Determinants of profitability in indonesia’s big banks: the role of capital structure, operational efficiency (bopo), and net profit margin (npm) during the 2020–2024
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Dec 30, 2025
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Abstract
This study analyzes the effect of Capital Structure (Debt to Equity Ratio/DER), Operational Efficiency (BOPO), and Net Profit Margin (NPM) on Profitability (Return on Assets/ROA) of major Indonesian banks during 2020–2024. Using a quantitative approach with secondary data from the annual financial reports of banks listed on the Indonesia Stock Exchange (IDX), the research employed multiple linear regression analysis with SPSS version 29. Classical assumption tests, including normality and heteroskedasticity, confirmed that the regression model met all statistical requirements. The findings show that DER has a negative and significant effect on ROA, indicating that higher leverage reduces profitability due to increased financial burdens. BOPO also negatively and significantly affects profitability, suggesting that inefficient cost management lowers returns. Conversely, NPM has a positive and significant effect on ROA, meaning that higher profit margins improve banks’ ability to generate returns from assets. These results are consistent with capital structure and efficiency-based profitability theories. Overall, the study highlights that maintaining an optimal capital structure, enhancing operational efficiency, and improving profit margins are crucial for sustaining profitability in Indonesia’s major banking sector. Future research should include macroeconomic factors such as inflation and exchange rate fluctuations to provide a more comprehensive analysis.
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How to Cite
Yuniati, T., Noor Fikri, A. W., & Richo Rianto, M. (2025). Determinants of profitability in indonesia’s big banks: the role of capital structure, operational efficiency (bopo), and net profit margin (npm) during the 2020–2024. Enrichment : Journal of Management, 15(5), 577-587. https://doi.org/10.35335/enrichment.v15i5.2406
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Wibisono, M. Y., & Wahyuni, S. (2017). Pengaruh CAR, NPF, BOPO, FDR, Terhadap Roa yang Dimediasi Oleh NOM. Jurnal Bisnis & Manajemen, 17(1), 41–62.
Wu, N., Zhao, J., Musah, M., Ma, Z., Zhang, L., Zhou, Y., Su, Y., Agyemang, J. K., Asiamah, J. A., Cao, S., Yao, L., & Li, K. (2023). Do Liquidity and Capital Structure Predict Firms’ Financial Sustainability? A Panel Data Analysis on Quoted Non-Financial Establishments in Ghana. Sustainability (Switzerland), 15(3). https://doi.org/10.3390/su15032240
Yuliana, I. R., & Listari, S. (2021). Pengaruh CAR, FDR, Dan BOPO Terhadap ROA Pada Bank Syariah Di Indonesia. Jurnal Ilmiah Akuntansi Kesatuan, 9(2), 309–334. https://doi.org/10.37641/jiakes.v9i2.870
Zamili, S., Gultom, Y., & Sipahutar, T. T. U. (2020). Pengaruh struktur modal, likuiditas, profitabilitas, dan solvabilitas terhadap going concern. Jurnal Akuntansi, 5(2), 105–116.
Amir Paisal, Alifia Rachma Suhandoko, Dinah Siti Rubai’ah Adawiyah, Pebi Pebrianti, & Ujang Suherman. (2023). Kinerja Portofolio Investasi Saham Dengan Standar Deviasi Untuk Mengukur Volatilitas Pasar Ekuitas Pada Pasar Modal Indonesia. Maeswara : Jurnal Riset Ilmu Manajemen Dan Kewirausahaan, 2(1), 268–279. https://doi.org/10.61132/maeswara.v2i1.620
Bastian, P., Burhanuddin, B., Rauf, A., Kurniawan, A. W., & Nurman, N. (2024). Pengaruh Struktur Modal Terhadap Profitabilitas Perusahaan. Economics Professional in Action (E-Profit), 6(1), 16–27. https://doi.org/10.37278/eprofit.v6i1.799
Dini, N., & Manda, G. S. (2020). Pengaruh Car, Npl, Nim, Bopo, Ldr Dan Suku Bunga Sbi Terhadap Roa Bank Bumn Periode Tahun 2009-2018. E-Jurnal Ekonomi Dan Bisnis Universitas Udayana, 9, 899. https://doi.org/10.24843/eeb.2020.v09.i09.p05
Ghozali, I. (2016). Prosedur Aplikasi Analisis Multivariete Program SPSS.
Gunawan, T., & Ramli, A. H. (2023). The Influence Of Firm Size, Leverage, Liquidity, Cash Turnover On Profitability. Jurnal Ilmiah Akuntansi Kesatuan, 11(3), 637–652. https://doi.org/10.37641/jiakes.v11i3.2383
Hendrarini, H. (2011). Rasio Keuangan Dan Pengaruhnya Terhadap Harga Saham Perusahaan Yang Terdaftar Di Jakarta Islamic Index. Journal of Business and Banking, 1(1), 93. https://doi.org/10.14414/jbb.v1i2.243
Hendrawan Raharjo, Anita Wijayanti, & Riana R Dewi. (2020). Analisis Pengaruh Kinerja Keuangan Dan Inflasi Terhadap Profitabilitas Bank Umum Syariah Di Indonesia (Tahun 2014-2018). Jurnal Ilmiah Akuntansi Dan Manajemen, 16(1), 15–26. https://doi.org/10.31599/jiam.v16i1.110
Julianti, E. (2014). Pengaruh Current Ratio ( CR ), Debt To Equity Ratio ( DER ), Total Asset Turnover ( TATO ), Net Profit Margin ( NPM ), dan Return On Equity ( ROE ) Terhadap Pertumbuhan Laba pada Perusahaan Property & Real Estate yang terdaftar di BEI Periode 2010-2013.
Lasar, H., & Jonnardi, J. (2024). Inflation As a Moderator of Financial Ratios and Capital Structure in Manufacturing Companies. Jurnal Muara Ilmu Ekonomi Dan Bisnis, 8(1), 87–96. https://doi.org/10.24912/jmieb.v8i1.28476
Latifah, L., & Wirman. (2021). Pengaruh Capital Adequacy Ratio, Non-Performing Financing Dan Financing To Deposite Ratio Terhadap Return on Asset Pada Pt Bank Syariah Mandiri Periode 2013-2020. Jurnal Ekonomi Dan Bisnis Islam, 5(1), 87–100. https://doi.org/10.30868/ad.v5i01.1224
Maulana Muhammad Ferly. (2023). Analisis Pengaruh CAR dan BOPO Terhadap ROA Dengan NIM Sebagai Variabel Intervening Pada PT. Journal Ekombis Review, 11(2), 1207–1220. https://jurnal.unived.ac.id/index.php/er/indexDOI:https://doi.org/10.37676/ekombis.v11i12
Munir, M. (2018). Analisis Pengaruh CAR, NPF, FDR dan Inflasi terhadap Profitabilitas Perbankan Syariah di Indonesia. Ihtifaz: Journal of Islamic Economics, Finance, and Banking, 1(1), 89. https://doi.org/10.12928/ijiefb.v1i1.285
Natalia, T. (2024). Adu Laba Big Bank September 2024 : Laba BRI Paling Jumbo! CNBC INDONESIA. https://www.cnbcindonesia.com/research/20241101130322-128-584849/adu-laba-big-bank-september-2024-laba-bri-paling-jumbo
Nugraha, P. S., & Haryanto, A. M. (2016). Analisis Pengaruh Sales Growth, ROE, SIZE, TATO, dan Current Ratio Terhadap ROA dan Terhadap Beta Akuntasi Studi Kasus Pada Perusahaan Manufaktur yang Terdaftar di BEI Periode 2010-2014). Diponegoro Journal of Management, 5(1), 1–12. http://ejournal-s1.undip.ac.id/index.php/dbr
Permaysinta, E., & Sawitri, A. P. (2021). Pengaruh Inflasi, Suku Bunga Dan Nilai Tukar Rupiah Terhadap Return Saham. Jurnal Neraca: Jurnal Pendidikan Dan Ilmu Ekonomi Akuntansi, 5(1), 41. https://doi.org/10.31851/neraca.v5i1.5630
Puteh, A. (2017). Pengaruh Current Ratio, Total Assets Turnover, Dan Net Profit Margin, Terhadap Return on Assets. Jurnal Akuntansi, 1(2). https://doi.org/10.24964/ja.v1i2.13
Rahmawati, D. I., Setyowati, D. H., & Hadiani, F. (2021). Pengaruh LDR dan BOPO terhadap ROA pada Bank Umum Swasta Nasional Devisa di Bursa Efek Indonesia. Indonesian Journal of Economics and Management, 2(1), 216–223. https://doi.org/10.35313/ijem.v2i1.3147
Ratna Ari Artanti1, N. R. (2022). Likuditas Beda 2. 13(2), 1–23.
Rianto, M. R. (2018). Implikasi Return on Equity, Return on Asset, Net Income& Debt To Equity Ratio Terhadap Return Saham Pada Perusahaan Properti. Jurnal Riset Manajemen Dan Bisnis (JRMB) Fakultas Ekonomi UNIAT, 3(1), 59–66. https://doi.org/10.36226/jrmb.v3i1.86
Rianto, M. R., Jasfar, F., & Arafah, W. (2021). Mediating Effect of Organization Learning on the Relationship Between Strategic Change , Knowledge Management and Transformational Leadership ; Case of Indonesia Islamic Banks. 10(3), 26–49.
Romli, H., Munandar, A., Yamin, A., & Susanto, Y. (2018). Faktor-faktor yang Mempengaruhi Return on Asset Perusahaan Sektor Perkebunan yang terdaftar di Bursa Efek Indonesia Tahun 2011-2016. Jurnal Manajemen Dan Bisnis Sriwijaya, 15(4), 208–220. https://doi.org/10.29259/jmbs.v15i4.5723
Sasmita, D., Andriani, S., & Ilman, A. H. (2018). Analisis Pengaruh Inflasi, Suku Bunga Bi, Nilai Tukar Rupiah Terhadap Profitabilitas (Studi Kasus Pada Bank Yang Terdaftar Di Bei Periode 2011-2015). Jurnal Ekonomi Dan Bisnis Indonesia, 3(1), 1–7. https://doi.org/10.37673/jebi.v3i1.379
Setiawan, B., & Pratama, A. (2021). Transformasi Digital dalam Sistem Informasi Akuntansi. Jurnal Sistem Informasi Bisnis, 15(1), 21–34. https://books.google.com/books?hl=en&lr=&id=BcA7EQAAQBAJ&oi=fnd&pg=PP1&dq=kualitas+digital+dan+kepercayaan+layanan+digital+dalam+meingkatkan+kepuasan+pemangku+kepentingan+dan+niat&ots=-9MqSkjoqp&sig=AKrRHORlWYM5K_-2DjfjUUQbzXQ
Sujarweni, V. W. (2018). Metodologi Penelitian Bisnis dan Ekonomi Pendekatan Kuantitatif. Pustaka Baru Press.
SUMARNI, R., GUSTINA, I., & NURFITRIANI, N. (2023). Pengaruh Likuiditas Dan Struktur Modal Terhadap Profitabilitas Pada Perusahaan Perbankan Yang Terdaftar Di Bursa Efek Indonesia Periode 2019-2021. Jurnal Akuntansi Dan Keuangan, 12(1), 42–48. https://doi.org/10.32520/jak.v12i1.2742
Supardi, H., H. Suratno, H. S., & Suyanto, S. (2018). Pengaruh Current Ratio, Debt To Asset Ratio, Total Asset Turnover Dan Inflasi Terhadap Return on Asset. JIAFE (Jurnal Ilmiah Akuntansi Fakultas Ekonomi), 2(2), 16–27. https://doi.org/10.34204/jiafe.v2i2.541
Susanti, F. D., Topowijono, & Achmad, H. (2015). PENGARUH DEBT RATIO , DEBT TO EQUITY RATIO , DAN TIME INTEREST EARNED TERHADAP RETURN ON EQUITY ( Studi Pada Perusahaan Sektor Property , Real Estate , dan Building Construction yang Terdaftar di Bursa Efek Indonesia Periode 2010-2013 ). Jurnal Administrasi Bisnis (JAB), Vol.1(No.1), Hal.1-7. https://doi.org/10.1097/ALN.0b013e3182395dcb
Syahwildan, M., & Sutrisno, T. (2020). Pengaruh Nilai Tukar , Ukuran Perusahaan Dan Leverage Keuangan Terhadap Profitabilitas PT . Unilever Indonesia Tbk. Jurnal IKRA-ITH Ekonomi, 3(3), 113–124.
Wibisono, M. Y., & Wahyuni, S. (2017). Pengaruh CAR, NPF, BOPO, FDR, Terhadap Roa yang Dimediasi Oleh NOM. Jurnal Bisnis & Manajemen, 17(1), 41–62.
Wu, N., Zhao, J., Musah, M., Ma, Z., Zhang, L., Zhou, Y., Su, Y., Agyemang, J. K., Asiamah, J. A., Cao, S., Yao, L., & Li, K. (2023). Do Liquidity and Capital Structure Predict Firms’ Financial Sustainability? A Panel Data Analysis on Quoted Non-Financial Establishments in Ghana. Sustainability (Switzerland), 15(3). https://doi.org/10.3390/su15032240
Yuliana, I. R., & Listari, S. (2021). Pengaruh CAR, FDR, Dan BOPO Terhadap ROA Pada Bank Syariah Di Indonesia. Jurnal Ilmiah Akuntansi Kesatuan, 9(2), 309–334. https://doi.org/10.37641/jiakes.v9i2.870
Zamili, S., Gultom, Y., & Sipahutar, T. T. U. (2020). Pengaruh struktur modal, likuiditas, profitabilitas, dan solvabilitas terhadap going concern. Jurnal Akuntansi, 5(2), 105–116.