some cases it decreased by 0.75% in the fourth
quarter. This drop occurred due to the onslaught of Covid-19.
all countries reduce each country's economy. This new
phenomenon is a problem in every field. Public and private
banks conduct operations with a state decree requiring them to
conduct business from home. However, after a year of the
Covid-19 pandemic, banks need to operate effectively to
increase bank revenue. It can be seen that, in the first quarter

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Volume 8, Issue 8, August – 2023 International Journal of Innovative Science and Research Technology
ISSN No:-2456-2165
of 2021, the growth rate began to increase, although not high, other banks) as well as be taken into account”. funded by the
but the banking system is trying to continue to do so. bank's own fund in addition to raising funds from other
sources - sources outside the bank, such as public funds,
II. READING REVIEW loans, etc. Valuation based on the amount of equity held by
the bank (Kasmir, 2019) One of the valuation methods
There are various literature reviews on bank includes the use of the CAR (Capital Adequacy Ratio)
profitability as well as research on bank performance which method. According to Sudirman (2013), assets have risk
is always interesting to discuss. corresponding to the risk scale of assets shown in balance
sheet and bank management account. in this case.
A. Banking Performance
According to Rose (2002), bank performance is very Research conducted by Yusriani (2018), Sasin (2019)
important as a tool for evaluating bank performance and for and Elshaday (2018) shows that CAR has a positive effect on
determining management plans. Banks play a role in ROA, which means that an increase in CAR will increase
economic growth. So if the bank's performance is good, the ROA on bank profitability. Meanwhile, different results were
overall economy will also be good. Banking performance shown by the research by Gladis (2020), Nadi (2020) and
exemplifies the achievements of banking operations, both in Abu (2022) that CAR has a negative effect on ROA. In
terms of finance, marketing, capital mobilization and contrast to the research results of Astohar (2019), Asima
distribution, technology and human resources. A bank's (2017) and Ihsanul (2022) that CAR has no effect on ROA.
financial performance is a description of a bank's financial So it can be concluded that the hypothesis is made as follows:
position over a period of time both in terms of funding and
funding channels, typically measured by capital adequacy, H1: CAR has a positive effect on ROA during the covid-19.
liquidity, and financial ratios. profitability of banks
(Jumingan, 2011). D. Loan to Deposit Ratio (LDR)
According to Mulyono (2007), the LDR ratio is the ratio
B. Return on Asset (ROA) between the amount of capital transferred to the public
Return on assets (ROA) is used to measure a company's (credit) and the amount of public and equity capital used.
efficiency in generating profits using its assets. Return on This ratio illustrates a bank's ability to repay depositors'
assets is the ratio of net income inversely proportional to total withdrawals by relying on loans as a source of liquidity. The
assets to generate a profit. This ratio indicates the net profit a higher this ratio, the weaker the liquidity of the bank
company makes, as measured by the value of that company's (Dendawijaya, 2009). Most banking practitioners agree that
assets. Asset return analysis or often translated in Indonesian the bank's LDR safe limit is around 85%. However, the
is economic profit that measures the growth of profitable tolerance limit varies from 85% to 100% or according to
businesses in the past. This analysis is then projected into the Kasmir (2012), the safe limit for LDR according to
future to see the company's ability to generate profits in the government regulations is up to 110%. Liquidity is the term
future. According to Simamora (2006) Return on Assets, used to refer to the supply of cash and other assets that can be
more precisely "return on assets (ROA) is a measure of a easily converted to cash. The most commonly used measure
company's overall profitability". of a bank's strength in terms of liquidity is the Loan to
Deposit Ratio (LDR). Darmawi (2011).
Return on assets (ROA) is a measure of a bank's
profitability. Return on Assets Analysis (ROA) or commonly Research conducted by Yusriani (2018), Asima (2017)
translated in Indonesian is economic profitability that and Ihsanul (2022) shows that LDR has a positive effect on
measures a company's ability to generate profits in the past ROA, which means that an increase in LDR will increase
(Hery, 2018). ROA is used to measure a company's ability to ROA on bank profitability. Meanwhile, different results were
generate profits using the total assets (wealth) held by the shown by the research by Gladis (2020), Putri (2020) and
company (Hanafi & Halim, 2018) The higher the bank's Ketama (2020) that LDR has a negative effect on ROA. In
ROA, the more profit. tallest. Many banks build and contrast to the research results of Astohar (2019), Nadi
strengthen their position from assets. The lower the ratio, the (2020) and Nouran (2019) that LDR has no effect on ROA.
less the bank is able to manage assets to increase revenue or So it can be concluded that the hypothesis is made as follows:
reduce costs. According to Prihadi (2008), ROA (return on
assets) is a measure of return on assets used to generate this H2: LDR has a positive effect on ROA during the covid-19.
return.
E. Operating Costs to Operating Income (BOPO)
C. Capital Adequacy Ratio (CAR) The financial dictionary operating expense to operating
Capital adequacy ratio (CAR) is the capital adequacy income (BOPO) ratio is a group of ratios that measure a
ratio used to account for the risk of loss a bank may face. The company's performance and efficiency by comparing them
higher the CAR, the better the risk tolerance of any risky with each other. Income and expense figures differ from the
credit/asset. If the CAR is high, the bank is able to finance income statement and from the balance sheet figures. The
the business and contribute significantly to profitability. operating expense ratio is a comparison between operating
Capital adequacy ratio according to Dendawijaya (2009) is “a expenses and operating income. The operating expense ratio
ratio that indicates the degree to which all bank assets are is used to measure the efficiency and ability of a bank to
exposed to risk (credit, participation, securities, claims in carry out its business activities. The lower the BOPO, the

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Volume 8, Issue 8, August – 2023 International Journal of Innovative Science and Research Technology
ISSN No:-2456-2165
more effectively the bank controls operating costs, and the III. STUDY METHODS
more profitable it is, the greater the bank's profit. According
to Hasibuan (2008), BOPO is formed as a comparison/ratio This study is descriptive quantitative. The dependent
of operating expenses for the past 12 months with operating variables in this study are CAR, LDR, BOPO and NPL and
profit for the same period. Here are the health metrics. the independent variables in this study are ROA. The total of
this study includes 4 public banks and 4 private banks that
Research conducted by Astohar (2019), Gladis (2020) have the largest amount of assets and are listed on the
and Elshaday (2018) shows that BOPO has a negative effect Indonesia Stock Exchange (IDX) and publish quarterly
on ROA, which means that a decrease in BOPO will increase financial statements from January 2020 to December 2022.
ROA on bank profitability. Meanwhile, the different results Sampling method has a purpose of sampling with criteria for
shown by the research of Yusriani (2020), Abdu (2018), and banks to issue quarterly reports during the observation period.
Ela (2022) show that CAR has a positive effect on ROA. In There are 4 public banks namely BRI, MANDIRI, BNI, BTN
contrast to the results of research by Sasin (2019), Asima and 4 private banks namely BCA, CIMB NIAGA, PANIN
(2017) and Ketama (2020) that BOPO has no effect on ROA, and PERMATA.
it can be concluded that the hypothesis is made as follows:
This study uses the panel data regression method by
H3: BOPO has a negative effect on ROA during the covid- Eviews 12 software. The panel data regression model includes
19. panel data to determine the impact of one or more predictor
variables on the Answer variable. Panel data is a combination
F. Non Performing Loan (NPL) of time series data and cross-sectional data. So, according to
Based on Bank Indonesia Regulation No. 5 2003, one of Gujadari in Ghozali (2016), the panel data regression equation
the banking risks is credit risk or commonly known as bad model is as follows:
debt (NPL). It is the risk arising from the counterparty's
failure to fulfill its obligations. It can also be defined as a 𝑹𝑶𝑨𝒊𝒕 = 𝛂 + 𝜷𝟏 𝑪𝑨𝑹𝒊𝒕 + 𝜷𝟐 𝑳𝑫𝑹𝒊𝒕 + 𝜷𝟑 𝑩𝑶𝑷𝑶𝒊𝒕
loan that has difficulty repaying or is commonly referred to + 𝜷𝟒 𝑵𝑷𝑳𝒊𝒕 + 𝒆𝐢𝐭
as bad credit in the bank (Slamet, 2006). According to
Sudarmanta (2016) Bad debt (NPL) is the credit risk ratio This research was conducted using 4 stages, namely:
that represents the ratio between the number of bad debts and
the total debt. Bad debts are loans that are substandard,  Descriptive Statistical Analysis
problematic, and of poor quality. Bad debt reflects credit risk,
the smaller the bad debt, the smaller the credit risk that the  Selection of the best model
bank bears. Select the best model between the common effect model,
the fixed effect model or the random effect model by
Research conducted by Putri (2020), Elshady (2018) performing Chow test, Hausman test and Lagrange multiplier
and Ni kadek (2021) shows that NPL has a negative effect on test.
ROA, which means that a decrease in NPL will increase
ROA on bank profitability. Meanwhile, the research by  Hypothesis Test
Yusriani (2020) and Reyhan (2020) shows that the NPL has a Hypothesis tests are performed in response to the
positive effect on ROA. In contrast to the results of the provisional conjectures made. These tests include F-test, t-
research by Gladis (2020), Sasin (2019) and Ketama (2020) test, and coefficient of determination.
that NPL has no effect on ROA. So it can be concluded that
the hypothesis is made as follows: IV. RESULTS
H4: NPL has a negative effect on ROA during the covid-19. A. Descriptive Statistical Analysis
G. Framework Table 1. Descriptive Statistics

ROA CAR LDR BOPO NPL

Mean 2.0357 22.796 82.925 75.845 0.9030

Maximum 3.9700 35.680 114.22 93.520 2.4000
Minimum 0.5400 16.070 60.540 46.540 0.2600
Std. Dev. 0.9487 5.0912 9.8797 11.217 0.4719
Observ 96 96 96 96 96
Source: Eviews 12 Output
Fig 3Framework
The statistical results described in Table 1 show that the
average value of bank ROA is 2.03%. This value is still good
in a portfolio that yields between a maximum value of 3.97%
and a minimum value of 0.54% with a standard deviation of
0.9487. The mean value of the bank CAR is 22.79%

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Volume 8, Issue 8, August – 2023 International Journal of Innovative Science and Research Technology
ISSN No:-2456-2165
indicating it is still in good shape with a maximum value of C. Hypothesis Testing
35.68% and a minimum value of 16.07% and a standard Hypothesis testing is performed partially and
deviation value of 5, 0912. The mean value of the bank LDR concurrently. By testing the hypothesis, it is possible to
is 82.92% indicating it is still in good shape with the determine the influence between the variables. The coefficient
maximum value of 114.22% and the minimum value of of determination can see if the variables in this study have an
60.54% and a standard deviation of 9. 8797. The mean value effect on profitability. Here is the result of the data
of the bank BOPO is 75.84% indicating it is still in good processing:
standing with a maximum value of 93.52% and a minimum
value of 46.54% and a standard deviation of 11,217. A mean Table 5. Hypothesis Testing
bank PNP value of 0.90% indicates it is still in good shape
with a maximum value of 2.40% and a minimum value of Variable Coefficient Std. Error t-Statistic Prob.
0.26% and a standard deviation value of 0.4719 .
C 5.4644 0.5298 10.312 0.0000
B. Model Selection Test CAR -0.0058 0.0087 -0.6646 0.5080
Select the best model to use in panel regression using LDR 0.0200 0.0041 4.7825 0.0000
Chow test, Hausman test and Lagrange multiplier test. The BOPO -0.0644 0.0034 -18.788 0.0000
test results are as follows: NPL -0.0786 0.0844 -0.9320 0.3538

Table 2. Chow Test F-statistic 111.869 R-squared 0.831005

Prob(F-stat) 0.00000 Adjusted R-squared 0.823576
Effects Test Statistic d.f. Prob.
Source: Eviews 12 Output
Cross-section F 29.336619 (7,84) 0.0000
Cross-section Chi-square 118.736844 7 0.0000 Based on the summary of the test results by entering
into the regression model are as follows:
Source: Eviews 12 Output
ROA = 5.4644 + Ci – 0.0058 CAR + 0.0200 LDR – 0.0644
In Table 2, the chow test seen from the probability BOPO – 0.0786 NPL + e
results of the chi squared fraction shows a probability value of
0.0000 0.05 indicating that the best model is a random effects The F-statistical test was used to prove the hypothesis
model. Then proceed to check the Lagrange multiplier. about the influence of the independent variables (CAR, LDR,
BOPO and NPL) on the dependent variable Profitability
Table 3. Hausman Test (ROA). The above F-test results show that the Prob(F-stat)
value shows the value 0.000 <0.05, so it can be concluded
Test Summary Chi-Sq. Statistic Chi-Sq. d.f. Prob. that the variables CAR, LDR, BOPO and NPL
simultaneously affect profitability (ROA).
Cross-section random 5.467501 4 0.2426
The coefficient of determination (R2) was used to
Source: Eviews 12 Output measure the percentage significance between the independent
and dependent variables. The test results show that the R-
In Table 3, the Hausman test from the random cross- squared Adj is 0.823576, which means that the variables
probability results shows that 0.2426 > 0.05 shows that the Capital Adequacy Ratio, Loan to Deposit Ratio, BOPO and
best model is the random effects model. Then proceed to Non Performing Loan contribute 82.36% to Return On Asset,
check the Lagrange multiplier. while 17.64% are still affected by other factors. in addition to
the tested variables.
Table 4. LM Test
Partial test (regression coefficient) also known as t-test,
Test Hypothesis involves checking the significance of each constant and
Cross-section Time Both independent variable included in the above equation if they
affect the dependent variable. Based on the test results, the
Breusch-Pagan 138.1205 2.137451 140.2579 following results were obtained:
(0.0000) (0.1437) (0.0000)  In Covid-19, the impact of CAR on ROA was negative,
with a coefficient value of -0.0058 and probability of
Source: Eviews 12 Output 0.5080 > 0.05. It may be said that during the Covid-19
outbreak in Indonesia, the Capital Adequacy Ratio had
In Table 4, the Lagrange coefficient test can be seen little impact on ROA.
from the Breusch-pagan value of 0.0000 < 0.05, so the model  A positive coefficient value of 0.0200 and a probability
is chosen as the random effects model. From the three model value of 0.0000 0.05 were found for the impact of LDR
selection trials, it can be concluded that the best model to use on ROA during Covid-19. It can be said that during the
in this study is the random effects model. Covid-19 outbreak in Indonesia, the Loan to Deposit
Ratio had a favourable impact on ROA.

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 The impact of BOPO on ROA during COVID-19 was on the bank since shutdown-related government restrictions
negative, as indicated by the coefficient value of -0.0644 that demanded operations be carried out at home made
and probability value of 0.0000 0.05. It may be said that production and trade activities challenging and problematic
during the Covid-19 outbreak in Indonesia, BOPO had a prevented creditors from making payments. trouble making
detrimental impact on ROA. payments. The government as a regulator issues regulations
 The impact of NPL on ROA during Covid-19 was so that banks provide relief to creditors to postpone the
negatively correlated with a likelihood value of 0.3538 > installment payment period so that banking NPLs do not rise
0.05 and a coefficient value of -0.0786. It may be said high. This is in line with the results of the research by Gladis
that during the Covid-19 outbreak in Indonesia, non- (2020), Sasin (2019) and Ketama (2020) that NPL has no
performing loans had no impact on ROA. effect on ROA

V. DISCUSSION VI. CONCLUSION

 Effect of CAR on ROA The objective of this study was to examine the impact
It is said that CAR has no effect on ROA, so hypothesis of the Covid-19 pandemic on Indonesia, which has reduced
1 is rejected. The higher the CAR, the better the risk the profits of public and private banks. The selected banks
tolerance of any risky credit/assets. A high CAR can finance are the 4 banks that have the largest number of assets. The
operations and contribute commensurately to profitability. LDR and BOPO variables had an effect on ROA during the
The Covid-19 epidemic hit Indonesia, causing the CAR of Covid-19 pandemic but on the other hand the CAR and NPL
the banking system to decrease, so the capital for variables had no effect on ROA. Banks must be able to
professional activities was not large. The impact of Covid-19 maintain ROA ratios so that the level of investor confidence
caused investors to hold money to invest due to the decrease can grow. With so many investors, the operational activities
in investor confidence due to Covid-19. This is in line with and distribution of bank credit funds will be even greater
the research results of Astohar (2019), Asima (2017) and because one of the sources of bank income is through credit
Ihsanul (2022) that CAR has no effect on ROA. interest. There are still limited variables in this study, for that
further researchers can add other variables to produce more
 The effect of LDR on ROA accurate research. The number of companies and periods has
LDR is stated to have a positive effect on ROA, so also been added to make the results more accurate.
Hypothesis 2 is accepted. The increasing LDR value will
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