Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6, 8168-8188 2024 Publisher: Learning Gate DOI: 10.55214/25768484.v8i6.3760 © 2024 by the authors; licensee Learning Gate © 2024 by the authors; licensee Learning Gate * Correspondence: erwinhadisantoso79@gmail.com Comparative analysis of financial performance during and after the COVID- 19 pandemic: Study of state-owned banks listed in the Kompas 100 index Erwin Hadisantoso1*, La Ode Anto2, Arifuddin3, Andi Muhammad Fuad R4, Si Made Ngurah Purnaman5, Nurul Ariyfatun6, Gorethi Adelia7 1,2,3,4,5,6,7Halu Oleo University, Kendari, Indonesia; erwinhadisantoso79@gmail.com (E.H.). Abstract: This study aims to analyze the financial performance of State-Owned Enterprises (BUMN) banks during and after the Covid-19 pandemic listed on the Kompas 100 Index. The analysis of financial performance at these banks uses liquidity ratios, solvency ratios, profitability ratios and Non- Performing Loan ratios. The selection of banks listed on the Kompas 100 Index is expected to be able togeneralized to describe the overall financial performance of banks listed on the Indonesia Stock Exchange (IDX) in facing the Covid-19 pandemic. Keywords: Banking financial ratios, COVID-19 Pandemic, Financial performance. 1. Introduction The COVID-19 pandemic has caused major disruptions in the global economy. Lockdowns, travel restrictions, and reduced business activity have resulted in economic recessions in many countries. The impact has been particularly significant in the financial sector, including banking. Banks are facing liquidity challenges due to increased demand for emergency loans and reduced repayment capacity. On the other hand, credit risk has increased as many borrowers are struggling to repay their loans due to job losses or reduced income. Banking companies are one of the financial sub-sectors that play a strategic role in economic activities. This is because banks function as financial intermediary institutions, namely collectors and distributors of public funds. The activities carried out by banks also aim to increase the equality of economic growth and maintain national stability towards increasing the welfare of the people so that the existence of banking companies during the Covid-19 pandemic as financial intermediary institutions (financial intermediary institutions) become important (Maulidia and Wulandari, 2021). However, in reality the Covid-19 pandemic has also had an impact on banking companies when viewed in terms of net profit/loss. Measuring financial performance is an important thing to do, because this measurement is a means of improving the company's operational activities. By improving operational performance, it is hoped that the company's finances can continue to experience better growth, and can compete with other companies through the level of efficiency and effectiveness (Hery, 2015: 29). This financial performance measurement is carried out by analyzing a company's financial report. Analysis of banking financial performance during the COVID-19 period requires a deep understanding of market dynamics, economic policies, and changes in consumer behavior to provide accurate insights into how the pandemic has affected the overall financial health of banks. The selection of state-owned banks listed on the Kompas 100 index was carried out to be able to describe the financial performance listed on the Indonesia Stock Exchange. The Kompas 100 Index is an index of selected stocks that have high liquidity, as well as large market capitalization values, and are also stocks that have good fundamentals and performance. 8169 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 8168-8188, 2024 DOI: 10.55214/25768484.v8i6.3760 © 2024 by the authors; licensee Learning Gate Based on the description above, the following research questions can be formulated: How is the Comparison of Financial Performance During and After the Covid-19 Pandemic (Study of State-Owned Banks Listed on the Kompas 100 Index)? 2. Literature Review 2.1. Signal Theory Signal theory explains how a company should provide signals to users of financial statements. According to (Brigham and Houston, 2013) a signal is an action taken by company management that provides an indication to investors about how management views the company's prospects. Signal theory explains why companies have the urge to provide financial statement information to external parties. 2.2. Financial Statements Financial reports are information that provides an overview of a company's financial condition. This information can be used as an overview of a company's financial performance (Hidayat, 2018: 2). Bank financial reports are financial reports that will describe the overall financial position of a bank, starting from the position of assets, liabilities, income, and costs that have been carried out by the bank. Through this report, the actual condition of the bank will be known, including the strengths and weaknesses of the bank. The bank financial report will also show the performance of bank management in one period. 2.3. Financial Statement Analysis Financial statement analysis is a series of processes to identify, measure, and compare financial statements. Comparison of financial statements is done by comparing all types of financial statements in the current year with financial statements in the previous year period (Ivan et al., 2021: 1). According to Hutabarat (2020: 3) there are several objectives of measuring company performance, namely: 1. To be able to determine the level of profitability. 2. To be able to determine the level of liquidity. 3. To be able to determine the level of solvency. 4. To be able to determine the level of business stability. 2.4. Ratio-Banking Financial Ratios According to Andrianto et al. (2019: 372-373), some of the most commonly used ratios in analyzing bank financial reports include: 1. Liquidity Ratio The liquidity ratio is a ratio that aims to assess how liquid a bank is in carrying out its business activities and serving its customers. 2. Solvency Ratio The solvency ratio is a ratio that aims to assess how effective a bank is in achieving its goals. 3. Profitability Ratio The profitability or rentability ratio is a ratio used to assess the level of business efficiency and profitability that a bank has achieved in a certain period. Banking financial ratio analysis is carried out using liquidity ratios, solvency ratios, profitability ratios, and Non-Performing Loan (NPL) ratios. The types of liquidity ratios that can be used in analyzing bank financial statements are Loan to Deposit Ratio. Loan to deposit ratio is a ratio used to assess the composition of the amount of credit provided by a bank compared to the amount of public funds and equity used by the bank. Here is the formula for calculating the loan to deposit ratio: Loan to Deposit Ratio = Kredit Dana Pihak Ketiga ×100% 8170 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 8168-8188, 2024 DOI: 10.55214/25768484.v8i6.3760 © 2024 by the authors; licensee Learning Gate The type of solvency ratio that can be used in analyzing bank financial statements is the Capital Adequacy Ratio. The capital adequacy ratio is a bank performance ratio used to assess the adequacy of capital owned by a bank. The following is the formula used in calculating the capital adequacy ratio: Capital Adequacy Ratio = Modal Inti ATMR × 100% The types of profitability ratios that can be used in analyzing bank financial reports are: 1. Return On Assets Return On Assets = Laba Sebelum Pajak Total Aset × 100% 2. Return On Equity Return On Equity = Laba Bersih Modal Inti × 100% 3. Operating Expenses/Operating Income (BOPO) BOPO = Beban Operasional Pendapatan Operasional × 100% 4. Net Interest Margin Net Interest Margin = Pendapatan Bunga Bersih Aset Produktif × 100% Credit risk is a common risk in the banking sector. The type of Credit Ratio used by banks is the Non-Performing Loan (NPL) ratio. Here is the formula for calculating non performing loans: Non Performing Loan = Kredit Bermasalah Total Kredit × 100% 3. Methods This research was conducted at state-owned banks listed in the Kompas 100 Index. namely PT. Bank Negara Indonesia (Persero), Tbk, PT. Bank Mandiri (Persero), Tbk, PT. Bank Rakyat Indonesia (Persero), Tbk, and PT. Bank Tabungan Negara (Persero), Tbk and the object of this research is the financial report of state-owned banks during and after the Covid-19 pandemic, namely the period 2020, 2021, 2022, and 2023. The population of this study consists of all banking services listed on the Indonesia Stock Exchange. The sample of this study isState-owned banks listed on the Kompas 100 Index are PT. Bank Negara Indonesia (Persero), Tbk, PT. Bank Mandiri (Persero), Tbk, PT. Bank Rakyat Indonesia (Persero), Tbk, and PT. Bank Tabungan Negara (Persero), Tbk. The selection of banks listed on the Kompas 100 Index is expected to be generalized to describe the overall financial performance of banks listed on the Indonesia Stock Exchange (IDX) in facing the period during and after the Covid-19 pandemic. For the purpose of data collection, the documentation method will be implemented. Data collection using documentation techniques is intended to collect secondary data, namely financial reports from state-owned banks listed in the Kompas 100 Index for the period 2020, 2021, 20022, and 2023. The data analysis method in this study is as follows 8171 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 8168-8188, 2024 DOI: 10.55214/25768484.v8i6.3760 © 2024 by the authors; licensee Learning Gate 3.1. Liquidity Ratio Table 1. Loan to deposit ratio rating determination criteria. Ranking Information Criteria 1 Very healthy 50% < LDR ≤ 75% 2 Healthy 75% < LDR ≤ 85% 3 Healthy enough 85% < LDR ≤ 100% 4 Unwell 100% < LDR ≤ 120% 5 Not healthy LDR > 120% Source: POJK No. 4/POJK.03/2016. 3.2. Solvency Ratio Table 2. Capital adequacy ratio rating determination criteria. Ranking Information Criteria 1 Very healthy CAR ≥ 12% 2 Healthy 9% ≤ CAR < 12% 3 Healthy enough 8% ≤ CAR < 9% 4 Unwell 6% < CAR < 8% 5 Not healthy CAR ≤ 6% Source: POJK No. 4/POJK.03/2016. 3.3. Profitability Ratio 3.3.1. Return on Assets Table 3. Criteria for determining return on assets ranking. Ranking Information Criteria 1 Very healthy ROA > 1.5% 2 Healthy 1.25% < ROA ≤ 1.5% 3 Healthy enough 0.5% < ROA ≤ 1.25% 4 Unwell 0% ≤ ROA ≤ 0.5% 5 Not healthy ROA ≤ 0% Source: POJK No. 4/POJK.03/2016. 3.3.2. Return on Equity Table 4. Return on equity rating determination criteria. Ranking Information Criteria 1 Very healthy ROE ≥ 20% 2 Healthy 12.5% ≤ ROE < 20% 3 Healthy enough 5% ≤ ROE < 12.5% 4 Unwell 0% ≤ ROE < 5% 5 Not healthy ROE < 0% Source: POJK No. 4/POJK.03/2016 8172 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 8168-8188, 2024 DOI: 10.55214/25768484.v8i6.3760 © 2024 by the authors; licensee Learning Gate 3.3.3. Operating Expenses/Operating Income (BOPO) Table 5. BOPO rating determination criteria. Ranking Information Criteria 1 Very healthy BOPO < 90% 2 Healthy 90% < BOPO < 94% 3 Healthy enough 94% < BOPO ≤ 96% 4 Unwell 96% < BOPO ≤ 100% 5 Not healthy BOPO > 100% Source: POJK No. 4/POJK.03/2016 3.3.4. Net Interest Margin Table 6. Net interest margin ranking determination criteria. Ranking Information Criteria 1 Very healthy NIM > 3% 2 Healthy 2% < NIM ≤ 3% 3 Healthy enough 1.5% < NIM ≤ 2% 4 Unwell 1% < NIM ≤ 1.5% 5 Not healthy NIM ≤ 1% Source: POJK No. 4/POJK.03/2016 3.3.5. Non-Performing Loan (NPL) Ratio Table 7. Criteria for determining non-performing loan ratings. Ranking Information Criteria 1 Very healthy 0% < NPL ≤ 2% 2 Healthy 2% < NPL ≤ 3.5% 3 Healthy enough 3.5% < NPL ≤ 5% 4 Unwell 5% < NPL ≤ 8% 5 Not healthy NPL > 8% Source: POJK No. 4/POJK.03/2016. The data used in this study is secondary data obtained fromstate-owned banks listed on the Kompas 100 Indexnamely PT. Bank Negara Indonesia (Persero), Tbk, PT. Bank Mandiri (Persero), Tbk, PT. Bank Rakyat Indonesia (Persero), Tbk, and PT. Bank Tabungan Negara (Persero), Tbk.There are two types of data in this study, namely quantitative data and qualitative data. This study focuses more on quantitative data in the research conducted. Quantitative Data is data or information obtained in the form of numbers. This data in the form of numbers can then be processed using mathematical formulas, or can also be analyzed with statistical models. 8173 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 8168-8188, 2024 DOI: 10.55214/25768484.v8i6.3760 © 2024 by the authors; licensee Learning Gate 4. Results and Discussion 4.1. Analysis of State-Owned Bank Financial Ratios During the Covid-19 Pandemic 4.1.1. Analysis of State-Owned Bank Financial Ratios for the Period 2020 and 2021 Table 8. Loan to Deposit Ratio (LDR) of BUMN Banks for the 2020-2021 Period Expressed in Millions of Rupiah, Unless Otherwise Stated). Year Total Credit Total third party funds 100% LDR OJK standards (a) (b) (c) a/b×c PT. Bank Mandiri (Persero), Tbk 2020 Rp. 964,727,517 Rp. 1,144,639,741 100% 84.3% Healthy 2021 Rp. 1,050,156,922 Rp. 1,291,176,119 100% 81.3% Healthy PT. Bank Rakyat Indonesia (Persero), Tbk 2020 Rp. 1,020,192,968 Rp. 1,120,921,926 100% 91.0% Healthy enough 2021 Rp. 1,042,867,453 Rp. 1,138,743,215 100% 91.6% Healthy enough PT. Bank Negara Indonesia (Persero), Tbk 2020 Rp. 586,206,787 Rp. 679,452,445 100% 86.3% Healthy enough 2021 Rp. 582,436,230 Rp. 729,168,611 100% 79.9% Healthy PT. State Savings Bank (Persero), Tbk 2020 Rp. 260,114,163 Rp. 278,990,918 100% 93.2% Healthy enough 2021 Rp. 274,835,291 Rp. 295,952,200 100% 92.9% Healthy enough 1) PT. Bank Mandiri (Persero), Tbk PT. Bank Mandiri (Persero), Tbk during the 2020-2021 period obtained a healthy LDR percentage. This is due to credit growth that is balanced with periodic growth in third party funds during the period. 2) PT. Bank Rakyat Indonesia (Persero), Tbk PT. Bank Rakyat Indonesia (Persero), Tbk experienced a fairly healthy LDR percentage. Total credit and third party funds of BRI bank experienced growth every year. 3) PT. Bank Negara Indonesia (Persero), Tbk PT. Bank Negara Indonesia (Persero), Tbk has a healthy LDR percentage. BNI's total credit and total third party funds have grown in each period, the LDR owned by this bank has improved from quite healthy to healthy. 4) PT. State Savings Bank (Persero), Tbk PT. Bank Tabungan Negara (Persero), Tbk has a fairly healthy LDR percentage in 2020 and 2021. 8174 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 8168-8188, 2024 DOI: 10.55214/25768484.v8i6.3760 © 2024 by the authors; licensee Learning Gate 4.1.2. Analysis of Financial Solvency Ratio of State-Owned Banks for the Period 2020-2021 Table 9. Capital adequacy ratio (CAR) of state-owned banks for the 2020-2021 period. (Expressed in millions of Rupiah, unless otherwise stated) Year Core Capital ATMR 100% CAR OJK standards (a) (b) (c) a/b×c PT. Bank Mandiri (Persero), Tbk 2020 Rp. 182,065,400 Rp. 988,801,635 100% 18.4% Very healthy 2021 Rp. 196,048,380 Rp. 1,064,602,090 100% 18.4% Very healthy PT. Bank Rakyat Indonesia (Persero), Tbk 2020 Rp. 187,205,189 Rp. 982,289,178 100% 19.1% Very healthy 2021 Rp. 267,009,045 Rp. 1,017,519,464 100% 26.2% Very healthy PT. Bank Negara Indonesia (Persero), Tbk 2020 Rp. 103,111,486 Rp. 645,853,818 100% 16.0% Very healthy 2021 Rp. 122,869,965 Rp. 655,545,739 100% 18.7% Very healthy PT. State Savings Bank (Persero), Tbk 2020 Rp. 17,625,854 Rp. 129,249,781 100% 13.6% Very healthy 2021 Rp. 18,531,612 Rp. 134,340,567 100% 13.8% Very healthy 1) PT. Bank Mandiri (Persero), Tbk PT. Bank Mandiri (Persero), Tbk has a CAR percentage that is in the very healthy category during the 2020-2021 period. Bank Mandiri has an ATMR nominal that continues to increase during the 2020-2021 period. 2) PT. Bank Rakyat Indonesia (Persero), Tbk PT. Bank Rakyat Indonesia (Persero), Tbk has a nominal ATMR that continues to increase during the 2020-2021 period and the CAR ratio is in the very healthy category. 3) PT. Bank Negara Indonesia (Persero), Tbk PT. Bank Negara Indonesia (Persero), Tbk has a nominal ATMR that continues to increase during the 2020-2021 period, while the bank's core capital also increased on average. 4) PT. State Savings Bank (Persero), Tbk PT. Bank Tabungan Negara (Persero), Tbk has an ATMR nominal and core bank capital that has increased on average, except in 2020 which experienced a decline. 8175 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 8168-8188, 2024 DOI: 10.55214/25768484.v8i6.3760 © 2024 by the authors; licensee Learning Gate 4.1.3. Analysis of Financial Profitability Ratio of State-Owned Banks for the Period 2020-2021 4.1.3.1. Return on Assets (ROA) Table 10. Return on assets (ROA) of BUMN banks for the 2020-2021 period. (Expressed in millions of Rupiah, unless otherwise stated) Year Profit before tax Total assets 100% ROA OJK standards (a) (b) (c) a/b×c PT. Bank Mandiri (Persero), Tbk 2020 Rp. 24,392,405 Rp. 1,541,964,567 100% 1.6% Healthy enough 2021 Rp. 38,358,421 Rp. 1,725,611,128 100% 2.2% Healthy PT. Bank Rakyat Indonesia (Persero), Tbk 2020 Rp. 29,993,406 Rp. 1,610,065,344 100% 1.9% Very healthy 2021 Rp. 40,992,065 Rp. 1,678,097,734 100% 2.4% Very healthy PT. Bank Negara Indonesia (Persero), Tbk 2020 Rp. 5,112,153 Rp. 891,337,425 100% 0.6% Healthy enough 2021 Rp. 12,550,987 Rp. 964,837,692 100% 1.3% Healthy PT. State Savings Bank (Persero), Tbk 2020 Rp. 2,270,857 Rp. 361,208,406 100% 0.6% Healthy enough 2021 Rp. 2,993,320 Rp. 371,868,311 100% 0.8% Healthy enough 4.1.3.2. PT. Bank Mandiri (Persero), Tbk PT. Bank Mandiri (Persero), Tbk experienced an increase in ROA percentage in 2021. This increase was influenced by the increase in the nominal profit before tax received. 1) PT. Bank Rakyat Indonesia (Persero), Tbk PT. Bank Rakyat Indonesia (Persero), Tbk experienced an increase in ROA percentage in 2021 and is in the very healthy category. 2) PT. Bank Negara Indonesia (Persero), Tbk PT. Bank Negara Indonesia (Persero), Tbk experienced a decrease in ROA percentage in 2020 and was in the fairly healthy category. 3) PT. State Savings Bank (Persero), Tbk PT. Bank Tabungan Negara (Persero), Tbk experienced a percentage decline in 2020 and was in the fairly healthy category. 8176 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 8168-8188, 2024 DOI: 10.55214/25768484.v8i6.3760 © 2024 by the authors; licensee Learning Gate 4.1.3.3. Return on Equity (ROE) Table 11. Return on equity (ROE) of BUMN banks for the 2020-2021 period. (Expressed in millions of Rupiah, unless otherwise stated) Year Net profit Core capital 100% ROE OJK standards (a) (b) (c) a/b×c PT. Bank Mandiri (Persero), Tbk 2020 Rp. 18,398,928 Rp. 182,065,400 100% 10.1% Healthy enough 2021 Rp. 30,551,097 Rp. 196,048,380 100% 15.6% Healthy PT. Bank Rakyat Indonesia (Persero), Tbk 2020 Rp. 18,660,393 Rp. 187,205,189 100% 10.0% Healthy enough 2021 Rp. 30,755,766 Rp. 267,009,045 100% 11.5% Healthy enough PT. Bank Negara Indonesia (Persero), Tbk 2020 Rp. 3,321,442 Rp. 103,111,486 100% 3% Unwell 2021 Rp. 10,977,051 Rp. 122,869,965 100% 8.9% Healthy enough PT. State Savings Bank (Persero), Tbk 2020 Rp. 1,602,358 Rp. 17,625,854 100% 9.1% Healthy enough 2021 Rp. 2,376,227 Rp. 18,531,612 100% 12.8% Healthy 1) PT. Bank Mandiri (Persero), Tbk PT. Bank Mandiri (Persero), Tbk experienced a decrease in ROE percentage in 2020 and was in a fairly healthy category. This decrease was influenced by a decrease in the nominal net profit received. 2) PT. Bank Rakyat Indonesia (Persero), Tbk PT. Bank Rakyat Indonesia (Persero), Tbk experienced a decrease in ROE percentage in 2020 and was in a fairly healthy category. The decrease in ROE in 2020 was due to a decrease in the nominal net profit. 3) PT. Bank Negara Indonesia (Persero), Tbk PT. Bank Negara Indonesia (Persero), Tbk experienced a decline in ROE percentage in 2020 and was in the unhealthy category. 4) PT. State Savings Bank (Persero), Tbk PT. Bank Tabungan Negara (Persero), Tbk experienced an increase because BTN's ROE percentage in 2021 increased from quite healthy in 2020 to a healthy category in 2021. 8177 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 8168-8188, 2024 DOI: 10.55214/25768484.v8i6.3760 © 2024 by the authors; licensee Learning Gate 4.1.3.4. BOPO Table 12. BOPO BUMN bank period 2020-2021. (Expressed in millions of Rupiah, unless otherwise stated) Year Operational expenses Operating income 100% BOPO OJK standards (a) (b) (c) a/b×c PT. Bank Mandiri (Persero), Tbk 2020 Rp. 113,857,010 Rp. 138,112,497 100% 82.4% Very Healthy 2021 Rp. 107,603,061 Rp. 146,043,264 100% 73.7% Very Healthy PT. Bank Rakyat Indonesia (Persero), Tbk 2020 Rp. 150,291,390 Rp. 180,070,091 100% 83.5% Very Healthy 2021 Rp. 150,584,537 Rp. 191,728,919 100% 78.5% Very Healthy PT. Bank Negara Indonesia (Persero), Tbk 2020 Rp. 69,684,507 Rp. 74,915,951 100% 93% Healthy 2021 Rp. 59,364,946 Rp. 72,132,230 100% 82% Very Healthy PT. State Savings Bank (Persero), Tbk 2020 Rp. 25,290,102 Rp. 27,620,387 100% 91.6% Healthy 2021 Rp. 25,277,654 Rp. 28,314,486 100% 89.3% Very Healthy 1) PT. Bank Mandiri (Persero), Tbk PT. BankMandiri (Persero), Tbk has operating income that increases every year, but the BOPO percentage fluctuates, Bank Mandiri's BOPO percentage increased during the 2020 period. 2) PT. Bank Rakyat Indonesia (Persero), Tbk PT. Bank Rakyat Indonesia (Persero), Tbk has an operating income that increases every year, but the BOPO percentage fluctuates, BRI's BOPO percentage increased during the 2020 period, and only experienced a decrease in percentage in the 2021 period and is still in the very healthy category. 3) PT. Bank Negara Indonesia (Persero), Tbk PT. Bank Negara Indonesia (Persero), Tbk has an increasing BOPO percentage during the 2020 period in the healthy category, and only experienced a decrease in the percentage in the 2021 period and became a very healthy category. 4) PT. State Savings Bank (Persero), Tbk PT. Bank Tabungan Negara (Persero), Tbk experienced a percentage decline in the 2020-2021 period. 8178 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 8168-8188, 2024 DOI: 10.55214/25768484.v8i6.3760 © 2024 by the authors; licensee Learning Gate 4.1.3.5. Net Interest Margin (NIM) Table 13. Net interest margin (NIM) of BUMN banks for the 2020-2021 period. (Expressed in millions of Rupiah, unless otherwise stated) Year Net interest income Productive assets 100% NIM OJK standards (a) (b) (c) a/b×c PT. Bank Mandiri (Persero), Tbk 2020 Rp. 62,520,805 Rp. 1,416,314,418 100% 4.4% Very Healthy 2021 Rp. 73,062,494 Rp. 1,555,837,700 100% 4.7% Very Healthy PT. Bank Rakyat Indonesia (Persero), Tbk 2020 Rp. 93,584,113 Rp. 1,499,655,359 100% 6.2% Very Healthy 2021 Rp. 114,094,429 Rp. 1,574,849,049 100% 7.2% Very Healthy PT. Bank Negara Indonesia (Persero), Tbk 2020 Rp. 37,151,966 Rp. 818,875,423 100% 4.5% Very Healthy 2021 Rp. 38,246,731 Rp. 876,052,956 100% 4.4% Very Healthy PT. State Savings Bank (Persero), Tbk 2020 Rp. 8,913,843 Rp. 340,659,725 100% 2.6% Healthy 2021 Rp. 12,991,303 Rp. 353,133,024 100% 3.7% Very Healthy 1) PT. Bank Mandiri (Persero), Tbk PT. BankMandiri (Persero), Tbk experienced a decrease in the NIM percentage in 2020, then experienced an increase in the NIM percentage in 2021, which was in the very healthy category. 2) PT. Bank Rakyat Indonesia (Persero), Tbk PT. Bank Rakyat Indonesia (Persero), Tbk experienced a decrease in the NIM percentage in 2020, then experienced an increase in the NIM percentage in 2021 and was in the very healthy category. 3) PT. Bank Negara Indonesia (Persero), Tbk PT. Bank Negara Indonesia (Persero), Tbk experienced a decrease and increase in the NIM percentage and is in the very healthy category. 4) PT. State Savings Bank (Persero), Tbk PT. Bank Tabungan Negara (Persero), Tbk experienced a decrease in the NIM percentage in 2020 then experienced an increase in the NIM percentage in 2021. 8179 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 8168-8188, 2024 DOI: 10.55214/25768484.v8i6.3760 © 2024 by the authors; licensee Learning Gate 4.1.4. Analysis of Non Performing Loan (NPL) Ratio of State-Owned Bank Finances for the Period 2020- 2021 Table 14. Non performing loans of state-owned banks for the period 2020-2021. (Expressed in millions of Rupiah, unless otherwise stated) Year Non-performing loans Total credit 100% NPL OJK standards (a) (b) (c) a/b×c PT. Bank Mandiri (Persero), Tbk 2020 Rp. 29,438,481 Rp. 964,727,517 100% 3.1% Healthy 2021 Rp. 28,140,052 Rp. 1,050,156,922 100% 2.7% Healthy PT. Bank Rakyat Indonesia (Persero), Tbk 2020 Rp. 28,021,597 Rp. 1,020,192,968 100% 2.7% Healthy 2021 Rp. 31,238,375 Rp. 1,042,867,453 100% 3.0% Healthy PT. Bank Negara Indonesia (Persero), Tbk 2020 Rp. 24,629,844 Rp. 586,206,787 100% 4.2% Healthy enough 2021 Rp. 21,527,805 Rp. 582,436,230 100% 3.7% Healthy enough PT. State Savings Bank (Persero), Tbk 2020 Rp. 11,355,333 Rp. 260,114,163 100% 4.4% Healthy enough 2021 Rp. 10,179,042 Rp. 274,835,291 100% 3.7% Healthy enough 1) PT. Bank Mandiri (Persero), Tbk PT. Bank Mandiri (Persero), Tbk experienced a decrease in NPL in 2021, being in the healthy category. 2) PT. Bank Rakyat Indonesia (Persero), Tbk PT. Bank Rakyat Indonesia (Persero), Tbk experienced an increase in NPL in 2021 in the healthy category, and experienced a decrease in NPL in 2020 in the healthy category. 3) PT. Bank Negara Indonesia (Persero), Tbk PT. Bank Negara Indonesia (Persero), Tbk experienced an increase in the percentage of NPL in 2020 in the fairly healthy category, and experienced a decrease in the percentage of NPL in 2021 in the fairly healthy category. 4) PT. State Savings Bank (Persero), Tbk PT. Bank Tabungan Negara (Persero), Tbk experienced a periodic decline during the 2020-2021 period and was in the fairly healthy category. 8180 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 8168-8188, 2024 DOI: 10.55214/25768484.v8i6.3760 © 2024 by the authors; licensee Learning Gate 4.2. Analysis of State-Owned Bank Financial Ratios After the Covid-19 Pandemic 4.2.1. Analysis of Loan to Deposit Ratio of State-Owned Bank Finance for the Period 2022 and 2023 Table 15. Loan to deposit ratio (LDR) of BUMN banks for the 2022-2023 period. Expressed in millions of Rupiah, unless otherwise stated) Year Total Credit Total third party funds 100% LDR OJK standards (a) (b) (c) a/b×c PT. Bank Mandiri (Persero), Tbk 2022 Rp. 1,202,230,169 Rp. 1,490,844,592 100% 80.6% Healthy 2023 Rp. 1,398,071,233 Rp. 1,576,949,619 100% 88.7% Healthy enough PT. Bank Rakyat Indonesia (Persero), Tbk 2022 Rp. 1,139,077,065 Rp. 1,307,884,013 100% 87.1% Healthy enough 2023 Rp. 1,266,429,247 Rp. 1,358,328,761 100% 93.2% Healthy enough PT. Bank Negara Indonesia (Persero), Tbk 2022 Rp. 646,188,313 Rp. 769,268,991 100% 84% Healthy enough 2023 Rp. 695,084,769 Rp. 810,730,343 100% 86% Healthy enough PT. State Savings Bank (Persero), Tbk 2022 Rp. 298,281,704 Rp. 321,923,257 100% 92.7% Healthy enough 2023 Rp. 333,698,141 Rp. 349,584,008 100% 95.5% Healthy enough 1) PT. Bank Mandiri (Persero), Tbk PT. Bank Mandiri (Persero), Tbk during the 2022 period obtained a healthy LDR percentage and the 2023 period was quite healthy. 2) PT. Bank Rakyat Indonesia (Persero), Tbk PT. Bank Rakyat Indonesia (Persero), Tbk experienced a fairly healthy LDR percentage. 3) PT. Bank Negara Indonesia (Persero), Tbk PT. Bank Negara Indonesia (Persero), Tbk has a fairly healthy LDR percentage for 2022 and 2023. 4) PT. State Savings Bank (Persero), Tbk PT. Bank Tabungan Negara (Persero), Tbk has a fairly healthy LDR percentage in 2022 and 2023. 8181 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 8168-8188, 2024 DOI: 10.55214/25768484.v8i6.3760 © 2024 by the authors; licensee Learning Gate 4.2.2. Analysis of Financial Solvency Ratio of State-Owned Banks for the Period 2022-2023 Table 16. Capital adequacy ratio (CAR) of state-owned banks for the period 2022-2023. (Expressed in millions of Rupiah, unless otherwise stated) Year Core capital ATMR 100% CAR OJK standards (a) (b) (c) a/b×c PT. Bank Mandiri (Persero), Tbk 2022 Rp. 223,271,290 Rp. 1,203,506,671 100% 18.6% Very healthy 2023 Rp. 258,956,049 Rp. 1,245,624,433 100% 20.8% Very healthy PT. Bank Rakyat Indonesia (Persero), Tbk 2022 Rp. 273,812,348 Rp. 1,116,250,681 100% 24.5% Very healthy 2023 Rp. 283,949,415 Rp. 1,086,957,749 100% 26.1% Very healthy PT. Bank Negara Indonesia (Persero), Tbk 2022 Rp. 133,435,934 Rp. 710,550,455 100% 18.8% Very healthy 2023 Rp. 147,488,111 Rp. 684,777,419 100% 21.5% Very healthy PT. State Savings Bank (Persero), Tbk 2022 Rp. 22,533,407 Rp. 139,630,514 100% 16.1% Very healthy 2023 Rp. 27,154,078 Rp. 155,590,147 100% 17.5% Very healthy 1) PT. Bank Mandiri (Persero), Tbk PT. Bank Mandiri (Persero), Tbk has a CAR Ratio percentage in the very healthy category during the 2022-2023 period. 2) PT. Bank Rakyat Indonesia (Persero), Tbk PT. Bank Rakyat Indonesia (Persero), Tbk has a nominal ATMR that continues to increase during the 2022-2023 period and the CAR ratio is in the very healthy category. 3) PT. Bank Negara Indonesia (Persero), Tbk PT. Bank Negara Indonesia (Persero), Tbk has a nominal ATMR that continues to increase during the 2022-2023 period, while the bank's core capital also increased on average, except in 2022 which experienced a decline. 4) PT. State Savings Bank (Persero), Tbk PT. Bank Tabungan Negara (Persero), Tbk has an ATMR nominal and core bank capital that has increased on average, except in 2022 which experienced a decline. 8182 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 8168-8188, 2024 DOI: 10.55214/25768484.v8i6.3760 © 2024 by the authors; licensee Learning Gate 4.2.3. Analysis of Financial Profitability Ratio of State-Owned Banks for the Period 2022-2023 4.2.3.1. Return on Assets (ROA) Table 17. Return on assets (ROA) of BUMN banks for the 2022-2023 period. (Expressed in millions of Rupiah, unless otherwise stated) Year Profit before tax Total Assets 100% ROA OJK Standards (a) (b) (c) a/b×c PT. Bank Mandiri (Persero), Tbk 2022 Rp. 56,337,726 Rp. 1,992,544,687 100% 3% Very Healthy 2023 Rp. 74,684,881 Rp. 2,174,219,449 100% 3.4% Very Healthy PT. Bank Rakyat Indonesia (Persero), Tbk 2022 Rp. 64,596,701 Rp. 1,865,639,010 100% 3.5% Very Healthy 2023 Rp. 76,429,712 Rp. 1,965,007,030 100% 3.9% Very Healthy PT. Bank Negara Indonesia (Persero), Tbk 2022 Rp. 22,686,708 Rp. 1,029,836,868 100% 2.2% Very Healthy 2023 Rp. 25,639,738 Rp. 1,086,663,986 100% 2% Very Healthy PT. State Savings Bank (Persero), Tbk 2022 Rp. 3,875,690 Rp. 402,148,312 100% 1.0% Healthy Enough 2023 Rp. 4,380,210 Rp. 438,749,736 100% 1.0% Healthy Enough 1) PT. Bank Mandiri (Persero), Tbk PT. Bank Mandiri (Persero), Tbk experienced an increase in ROA percentage in 2023. This increase was influenced by the increase in the nominal profit before tax received. 2) PT. Bank Rakyat Indonesia (Persero), Tbk PT. Bank Rakyat Indonesia (Persero), Tbk experienced an increase in ROA percentage in 2023 compared to 2022 and remained in the very healthy category. 3) PT. Bank Negara Indonesia (Persero), Tbk PT. Bank Negara Indonesia (Persero), Tbk experienced a ROA percentage in 2023 compared to 2022, where the ratio remained and was in the very healthy category. 4) PT. State Savings Bank (Persero), Tbk PT. Bank Tabungan Negara (Persero), Tbk experienced a fairly healthy ROA ratio percentage in 2022 and 2023. 8183 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 8168-8188, 2024 DOI: 10.55214/25768484.v8i6.3760 © 2024 by the authors; licensee Learning Gate 4.2.3.2. Return on Equity (ROE) Table 18. Return on equity (ROE) of BUMN banks for the 2022-2023 period. (Expressed in millions of Rupiah, unless otherwise stated) Year Net profit Core capital 100% ROE OJK standards (a) (b) (c) a/b×c PT. Bank Mandiri (Persero), Tbk 2022 Rp. 44,952,368 Rp. 223,271,290 100% 20.1% Very healthy 2023 Rp. 60,051,870 Rp. 258,956,049 100% 23.2% Very healthy PT. Bank Rakyat Indonesia (Persero), Tbk 2022 Rp. 51,408,207 Rp. 273,812,348 100% 18.8% Healthy 2023 Rp. 60,425,048 Rp. 283,949,415 100% 21.3% Very healthy PT. Bank Negara Indonesia (Persero), Tbk 2022 Rp. 18,481,780 Rp. 133,435,934 100% 14% Healthy 2023 Rp. 21,106,228 Rp. 147,488,111 100% 14% Healthy PT. State Savings Bank (Persero), Tbk 2022 Rp. 3,045,073 Rp. 22,533,407 100% 13.5% Healthy 2023 Rp. 3,500,988 Rp. 27,154,078 100% 12.9% Healthy 1) PT. Bank Mandiri (Persero), Tbk PT. Bank Mandiri (Persero), Tbk experienced an increase in ROE percentage in 2023 compared to 2022 and is in the very healthy category. 2) PT. Bank Rakyat Indonesia (Persero), Tbk PT. Bank Rakyat Indonesia (Persero), Tbk experienced an increase in ROE percentage in 2023 to a very healthy category compared to 2022 which was in the healthy category. 3) PT. Bank Negara Indonesia (Persero), Tbk PT. Bank Negara Indonesia (Persero), Tbk ROE percentage in 2022 and 2023 is the same, in the healthy category. 4) PT. State Savings Bank (Persero), Tbk PT. Bank Tabungan Negara (Persero), Tbk experienced a decrease in the percentage of BTN ROE in 2023 compared to 2022. 8184 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 8168-8188, 2024 DOI: 10.55214/25768484.v8i6.3760 © 2024 by the authors; licensee Learning Gate 4.2.3.3. BOPO Table 19. BOPO BUMN bank period 2022-2023. (Expressed in millions of Rupiah, unless otherwise stated) Year Operational expenses Operating income 100% BOPO OJK standards (a) (b) (c) a/b×c PT. Bank Mandiri (Persero), Tbk 2022 Rp. 106,029,852 Rp. 162,197,941 100% 65.4% Very healthy 2023 Rp. 113,276,885 Rp. 187,918,448 100% 60.3% Very healthy PT. Bank Rakyat Indonesia (Persero), Tbk 2022 Rp. 144,351,719 Rp. 208,657,756 100% 69.2% Very healthy 2023 Rp. 165,196,777 Rp. 242,025,514 100% 68.3% Very healthy PT. Bank Negara Indonesia (Persero), Tbk 2022 Rp. 56,581,158 Rp. 79,480,013 100% 71% Very healthy 2023 Rp. 62,363,863 Rp. 88,137,199 100% 70.8% Very healthy PT. State Savings Bank (Persero), Tbk 2022 Rp. 24,367,417 Rp. 28,182,220 100% 86.5% Very healthy 2023 Rp. 27,633,809 Rp. 32,173,538 100% 85.9% Very healthy 1) PT. Bank Mandiri (Persero), Tbk PT. BankMandiri (Persero), Tbk has operating income that increases every year, the BOPO percentage fluctuates, Bank Mandiri's BOPO percentage increased during the 2022 period. 2) PT. Bank Rakyat Indonesia (Persero), Tbk PT. Bank Rakyat Indonesia (Persero), Tbk has an operating income that increases every year, but the BOPO percentage fluctuates, BRI's BOPO percentage increased during the 2022 period. 3) PT. Bank Negara Indonesia (Persero), Tbk PT. Bank Negara Indonesia (Persero), Tbk has an increasing BOPO percentage during the 2022 period in the very healthy category, and only experienced a decrease in percentage in the 2023 period with a very healthy category. 4) PT. State Savings Bank (Persero), Tbk PT. Bank Tabungan Negara (Persero), Tbk experienced a percentage decline in the 2023 period. 8185 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 8168-8188, 2024 DOI: 10.55214/25768484.v8i6.3760 © 2024 by the authors; licensee Learning Gate 4.2.3.4. Net Interest Margin (NIM) Table 20. Net interest margin (NIM) of BUMN banks for the 2022-2023 period. (Expressed in millions of Rupiah, unless otherwise stated) Year Net interest income Productive assets 100% NIM OJK standards (a) (b) (c) a/b×c PT. Bank Mandiri (Persero), Tbk 2022 Rp. 87,903,354 Rp. 1,771,877,340 100% 5.0% Very Healthy 2023 Rp. 95,886,574 Rp. 1,943,112,270 100% 4.9% Very Healthy PT. Bank Rakyat Indonesia (Persero), Tbk 2022 Rp. 124,597,073 Rp. 1,644,479,937 100% 7.6% Very Healthy 2023 Rp. 135,183,487 Rp. 1,768,673,704 100% 7.6% Very Healthy PT. Bank Negara Indonesia (Persero), Tbk 2022 Rp. 41,320,692 Rp. 905,591,941 100% 4.6% Very Healthy 2023 Rp. 41,275,673 Rp. 955,266,492 100% 4% Very Healthy PT. State Savings Bank (Persero), Tbk 2022 Rp. 14,997,284 Rp. 366,904,491 100% 4.1% Very Healthy 2023 Rp. 13,430,290 Rp. 406,035,808 100% 3.3% Very Healthy 1) PT. Bank Mandiri (Persero), Tbk PT. BankMandiri (Persero), Tbk experienced a decrease in NIM percentage in 2023 compared to 2022 and is in the very healthy category. 2) PT. Bank Rakyat Indonesia (Persero), Tbk PT. Bank Rakyat Indonesia (Persero), Tbk has the same NIM percentage in 2022 and 2023 in the very healthy category. 3) PT. Bank Negara Indonesia (Persero), Tbk PT. Bank Negara Indonesia (Persero), Tbk experienced a decline in NIM percentage in 2023 compared to 2022 but remained in the very healthy category. 4) PT. State Savings Bank (Persero), Tbk PT. Bank Tabungan Negara (Persero), Tbk experienced a decrease in the NIM percentage in 2023 compared to 2022 but is still in the very healthy category. 8186 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 8168-8188, 2024 DOI: 10.55214/25768484.v8i6.3760 © 2024 by the authors; licensee Learning Gate 4.2.4. Analysis of Non-Performing Loan Ratio of State-Owned Bank Finances for the Period 2022-2023 Table 21. Non performing loans of state-owned banks for the period 2022-2023. (Expressed in millions of Rupiah, unless otherwise stated). Year Non-performing loans Total credit 100% NPL OJK standards (a) (b) (c) a/b×c PT. Bank Mandiri (Persero), Tbk 2022 Rp. 22,676,806 Rp. 1,202,230,169 100% 1.9% Very healthy 2023 Rp. 16,133,591 Rp. 1,398,071,233 100% 1.2% Very healthy PT. Bank Rakyat Indonesia (Persero), Tbk 2022 Rp. 30,447,892 Rp. 1,139,077,065 100% 2.7% Healthy 2023 Rp. 37,322,699 Rp. 1,266,429,247 100% 2.9% Healthy PT. Bank Negara Indonesia (Persero), Tbk 2022 Rp. 18,161,498 Rp. 646,188,313 100% 2.8% Healthy 2023 Rp. 14,835,551 Rp. 695,084,769 100% 2.1% Healthy PT. State Savings Bank (Persero), Tbk 2022 Rp. 10,070,300 Rp. 298,281,704 100% 3.4% Healthy 2023 Rp. 10,048,900 Rp. 333,698,141 100% 3.0% Healthy 1) PT. Bank Mandiri (Persero), Tbk PT. Bank Mandiri (Persero), Tbk experienced an improvement in the NPL ratio in 2023 compared to 2022 and is in the very healthy category. 2) PT. Bank Rakyat Indonesia (Persero), Tbk PT. Bank Rakyat Indonesia (Persero), Tbk experienced an increase in NPL in 2023 in the healthy category. 3) PT. Bank Negara Indonesia (Persero), Tbk PT. Bank Negara Indonesia (Persero), Tbk experienced a decrease in the NPL percentage in 2023 to be in the healthy category. 4) PT. State Savings Bank (Persero), Tbk PT. Bank Tabungan Negara (Persero), Tbk experienced a periodic decline during the 2022-2023 period and was in the healthy category. 4.3. Discussion 4.3.1. Comparison of State-Owned Bank Financial Performance during and after the Covid-19 pandemic for the 2020-2023 period based on the Liquidity Ratio From the research results, it is known that PT. Bank Tabungan Negara (Persero), Tbk is the only state-owned bank that obtained a less than good LDR due to the total credit given being too large when compared to the total third party funds. So that in that year, BTN bank was not liquid, as a result, BTN bank did not have sufficient resources to finance its short-term debt in 2020 and 2021. However, BTN bank managed to become liquid in 2022 and 2023, which means that this bank has sufficient resources to finance its short-term debt. Meanwhile, the other three state-owned banks, namely PT. Bank Mandiri (Persero), Tbk, PT. Bank Rakyat Indonesia (Persero), Tbk, and PT. Bank Negara Indonesia (Persero), Tbk experienced liquidity in the 2020-2023 period. This means that the financial performance of the banks mentioned had good performance during the 2020-2023 period. These three state-owned banks have sufficient resources to finance their short-term debts. 4.3.2. Financial Performance of State-Owned Banks for the Period 2020-2023 Reviewed from the Solvency Ratio The highest CAR was achieved by BRI in 2021 with a percentage of 26.2%, while the lowest CAR was achieved by BTN in 2020 with a percentage of 13.6%. 8187 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 8168-8188, 2024 DOI: 10.55214/25768484.v8i6.3760 © 2024 by the authors; licensee Learning Gate The CAR percentage depends on the comparison between the core capital owned by a bank and the ATMR owned. The higher the CAR percentage, the better, meaning that the bank has sufficient capital to support its assets that contain various risks. 4.3.3. Financial Performance of State-Owned Banks for the 2020-2023 Period Reviewed from Profitability Ratios In this study, profitability ratios were analyzed using ROA, ROE, BOPO, and NIM. 4.3.3.1. Return on Assets (ROA) In 2020, the three state-owned banks, namely Bank Mandiri, BNI, and BRI, experienced a decline in ROA percentage due to the economic conditions that fell as a result of Covid-19. The impact of Covid- 19 caused the three banks to have to form a large loss reserve, as a result the burden borne became even greater and resulted in a drastic decline in profit before tax. Among the three banks, BNI experienced a drastic decline because the burden of the loss reserve formed was greater than that of Bank Mandiri and BRI. 4.3.3.2. Return on Equity (ROE) In 2020, the three state-owned banks, namely Bank Mandiri, BNI, and BRI, experienced a decline in ROE percentage due to the economic conditions that fell as a result of Covid-19. The impact of Covid- 19 caused the three banks to have to form a large loss reserve, as a result the burden borne became even greater and resulted in a drastic decline in net profit. Among the three banks, BNI experienced a drastic decline because the burden of loss reserves formed was greater than that of Bank Mandiri and BRI. 4.3.3.3. BOPO In 2020, 2021, 2022, 2023 BTN achieved a BOPO ratio below the specified standard so that it can be said that this bank is less able to carry out its operational activities in those years. Meanwhile, the three state-owned banks, namely Bank Mandiri, BRI, and BNI, obtained the BOPO ratio standard according to the provisions so that they were able to carry out their operational activities well during the 2020-2023 period. 4.3.4. Net Interest Margin (NIM) This NIM percentage depends on the comparison between the net interest income obtained by banks with the productive assets they own. The higher the value of this ratio, the better, this means that banks can generate net interest income optimally and maximally. 4.3.5. Financial Performance of State-Owned Banks for the Period 2020-2023 Reviewed from the Non- Performing Loan (NPL) Ratio The increase and decrease of NPL depends on the comparison between non-performing loans and total loans given. The increase and decrease of non-performing loans are influenced by various factors, one of which is the bankruptcy of debtors or banks that are not good at managing credit. 5. Conclusion Based on the results of research and discussion to determine the financial performance of state- owned banks using financial ratios during the pandemic and after the pandemic, it can be concluded that: 1. The financial performance of state-owned banks from the liquidity ratio during the pandemic and after the pandemic, namely the 2020-2023 period using the Loan to Deposit Ratio (LDR) can be said to have a Healthy financial performance. Although PT. Bank Tabungan Negara (Persero), Tbk has an unhealthy LDR ratio during the pandemic and after the pandemic, namely in 2020- 2023, on average state-owned banks have good liquidity. 2. The financial performance of state-owned banks from the solvency ratio using the Capital 8188 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 8168-8188, 2024 DOI: 10.55214/25768484.v8i6.3760 © 2024 by the authors; licensee Learning Gate Adequacy Ratio (CAR) has good financial performance because it is in the very healthy category and above the standards determined during the pandemic and after the pandemic, namely the 2020-2023 period. 3. The financial performance of state-owned banks from the profitability ratio using Return On Assets (ROA) Return On Equity (ROE) BOPO Net Interest Margin (NIM) has a healthy financial performance during the pandemic and after the pandemic. Although PT. 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