JIET (Jurnal Ilmu Ekonomi Terapan) Vol. 8 No.

1 (2023): 24-40

DOES FINANCIAL RISK MATTER FOR FINANCIAL PERFORMANCE IN

SHARIA BANKS?
Rachmania Nurul Fitri Amijaya*1
Rochmatulloh Alaika2
1,2
Universitas Jember, Jember, Indonesia

ABSTRACT ARTICLE INFO

This study seeks to examine the impact of operational, liquidity, and credit risks on
Received: April 6th, 2023
financial performance (ROA) at national Islamic commercial banks from 2015 to
Revised: May 3rd, 2023
2021. The model includes control variables such as technological risk (E-Banking)
Accepted: May 7th, 2023
and macroeconomic variables (BI rate and inflation). This study used seven national
Online: June 24th, 2023
Islamic banking businesses as examples. This work employs the panel data regression
technique to investigate a mixture of time series from 2015 to 2021. In this study, the
independent variables are credit risk as measured by Non-Performing Finance (NPF), *Correspondence:
liquidity risk as measured by Finance to Deposit Ratio (FDR), operational risk as Rachmania Nurul Fitri Amijaya
measured by Operations Expenses to Operations Income (BOPO), and performance
bank finances as measured by Return on Assets (ROA). According to the study’s Email: rachmania.feb@unej.ac.id
findings, the variable credit risk (NPF), operational risk (BOPO), and technological
risk (E-Banking) all significantly and negatively affect financial performance (ROA).
Meanwhile, neither liquidity risk nor inflation has a significant positive impact
on financial performance (ROA). Furthermore, the BI rate has a negative, but not
statistically significant, impact on financial performance (ROA).
Keywords: Financial Performance, Finance Deposit Ratio (FDR), Non-Performing
Finance (NPF), Credit Risk, Liquidity Risk.

ABSTRAK
Penelitian ini bertujuan untuk menganalisis risiko kredit (NPF), risiko likuiditas (FDR),
risiko operasional (BOPO) pada kinerja keuangan (ROA) pada bank-bank umum
syariah nasional pada periode tahun 2015-2021. Kemudian, adanya variabel kontrol
pada model ini, yaitu risiko teknologi (E-Banking), variabel makroekonomi (BI rate
dan Inflasi). Sampel dalam penelitian ini adalah tujuh perusahaan perbankan syariah
nasional. Penelitian ini menggunakan metode regresi data panel untuk mengkaji
kombinasi time series dari tahun 2015-2021. Variabel independen dalam penelitian
ini adalah risiko kredit yang diproksikan dengan Non-Performing Finance (NPF), risiko
likuiditas yang diproksikan dengan Finance to Deposit Ratio (FDR), risiko operasional
yang diproyekikan dengan Operations Expenses to Operations Income (BOPO) serta
variabel dependen yaitu kinerja keuangan bank yang diestimasikan oleh Return on
Asset (ROA). Hasil penelitian ini menunjukkan bahwa variabel risiko kredit (NPF)
risiko operasional (BOPO), risiko teknologi (E-Banking) berpengaruh negatif dan
signifikan terhadap kinerja keuangan (ROA). Sedangkan, risiko likuiditas (FDR) dan
Inflasi memiliki pengaruh positif tidak signifikan terhadap kinerja keuangan (ROA).
Lebih lanjut, BI rate memiliki pengaruh negatif namun tidak signifikan terhadap
kinerja keuangan (ROA).
Kata Kunci: Kinerja keuangan; Risiko kredit; Risiko likuiditas; Risiko Efisiensi; Risiko
Lainnya
JEL: G21; G32
To cite this document: Amijaya, R. N. F. & Alaika, R. (2023). Does Financial risk Matter for Financial Performance in Sharia Banks? JIET (Journal
Ilmu Ekonomi dan Terapan), 8(1), 24-40. https://doi.org/10.20473/jiet.v8.i1.44675
JIET (Jurnal Ilmu Ekonomi Terapan) p-ISSN: 2541-1470; e-ISSN: 2528-1879
DOI: 10.20473/jiet.v8.i1.44675

Copyright:@2022 by the authors. Submitted for possible open access publication under the terms and condition of the Creative Commons
Attribution-ShareAlike 4.0 International (CC BY-SA) license
 JIET (Jurnal Ilmu Ekonomi Terapan) Vol. 8, No. 1 (2023): 24-40

Introduction
In order to support financial development, banking has a very vital task. Furthermore,
as Indonesia’s central bank, Bank Indonesia has complete control over banking (Anam, 2018).
In running its business, the bank involves the community. One of the crucial activities of a
bank is its function as a monetary intermediary between two parties who need and have
capital; bank executives support an appropriate monetary framework and positively influence
the bank’s performance, profitability, and operations (Anam, 2018). National Islamic banks
influence Indonesia’s banking industry because of their position as an alternative for society,
especially Muslims, the majority in Indonesia (Suciaty et al., 2019).
Furthermore, Islamic banks have a high market share; the performance of national
Islamic banks has a strong influence on banking performance in Indonesia, that the seven
national Islamic banks, namely Bank Syariah Indonesia (BSI), Bank Muamalat (BM), Bank
Bukopin Syariah (BBPS), Bank BTPN Syariah (BTPNS), Bank Aladin Syariah (BAS), Bank Panin
Dubai Syariah (BPDS), and Bank Victoria Syariah (BVS) were selected as the objects of this
research. Despite their status as national private banks, the seven banks are exposed to
various financial performance risks. According to Bank Indonesia Guidelines number 11/25/
PBI/2009, various risks banks face include credit, market, functional, operational, liquidity,
strategic, reputation, legal, and consistency risks. This research is more focused on credit risk,
liquidity risk, operational risk, and technologies risk.
Given that lending is one of the key sources of bank income, credit risk is one of
the biggest risks that banks must manage (Dwinanda, & Sulistyowati, 2021; Nastiti & Kasri,
2019). Non-Performing finance can be used to gauge credit risk (NPF). Moreover, NPF can
be considered a measure of a bank’s handling of non-performing or subprime loans. If the
NPF ratio is higher, the bank’s credit quality deteriorates, and as a result, there are more
non-performing loans or bad loans due to this situation. Because the bank still issues the
interest expenditure for customer deposits, an increase in non-performing loans might result
in a loss in sales and profit. Credit risk is influenced by asset quality, which is defined by past-
due claims, the health of the bank, and the profitability of taking out bank loans (Abdellahi
et al., 2017). Sanggel (2019) indicates that NPF has no bearing on Return on Asset (ROA). The
findings of Korompis et al. (2020), Abdellahi et al. (2017) and Anam (2018), however, show
that NPF has a considerable impact on Return on Asset as financial performance (ROA).
Liquidity risk is a metric for both performance and financial health. Due to their
failure to satisfy short-term obligations as determined by the Finance to Deposit Ratio (FDR),
which is calculated by dividing the whole amount of loans given by the total amount of
third-party funds, banks are exposed to this risk. Because a high FDR ratio indicates that a
bank’s performance is deteriorating, it can be detrimental to public trust if it cannot meet its
obligations (Anindiansyah et al., 2020). Liquidity risk is mainly caused by the time mismatch
between inflows and outflows, primarily due to asset and debt structure (Abdellahi et al.,
2017). Several investigations have revealed that LDR has no discernible impact on financial
performance or ROA (Anam, 2018; Anindiansyah et al., 2020). However, studies by Lubis et al.
(2019) show that FDR only partially affects financial performance (ROA).
Profit quality is impacted by operational effectiveness (BOPO). Any increase in bank
operating costs without an equal increase in bank operating income will result in a reduction
in operating profit, ultimately resulting in a decline in profit. Non-performing loans are the
primary source of bank losses because they prevent the return of funds that have been routed
and because of unsatisfactory profit-sharing, which denies banks the chance to make profits

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Does Financial risk Matter for Financial Performance in Sharia Banks?
Alaika, R.

and lowers total income (Ginting, 2017). Moreover, the banking sector is a “trust” sector.
Investors will withdraw money collectively, which may generate a rush if they lose faith in
financial reports that may result from ROA changes. As a result, a system is required to increase
ROA within a corporation.
In the banking industry, especially Islamic banking, electronic banking, or from
now on referred to as e-banking, is one of the tools being adopted. E-banking is preparing,
compiling, and controlling financial transactions using an internet connection between banks
and clients. Using electronic communication networks, electronic banking may be utilized to
deliver banking services and goods directly to clients. The development of technology systems
adopted by banks directly provides benefits in channeling products and services owned by
banks to customers more interactively and communicatively for 24 hours with less interruption
and faster (Brown & Mola, 2017).
Even though e-banking is a form of Islamic banking business strategy, adopting of
e-banking can increase banking operational risks. Regarding Islamic banking, operational risk
is caused by several factors; there are weak internal control processes that result in losses for
Islamic banking, human error, system and technology failures, and external factors caused by
natural disasters, terrorist attacks, and so on (Mwaura, 2013). The findings of earlier research
done by Ayuning & Purwanti (2020) differ from those of the current study in that they indicate
that the number of e-banking adoptions has a detrimental impact on the financial performance
of Islamic banking.
The most crucial element influencing profitability is inflation. It is the tendency to
continue to raise prices for general goods. If all of these product price increases do not occur at
the same rate, or if price increases cannot occur simultaneously and continuously. According
to a study in Albania by Duraj & Elvana (2015), inflation significantly lowers bank profitability.
It differs from the study of Anindya et al. (2022), though, which claims that inflation has a
positive but marginal impact on ROA.

Source: OJK (2023)

Figure 1: National Private Sharia Banking Statistics 2015-2021

The BI Rate is another element that influences profitability. The Bank Indonesia (BI) Rate
is the base interest rate available to the general public. This idea is consistent with Hidayati’s
study, which claims that interest rates have no impact on the profitability of Indonesia’s
Islamic banks (Hidayati, 2014). This research differs from that carried out by Ali (2012), who

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investigated the variables influencing the profitability of Islamic banks in Pakistan. According
to the study, Pakistan’s Islamic banks are significantly more profitable when interest rates are
considered. Contrary to Fitriany & Nawawi (2021), this study’s findings indicated that the BI
interest rate had a negative impact. From 2017 to 2019, it does not, however, significantly
affect the Return on Assets (ROA) of state-owned banks.
The NPF, FDR, BOPO, and ROA ratios changed between 2015 and 2021, as shown in
Figure 1. The NPF results of Bank Muamalat, BTPN Syariah, and Bank KB Bukopin Syariah
improved in 2018–2019. The NPF yields of Indonesian Islamic banks; Bank KB Bukopin Syariah,
Bank Panin Dubai Syariah, and Bank Victoria Syariah increased in 2019–2020. NPF yields at
BTPN Syariah banks and Bank Victoria Syariah will rise in 2020–2021. High NPF results will
raise the cost of asset reserves and other expenses, lowering bank ROA. When the total of
bad loans exceeds the total of loans granted, a bank has an NPF (Pinasti & Mustikawati, 2018).
The management of banks may be negatively impacted by higher NPF yields because high
profitability results from a failure to recover the bank’s core assets (Ambarawati & Abundanti,
2018).
Throughout 2017–2018, FDR at Bank BTPN Syariah and Bank KB Bukopin Syariah rose.
FDR increased at Bank Muamalat, Bank KB Bukopin Syariah, Bank Aladin Syariah, and Bank
Panin Dubai Syariah during 2018–2019. The FDR at Bank BTPN Syariah, Bank KB Bukopin
Syariah, Bank Panin Dubai Syariah, and Bank Victoria Syariah increased throughout 2019–
2020. Based on these findings, PBI No. 12/19/2010’s FDR for commercial banks specifies
that it should be between 78% and 100%. When a bank’s FDR is above 100%, it means that
loans are being disbursed faster than money is being raised, which could have an impact on
the bank’s ability to meet its obligations and its financial performance, or ROA. If a bank’s
FDR is below 78%, it is still ineffective in disbursing credit (Anam, 2018). Based on Table 1,
Bank Aladin Syariah achieved an incredible number of 506,600, exceeding 100%, and Bank KB
Bukopin had an FDR above 100% throughout 2020. Bank BTPN Syariah had an FDR near 100%,
namely 97.37%.
During the 2019–2020, BOPO grew at Bank Syariah Indonesia, Bank Muamalat, and
Bank Panin Dubai Syariah. All banks under study saw a decline in BOPO from 2020 to 2021,
except for Bank Bukopin Syariah and Bank Aladin Syariah. The high value of this ratio reveals
the significant amount of operational costs that the bank needs to generate operating income,
which suggests that the bank is not running efficiently. In addition, a high volume of operating
expenses will lower the profit realized because they function as an income statement
deduction. In compliance with Bank Indonesia standards, the appropriate BOPO ratio is 50–
75%. Based on the previous, this study seeks to examine the effects of operational risk (BOPO),
liquidity risk (FDR), and credit risk (NPF) on financial performance (ROA) in Indonesian Islamic
commercial banks throughout the five years of 2015–2021.
Meanwhile, regarding the implementation of e-banking in Islamic banking in Indonesia,
it has been implemented since 2017, namely by Bank BTPN Syariah. However, the majority of
Islamic banks will start implementing the use of e-banking in 2021. According to Bank Indonesia
(BI), ideal inflation is moderate inflation. Based on the average ideal inflation rate for 2015-
2021, a figure of 2.75% is obtained. Moreover, from this average, from 2015-2018, there was
inflation above 2.75%, and from 2019-2021, inflation was below 2.75%. The percentage of the
BI Rate within normal limits was 3.52%. From this average, from 2015-2020, the BI Rate was
above 3.52%. Meanwhile, in 2021 the BI Rate will be below 3.52%.

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Does Financial risk Matter for Financial Performance in Sharia Banks?
Alaika, R.

Literature Review
The company’s capacity to generate revenues from different policies and actions
made is assessed using this ratio. By dividing net income by the average total assets, this ratio
may be used to gauge a company’s profitability (Fernos, 2017). Performance in the banking
industry may be evaluated using profitability analysis. The analysis in this study uses ROA as a
financial metric to demonstrate a bank’s ability to maximize the value of each rupiah from its
available resources (Havidz & Setiawan, 2015). The stronger the bank’s financial performance,
the greater the ROA. The positive performance is attributable to the sustained advantages of
the resources it has used.
One of the threats that banks commonly face is credit risk. The danger that debtors
or other parties will not be able to meet their obligations to financial institutions is known
as credit risk. Financial institutions’ financial performance may be impacted by credit risk
because it may have a negative impact on their profitability. Non-performing finance is one of
the ratios employed in this research (NPF). NPF can be used to gauge how well current non-
performing loans can be repaid (Anam, 2018).
The bank’s credit risk decreases as the NPF grows smaller. Additionally, a high NPF
for a bank suggests that it lacks expertise in credit management and that a significant risk is
involved in granting credit to the bank, which is consistent with the bank’s high NPF (Riyadi,
2006). Following that, the NPF has a detrimental effect on the bank’s financial performance,
as ROA indicates. The NPF ratio negatively and considerably impacts ROA (Abusharbeh, 2016;
Rohansyah et al., 2021; Sutrisno, 2016; Suwandi & Oetomo, 2017). However, according to the
results of other studies, NPF does not significantly and negatively impact bank ROA (Wibisono
& Wahyuni, 2017).
A corporation may be at risk for liquidity when it has trouble meeting its present
obligations (Hanafi, 2012). Bank management might examine the Financing Deposit Ratio to
assess liquidity risk (FDR). The FDR measures the bank’s ability to offset investor withdrawals
by using loans as a source of liquidity (Anam, 2018). A bank is characterized as having less
liquidity if its FDR is higher than a bank with a lower ratio (Muhammad, 2005). On the other
hand, the bank is less successful at extending credit the lower the FDR. A bank’s profit will
rise if its FDR is within the range of 78% to 92% established by Bank Indonesia. ROA will rise
along with rising earnings. Moreover, the FDR variable has a partial positive and considerable
impact on ROA for banks (Almunawwaroh & Marliana, 2018; Setiawan, 2017; Wibisono &
Wahyuni, 2017). However, the findings of other studies show that FDR does not significantly
and adversely affect bank ROA (Pinasti & Mustikawati, 2018).
Operating income is the difference between operational costs and margins paid
by customers (Ginting, 2017). The operating expense ratio is used to measure the level of
efficiency and ability of the bank to carry out its operational activities. The smaller this ratio,
the operational costs incurred by banks are getting more efficient, and banks are likely in
troubled conditions as well getting smaller. The greater the BOPO, the smaller the bank’s ROA
because the profit earned by the bank is small (Rahmah, 2018). Some researchers state that
BOPO has a negative and significant effect on ROA (Adhiputra, 2017; Simatupang & Franzlay,
2016; Yuliana & Listari, 2021). However, the findings of other studies show that BOPO does
not significantly and adversely affect bank ROA (Rohimah, 2021).
E-banking, as defined by Furst et al. (2014), is the use of the internet to provide standard
services remotely, such as opening a deposit account or making a money transfer, sending and

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paying electronic bills across multiple accounts, and enabling customers to receive and pay
bills via a bank’s website. In addition, e-Banking is a banking activity in which clients and banks
undertake transactions by way of the internet. Internet banking uses the internet as a medium
for financial transactions. In this activity, the internet network serves as a middleman or point
of contact between bank clients and the institution. Additionally, the transactions are virtual
or don’t require a face-to-face meeting between the consumer and the relevant bank official.
The definition of internet banking is one of the bank services that allows customers to obtain
information, communicate, and conduct banking transactions via the internet network. It is
not a bank that only provides banking services via the internet that the establishment and
activities of internet-only banks; instead, it is based on Bank Indonesia circular letter No. 6/18/
DPNP concerning implementing risk management in service activities via the internet.
E-banking (Internet Banking and SMS Banking) has been shown to increase financial
performance (Amali & Selvi, 2021; Fatihah & Sundari, 2021). Furthermore, e-banking, the board
size, and institutional ownership have no statistically significant impact on bank performance
(Murti, 2019; Yohani et al., 2019). Meanwhile, Ayuning & Purwanti (2020) explain that the
number of e-banking adoptions harms the financial performance of Islamic banking. Internal
control has no direct impact on Islamic banking’s financial performance.
Inflation and the money supply have a positive connection. The more money that
circulates in society, the higher the inflation rate. When there is deflation, the amount of
money in circulation decreases. The enormous volume of money in circulation will impact
the bank’s profitability (Fitriany & Nawawi, 2021). Hasibuan (2014) investigates the impact of
inflation on bank profitability. This means that an increase in the inflation rate will raise bank
operating expenditures, while a fall in the real interest rate will lessen the public’s willingness
to save with the bank. Interest rates will climb when inflation rises, making individuals hesitant
to borrow money from banks.
Furthermore, businesses in the real sector are hesitant to get financing to support
their output, which will ultimately influence lowering bank profits. Inflation that is too high
(hyperinflation) may make corporate decisions unclear and interfere with bank operations. If
higher interest rates and a strong currency are also seen after an increase in inflation, ROA
will benefit. Because of the increased income they would earn, it is anticipated that potential
bank clients will be ready to deposit money with the institution; nevertheless, this will result
in higher operating expenses. This is consistent with a study done by Hasibuan (2014), which
made a similar claim. This contrasts with the study findings by Alim (2014), which found that
ROA was positively but marginally impacted by inflation.
The expenses associated with storing cash increase with increasing interest rates. You
can earn interest if you deposit all of your money with a financial institution, but you cannot
make any personal purchases. The public’s desire to store cash will decline as interest rates
rise. They will choose to put their savings in a bank. This will impact bank profitability since
they will gain from deposits in the bank in the form of interest paid. According to research by
Fathoni (2017), high-interest rates, including loan and deposit or savings rates, result in a fixed
spread margin from the difference between the two interest rates, and interest rates have no
discernible impact on bank profitability. Contrary to Dithania & Suci (2022), which claim that
the BI Rate has a favorable and considerable impact on ROA in Islamic public banking, this is
not the case.

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Does Financial risk Matter for Financial Performance in Sharia Banks?
Alaika, R.

Data and Research Methods

Data
Quantitative information in the form of numbers processed using the Eviews version
10 program makes up the research data used in this study. The primary subject of this study
is a national Islamic public banking institution with an OJK (financial services authority)
registration. The objectives of this study is to ascertain the effects of three independent
variables, including operational efficiency risk (BOPO), liquidity risk (FDR), and operational risk
(NPF), on one dependent variable, bank financial performance (ROA). Additionally, the study’s
control variable is a dummy variable. Table 1 explains operational definitions, indicators, and
variable measurement scales.
Table 1: Operational Definitions

Variable Reference Sources Indicator Scale

Measuring the amount of
Credit Risk non-performing loans or bad Problem Financing Ratio
(NPF) loans (Yudiartini & Dhar- NPF = Total Financing
# 100 ~
madiaksa, 2016)
Calculate the difference be-
Liquidity Risk tween the composition of the Financing Amount
FDR = # 100 ~ Ratio
(FDR) credit amount given and the Third - Party Funds
capital utilized (Ginting, 2017)
Measuring the extent to
which the composition of
Operational
operating expenses incurred Total Operating Expenses
Efficiency Ratio
compared to total operating BOPO = Total Operating Income # 100 ~
Risk (BOPO)
income (Anindiansyah et al.,
2020).
1= Islamic Commercial Banks that have just
A variable implemented E-Banking in 2021
dummy of Categorical
E-banking 0= Islamic Commercial Banks implementing
E-Banking before 2021
/ SSBI for 1 year
BI Rate SB = Ratio
12

Inflation IHKt - IHKt - 1 Ratio

INF = IHKt - 1
The comparative ratio of net
Financial Profit before tax
profit before tax to total as- ROA = # 100 ~ Ratio
performance Total Asset
sets (Soetjiati & Mais, 2019)

Research Methods
The documentation method is used in this study, which uses secondary data types. The
document was compiled using historical financial ratio reports obtained from the Financial
Services Authority’s website from 2017 to 2021. The panel least square method is used in
this study’s analysis. The effect of the independent variable on the dependent variable is
determined using this analytical method.

ROAit = a + b1 NPFit + b2 FDRit + b3 BOPOit + b z Zit + f it (1)

Z denotes control variables, namely variable dummy of e-banking, inflation, and BI rate.

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Based on the variables explored and the hypotheses created, this research model is
displayed in Figure 2 and shows the connection between the variables evaluated in this study.

Figure 2: The conceptual framework

The first hypothesis is that Non-Performing Financing (NPF) reduces Return on Assets
(ROA). An increasing NPF will result in a decreasing Return on Assets. According to the second
idea, the Financing to Deposit Ratio (FDR) favorably influences the Return on Assets (ROA).
The Financing to Deposit Ratio is growing as the Return on Assets rises. According to the third
idea, when Operating Expenses Operating Income (BOPO) rises, so does Return on Assets,
which is why BOPO negatively influences ROA. The Return on Asset independent and control
variables were tested for multicollinearity, but no BLUE or refraction was found.
The Common Effect, Fixed Effect, and Random Effect approaches are used to estimate
the panel data model above. To evaluate panel data, the exact model specifications used
to represent the data must be tested. The Chow Test and the Hausman Test are the model
specification tests in question.
Result and Discussion
Result
The selected model is the common effect model if the probability value (Prob.) for
cross-section F > = 5%. In contrast, the selected model is the fixed effect model if the probability
value (Prob.) for cross-section F = 5%, in which case H0 is rejected, and H1 is accepted.
Table 2: Chow Test, Hausman Test, and LM Test
Test Type Probability Hypothesis Result
Chow Test 0.0312 Reject H1, Then FEM
Hausman Test 0.2321 Accept H0, Then REM
LM Test 0.0000 Accept H0, Then REM

Based on the estimation mentioned earlier, a probability value of 0.2321 is calculated,

which is higher than alpha 0.05. then H1 is turned down while H0 is approved. It seems clear
that the Random Effect Model (REM) is the optimal model to utilize. According to the findings
of a number of tests, the Fixed Effect Model (FEM) and not the Common Effect Model (CEM)
were chosen from the Chow test, and the Random Effect Model (REM) and not the Fixed Effect
Model (FEM) was chosen from the Hausman test. It generates a distinct model from each test,
as mentioned earlier. The Langrage Multiplier Test (LM-Test) must thus be tested in the next
step.

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Does Financial risk Matter for Financial Performance in Sharia Banks?
Alaika, R.

Furthermore, panel regression with the Random Effect Model (REM) technique was
chosen as the optimal regression model for this study. A 5% (0.05) alpha significance value
was employed in this investigation. With an alpha significance level of 5%, the statistical test
findings showed a probability value of 0.2321 > 0.05. It denotes that H0 is approved while H1
or an equivalent is rejected. The findings of the Random Effect Model (REM) test are displayed
in the following table:
Table 3: Regression Results Panel Data Least Square
Variable REM
C 13.64131
(0.0000)**
NPF -1.660186
(0.0000)**
FDR 2.38E-06
(0.6523)
BOPO -0.062030
(0.0000)**
Dummy (E-Banking) -2.169607
(0.0285)**
BI rate -0.336655
(0.469)
Inflation 0.257978
(0.7551)
R-square 0.762067
Adjusted R-square 0.728077
F-statistic 22.42009
Prob (F-statistic) 0.000000
Durbin-Watson stat 1.373238

Note: ** significant ά = 0,05 (5%)

The table above demonstrates that the slope of the NPF is -1.660186, FDR is 2.38E-06,
BOPO is -0.062030, Dummy (E-Banking) is -2.169607, Control Variable BI Rate is -0.336655,
Control Variable Inflation is -1.755310. While the P-value for the NPF variable is 0.0000, the
FDR variable is 0.6523, while for BOPO is 0.0000, and for the dummy (E-Banking) it is 0.0285,
BI Rate is 0.4696, and inflation is 0.7551. The dependent variable (ROA), which has an error
term of 2.462661 if the independent variable is zero, is 13.64131. more details, the following
estimation model of the Random Effect is known as follows:

Y=13.64131-1.660186NPF+2.38E-06FDR-0.062030BOPO-2.169607Dummy
E-Banking-0.336655Control Variable BIRATE+0.257978Control Variable (2)
Inflation
When the four independent variables in equation (2) are equal to zero, the financial
performance (ROA) is 13.64131, which can be inferred from the constant value’s result.
Variable NPF has a negative correlation with variable ROA, as shown by the negative regression
coefficient value of variable NPF, which is -1.660186. Accordingly, ROA will drop by 1.660186
for every percent increase in NPF. Additionally, the variable FDR has a favorable impact on

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financial performance (ROA), as seen by the positive regression coefficient FDR, which has a
value of 2.38E-06. Accordingly, an increase in FDR of 1% results in a rise in ROA of 2.38E-06.
Additionally, variable X3 (BOPO) has a negative regression coefficient value of -0.062030,
indicating that variable BOPO has a negative impact on variable RO. As seen, every 1% increase
in BOPO will result in a 0.062030 reduction in ROA. The dummy variable dummy (E-Banking)
is negative at -2.169607, indicating that it has a negative impact on ROA. BI Rate is negative at
-0.336655, indicating that it has a negative impact on ROA. Additionally, inflation is positive at
0.257978 which indicates that inflation has a positive influence on ROA. All variables received
an R2 or Adjusted R-squared value of 0.762067 based on the regression findings in Table 3
above. That is that a change in the independent variable can explain something specifically.
Table 4: Panel Data Regression Results
Variable The Correlation Significance
C Positive (+) Significant
NPF Negative (-) Significant
FDR Positive (+) Not Significant
BOPO Negative (-) Significant
Dummy (E-Banking) Negative (-) Significant
BI Rate Negative (-) Not Significant
Inflation Positive (+) Not Significant

The NPF variable, which has a probability of 0.0000 and is significant at 5%, is
-1.660186, depending on Table 3. The NPF variable’s severe detrimental impact on financial
performance (ROA) is discussed. However, the variable FDR has a probability of 0.6523 and
a 2.38E-06 standard deviation, which is insignificant at 5% or below. The lack of a discernible
positive impact on financial performance (ROA) caused by the FDR variable is explained. As a
result, the BOPO is -0.062030 with a probability of 0.0000 and is significant at 5% or less. This
indicates that the BOPO variable significantly lowers financial performance (ROA). Dummy
Variable (E-Banking) is -2.213.750 with a probability of 0.0253, which is significant at ά 5%.
Furthermore, the Dummy E-Banking variable significantly lowers financial performance
(ROA). The BI Rate variable has a value of -0.336655 and a probability of 0.4696, which is
negligible at 5%. The explanation explains that the BI Rate variable has no appreciable
detrimental impact on financial performance (ROA). The inflation variable, which has a
probability of 0.7551 and is not statistically significant at 5%, is 0.257978. The explanation for
this lack of a beneficial impact of the inflation variable on financial performance (ROA).
Discussion
The NPF variable’s significance value was determined to be 0.0000 using Table 3, and
the regression coefficient was -1.660186. Because the significance level is less than 0.05 and
the regression coefficient is -1.660186, these results show that the NPF has a negative and
substantial impact on the ROA of the national Islamic banks under study. According to these
findings, each extra NPF of 1% will lower ROA by 16.60186%. With these findings, the first
hypothesis may be accepted: From 2015 to 2021, credit risk (NPF) had a considerable negative
impact on national Islamic banks’ financial performance (ROA). The regression coefficient
with a negative value demonstrates that the quantity of non-performing loans increases
with the NPF and impacts the ROA of national Islamic banks. Under these circumstances,
banks are forced to absorb operational activity losses, which can lower bank ROA. NPF yields

33
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Does Financial risk Matter for Financial Performance in Sharia Banks?
Alaika, R.

can be reduced by banks in order to boost bank ROA. The findings of this study corroborate
those of earlier studies that showed a negative and substantial impact of NPF on bank ROA
(Abusharbeh, 2016; Ambarawati & Abundanti, 2018; Suwandi & Oetomo, 2017; Yohani et al.,
2019).
As shown in Table 3, which was used as the basis for this study’s analysis, FDR had a
regression coefficient of 2.38E-06 and a significant value of 0.6523. Because the significance
level is higher than 0.05, these findings show that FDR has no appreciable beneficial impact
on ROA. These findings confirm the second hypothesis, which claims that from 2015 to
2021, National Islamic banks’ liquidity risk (FDR) would not significantly affect financial
performance (ROA). Therefore, H0 is accepted, and H2 is denied. The positive regression
coefficient indicates that a higher FDR value increases the bank’s ROA. A high FDR yield but not
exceeding a predetermined limit can increase the profit earned from margin/profit-sharing
income. Excessive borrowing can raise the risks that banks face since the bank’s source of
revenue comprises the difference between profit sharing on loans and profit sharing on
deposits (Muttaqin, 2017). Contrary to other research findings, which suggested that FDR
had a favorable and considerable impact on bank ROA studies, the findings of this study
contradict those earlier studies (Almunawwaroh & Marliana, 2018; Setiawan, 2017; Wibisono
& Wahyuni, 2017). Therefore, banks need to be careful when giving credit so that bad credit
does not occur in the future.
What was found in this study, which depended on Table 3, produced a significant
value for the BOPO variable of 0.0000 and a regression coefficient of -0.062030. Due to the
significance level being less than 0.05 and the regression coefficient showing a reduction in
ROA of 6.2030% for every 1% more BOPO, these data show that BOPO has a negative and
substantial impact on the ROA of the national Islamic banks under study. With these findings,
the first hypothesis (H3), that operational efficiency risk (BOPO) has a considerable negative
impact on financial performance (ROA) for National Islamic banks throughout 2015–2021,
may be accepted. The regression coefficient with a negative number indicates that the higher
the BOPO, the greater the total operating expenses and affects the ROA of national Islamic
banks. Under these conditions, banks must bear losses from operational activities which can
reduce bank ROA. Banks can suppress BOPO results to increase bank ROA. The findings of
this study corroborate those of other studies that found BOPO had a negative and substantial
impact on bank ROA (Adhiputra, 2017; Simatupang & Franzlay, 2016; Yuliana & Listari, 2021).
A regression coefficient of -2.169607 and a significance value of 0.0285 for the dummy
variable (E-Banking) were calculated following Table 3’s findings for this study. Given that the
significance level is less than 0.05 and the regression coefficient is -2.169607, these findings
suggest that the ROA of the national Islamic banks under study is negatively and significantly
impacted by e-banking. In the dummy variable regression process, national Islamic banks
that have just implemented E-Banking technology are given a value of 1. Meanwhile, national
Islamic banks that have implemented E-Banking technology before 2021 are given a value of
0. From the regression results, it can be interpreted that Islamic banks that just implemented
E-Banking technology in 2021 have lower financial performance (ROA) of -2.213.750 than
National Islamic banks that have implemented E-Banking technology before 2021. This is
consistent with what was discovered of a study done by Ayuning & Purwanti (2020), which
found that the quantity of e-banking usage has a negative impact on the financial performance
of Islamic banks.

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Table 3’s findings provided a significant value for the BI Rate of 0.4696 and a regression
coefficient of -0.336655 for the outcomes of this investigation. Because the significance level
is higher than 0.05 and the regression coefficient is -0.336655, these findings suggest that the
BI Rate has a positive but negligible influence on the ROA of the national Islamic banks under
study. The national Islamic banks’ ability to finance and distribute money will be impacted by
changes in the BI Interest Rate, which may. However, it will not necessarily considerably lower
the income and earnings of Islamic banks. This concurs with the findings of studies by Alim
(2014) and Fitriany & Nawawi (2021), which found that the BI Rate had a detrimental but not
very substantial impact on return on assets (ROA).
The findings of this study, which focused on Table 3, yielded a significance value for
inflation of 0.7551 and a regression coefficient of 0.257978. Because the significance level is
higher than 0.05 and the regression coefficient is 0.257978, these results show that inflation
has a detrimental but negligible impact on the ROA of the national Islamic banks under study.
This suggests that, albeit not drastically, the return on assets will increase as inflation rises.
This is a consequence of the interest system not being followed by the Islamic banking system.
The findings of this study concur with those of Anindya et al. (2022) and Alim (2014), who
found that inflation had a favorable impact on ROA. This effect, though, is small. Inflation is
thus not as disruptive to managed money as it would be in the case of conventional banks.
Conclusion
The findings of this study revealed that, from 2015 to 2021, the credit risk variable (NPF)
had a negative and significant impact on the financial performance (ROA) of national Islamic
banks, the liquidity variable (FDR) had a not significantly positive impact, and the operational
efficiency variable (BOPO) had a significantly negative impact. Additionally, dummy variables
included in this study as controls, such as E-Banking, have a considerable detrimental impact on
financial success (ROA). While the BI rate has little negative influence on financial performance
(ROA) and a marginally beneficial impact on inflation. Following the study’s findings, national
Islamic banks, namely Bank BSI, Bank Muamalat, Bank Bukopin Syariah, Bank BTPN Syariah,
Bank Aladin Syariah, Bank Panin Dubai Syariah, and Bank Victoria Syariah need to maintain
financial ratios to improve their financial performance. These national Sharia banks need
to monitor credit, liquidity, operational efficiency, and technology risks more effectively by
conducting regular assessments. From these findings, national Islamic banks are advised to
reduce the margin percentage or loan profit sharing prudently so that more customers can
access loans which can reduce credit risk.
Furthermore, national Islamic banks are advised to increase profitability further
because the Islamic banking industry has been running well in achieving its profitability. In
addition, Islamic banks need to pay attention to liquidity risk to maintain bank conditions that
they remain in a healthy financial condition. To reduce operational efficiency risks, it is hoped
that Islamic banks will improve their operational management. To reduce technological risk, it
is hoped that Islamic banking will be more responsive in detecting and overcoming problems
that will be faced later. Even though e-banking is a form of Islamic banking business strategy,
adopting e-banking can increase banking operational risks.
Regarding Islamic banking, operational risk is caused by several factors; weak internal
control processes result in losses for Islamic banking, human error, system and technology
failures, and external factors caused by natural disasters, terrorist attacks, etc. Finally, the BI
Rate and Inflation variables do not significantly affect the return on assets of Islamic banking
in Indonesia. This is because the operational system used in Islamic banking is interest-free

35
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Does Financial risk Matter for Financial Performance in Sharia Banks?
Alaika, R.

(usury) and is not directly affected by inflation and banking interest rates. However, as a
financial institution, changes in interest rates will affect the operational risk of Islamic banks,
although not significantly.
For further research, researchers can use other variables beyond those used in this
study, such as capital (CAR) and market risk (NIM). Furthermore, researchers can study topics
outside Indonesia’s Islamic banks in the broader banking sector. As research on bank financial
ratios advances, it is anticipated that it will be able to reach conventional banks and Islamic
banks, both of which have sizable client bases in Indonesia.
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